Let us get rid of Augmented Reality myths. Augmented Reality is in the transformative phase. You must have heard the term Augmented Reality unless, of course, you are not under the shell or in hibernation. The technology is not new anymore but still the most buzzing tech word. Now, and then, we see a new introduction in the AR world. Some innovations have immense potential to make desirable change some fades with time.
There is a lot of hype going around the Augmented Reality technology, with popularity accompanies Augmented Reality myths. These myths if believed misguide the users. With all positive news shining around in terms of statistics, it is harmful to be carried away by Augmented Reality myths. Here, I will be busting the most prominent myths prevailing in the world of Augmented Reality.
Top Augmented Reality myths- and busting:
1. Augmented Reality does not have the potential to make big into the industry.
Technology is doing wonders in terms of numbers and reach. Back in 2016 when AR was dominantly limited to the gaming world, this myth could be right. But now, that, we know the technology is equally valuable in multiple high in-demand sectors such as –healthcare, defence, automotive, retail, education, etc – there is no place for these Augmented Reality myths.
To back up my analysis, here I have the statistics for you, grand view research says, “ the global augmented reality market size was valued at USD 17.67 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 43.8% from 2021 to 2028.” “The estimated AR market value by 2024 is $50B.”. As per Statista, “Mobile AR market size in 2021 is 8.9 bn USD”.
2. The technology is only for certain industries
Not anymore. The technology is gradually stepping into multiple industries with the potential to bring revolutionary changes. For example, years before sometimes the patient had to face the consequences of lack of apt treatment to an unknown disease. But now, with the help of technology doctors can take the help of fellow doctors living far away in diagnosing new diseases. This has revolutionized the healthcare system. The pandemic has spiked the need for the integration of Augmented reality.
· “The automotive segment is expected to exhibit a CAGR of over 45.0% over the forecast period”
· 61% of consumers say they prefer retailers with AR experiences.
· A report by Pharmiweb says, “The AR and VR in the Healthcare market are expected to rise at an annual rate of 34.00% in the forecast period of 2020 to 2027 due to the rapid development in the healthcare sector”.
· A research by a business research company says, “The global augmented reality in training and education market is expected to grow from $8.34 billion in 2020 to $10.23 billion in 2021 at a CAGR of 22.7%. The market is expected to reach $29.89 billion in 2025 at a CAGR of 31%”.
The technology is hugely impacting multiple industries to a varying degree as stated above. AR has a massive impact on defence as well. Read our recent article here. It is high time you stop believing in these Augmented Reality myths.
3. The Augmented Reality technology cannot reach to masses.
With the increasing usage of technology its reach increases. The technology is shining in business world sectors and rocking in consumers sectors. In the business world, it helps to streamline the workflow, enhances the training, prevent millions of losses, saves a life, modifies the quality of work and so on.
In the consumer world, the research says, “71% of consumers say they would shop more often if they used AR”. Augmented Reality helps to enhance the user experience. Medical school students can get better training, learners can have concept-based learning, Augmented Reality filters are great to have fun with. Technology has reached to masses. The impressive filters that you use via Snapchat and Instagram, is the result of Augmented Reality. Let us get over this Augmented Reality myth- AR technology cannot reach to masses. It already has!
4. The technology is designed exclusively for business purpose
The technology is designed for business usage as well as consumer’s usage. Augmented Reality application impacts consumers on a large scale. Don’t you enjoy fun-based immersive learning using Augmented Reality? Though Augmented Reality devices such as HUDs are limited to business so far. This is because these are costly and before launching them for commercial uses the creators need to find ways to reduce the price.
5. Augmented Reality and Virtual Reality are the same
No! Read this article to know the significant difference between Augmented Reality and Virtual Reality and bust this Augmented Reality myth.
6. AR technology will violate privacy and private life.
With the introduction of Google Glasses for the first time, privacy was a huge concern. But gradually developers worked on it and now make sure to prioritize privacy. With multiple smart glasses and HUDs in the market now, we are over this Augmented Reality myth. These devices are being highly appreciated and here are the statistics-
“The handheld devices segment is expected to register CAGR of over 45.0% from 2021 to 2028 owing to the growing deployment of handheld devices in retail and e-commerce applications.“
7. AR has reached its exit potential
This is just the initial years of Augmented Reality and the term is buzzing all around. The entry has been groundbreaking and the future seems bright. A lot has been explored and a lot is yet to explore!
Tim cook says, “ I do think that a significant portion of the population of developed countries, and eventually all countries, will have AR experiences every day, almost like eating three meals a day. It will become that much a part of you.”
Augmented Reality has established itself as a game-changing technology in the past few years. Every year, we come across new application of Augmented Reality in different sectors. I am excited to see what the technology has in store. Has the future arrived, before us realizing it?
What is your say?