The Future of Virtual Reality (VR) and Augmented Reality (AR) Technology

The history of Virtual Reality (VR) and Augmented Reality (AR) technology traces back to 1838. These technologies are still evolving because of the high development cost and other bottlenecks. However, the world is slowly and steadily moving towards achieving digital native singularity. Many industry veterans ponder when the mass adoption of AR/VR will happen.

According to a recent report published by Statista titled “AR & VR – Worldwide,” the AR & VR market revenue might reach USD 31.12 bn in 2023. The report also highlights that the revenue will grow at a 13.72% CAGR rate during the forecast period from CAGR 2023-2027. The research predicts that the predicted market volume of the AR and VR market as USD 52.05 bn by 2027.

The Metaverse market is also growing at an exponential rate. It has accelerated the expansion of AR, VR, and MR and brought it within reach. The pandemic acted as a catalyst to introduce the virtual world to most of the population globally. Businesses have started investing in developing AR and VR hardware, tools, or applications to stay competitive.

The same report by Statista suggests that AR software is the largest market, with a total market volume of USD 11.58 bn in 2023.

In this article, let’s explore how does the future of augmented reality and virtual reality look like:

FutureTrends in AR and VR

Adoption of Artificial Intelligence (AI) in AR/VR Space

Many businesses have made the most of seamlessly integrating AI, AR, and VR tools. Industry veterans are exploring opportunities to enhance the machine learning framework and other AI strategies to optimize the experience.

Adopting AI with augmented and virtual reality tools will help create interactive workspaces. Moreover, it will also result in improving the image recognition functionalities.

Expanded Applications

AR and VR will find applications beyond entertainment and gaming. These technologies will enhance training simulations, remote collaboration, and data visualization in the workplace. They can assist in surgical planning and rehabilitation in the healthcare industry. Education will benefit from immersive learning experiences.

Adoption of 5G Will Accelerate AR/VR Evolution

As the adoption of 5G network increases, it will significantly impact mobile apps and user experience. 5G technology will tremendously influence how we embrace AR/VR.

Providing a super-fast network to devices, 5G increases the speed of cloud data transfer, processing information, and virtual image creation. It is one of the most effective ways businesses deliver an enhanced digital experience to their clients.

Even with low-bandwidth or low-powered IT ecosystems, the technology can boost the customer experience. Hence, users can get a better immersive experience with cheaper headsets and AR/VR devices.

WebAR

Gone are the days when AR/VR experience was restricted to mobile devices. Users had to use a mobile application to experience augmented reality. However, today with the advent of WebAR, it has become easier for users to experience AR through the web.

WebAR facilitates the users to engage with AR technology through web channels. Users can get the AR experience on web browsers like Mozilla Firefox, Google Chrome, or others. Irrespective of the device on which the WebAR runs, it is an effective way to increase accessibility and improve the customer experience.

Enhanced User Interfaces

The future will bring more intuitive and natural user interfaces for AR and VR. Gesture-based controls, voice recognition, and eye-tracking systems will enable users to interact with virtual content, effortlessly. This will lead to more seamless integration of digital elements into our daily lives.

Robust AR/VR displays

As the augmented and virtual reality industries scale, businesses launch the best hardware to optimize displays. Apple recently announced the launch of Apple Vision Pro to deliver an immersive experience.

With advancing technology, there will be a boost in the market trend to develop better displays. AR and VR hardware vendors are developing robust content displays. Industry veterans are exploring opportunities to deliver quality content without compromising quality or straining the eyes.

Remote Support Through Virtual and Augmented Reality

Another significant future trend in the AR and VR market is remote assistance and collaboration. Businesses that leverage AR/VR tools in their tech stack will allow the support staff to get a real-time holistic view of the live site remotely. It will significantly revolutionize the processes because the teams can access and fix systems remotely.

Mixed Reality (MR)

The convergence of AR and VR will likely give rise to mixed reality experiences. MR combines virtual and real-world elements, allowing users to interact with digital objects while maintaining awareness of their physical surroundings. This technology holds significant potential in various fields, such as gaming, education, architecture, and healthcare.

Extended Reality (XR) in Healthcare Industry

Augmented and virtual reality play a crucial role in the healthcare industry by revolutionizing various aspects. Adopting AR and VR tools in the healthcare sector will help to improve efficiency and productivity. There will be various challenges in achieving an extended medical reality. Medical institutions need a skilled IT staff that understands the healthcare needs to develop robust AR/VR tools.

Improved Hardware

AR and VR devices will likely become more compact, lightweight, and affordable. Advancements in display technology, such as higher resolutions, wider field-of-view, and increased refresh rates, will enhance the immersive experience. Integrating eye-tracking, haptic feedback, and gesture recognition technologies will also contribute to more realistic and interactive environments.

Social and Collaborative Experiences

Augmented reality and virtual reality offer more immersive and engaging social interactions. People can connect in virtual spaces, attend events remotely, and collaborate on projects regardless of their physical locations. Social VR platforms will offer shared experiences, fostering new forms of communication, entertainment, and teamwork.

Industry Integration

There has been a surge in the integration of this technology across various industries. Apart from revolutionizing product visualization, design prototyping, and customer experiences. They will also enhance remote maintenance and repair operations by providing real-time guidance and information overlays.

Data Visualization and Analytics

AR and VR will play a crucial role in data visualization and analytics. By presenting complex data in immersive environments, professionals will gain deeper insights, identify patterns, and make data-driven decisions more effectively. AR and VR will have finance, scientific research, and urban planning applications.

Also Read: How Generative AI Is Revolutionizing Developer Workflows?

Ethical and Privacy Considerations

As this technology prevails, ethical and privacy concerns will arise. Responsible design, regulation, and user education can help to address data security, virtual harassment, and the potential impact on personal relationships.

What Does the Future of Augmented Reality and Virtual Reality Hold?

In the future, AR/VR gadgets will offer personalized, accessible, and well-defined user experiences. Once the users get more customized and enhanced experiences, there will be a paradigm shift towards AR/VR tools.

The consumer electronics market is changing because of tremendous evolutions in offering immersive experiences through AR/VR capabilities. The businesses in the AR and VR sectors have immense potential to grow. AR and VR businesses need to offer immersive CX to get a competitive edge.