AR and VR spend projected to reach $27 billion this year
On the heels of Apple’s WWDC 2018 that unveiled a new ARKit 2.0 that will bring will jump start applications utilizing Augment Reality (AR) across Apple’s more than 1 billion iOS devices, we are apt to see more apps rolling out those features. While the WWDC demo showcased multigame playing with Lego, there have been a growing number of apps that are aiding consumers, often helping reduce transactional friction in the process.
We’ve talked about apps for hair color and make up, but more recently Sotheby’s International Realty announced the launch of a real estate-branded AR app called Curate by Sotheby’s International Realty. With Curate potential buyers can visualize a home as their own by taking virtually staged images from a flat, 2-D screen into the house itself through the power of AR. In addition to expanding to iOS, the Sotheby’s International Realty® brand has also partnered with luxury furniture and accessories marketplace Viyet to launch shoppable AR scenes within the app. In 2017, Airbnb gave the world a preview of its new AR and VR features. Through digital explorations, Airbnb noted, could include 360-degree photographs that allow more detailed virtual tours of properties and locations that potential guests are considering for travel.
We here at Tematica see the deployment and usage of this Disruptive Technology as just getting started.
With retail uses as a top driver, International Data Corporation (IDC) projects that worldwide spending on virtual reality (VR) and augmented reality (AR) will reach $27 billion in 2018.
The estimate marks a 92 percent increase over 2017 spending on the technology, Retail Dive reported.
Overall, the market for AR and VR products and services is expected to reach a five-year compound annual growth rate (CAGR) of 72 percent for the years 2017 to 2022. IDC’s research comes as a Colliers International report showcased uses for extended VR and mixed reality technology in the commercial real estate market.
Source: AR And VR Spend Projected To Reach $27B In 2018 | PYMNTS.com
