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February 19, 2024

| 6 mins read

Journey into AR: 20 Mind-Bending Facts & Stats for 2024!

 Journey into AR: 20 Mind-Bending Facts & Stats for 2024!

AR technology is not just a buzzword; it's a game-changer across multiple sectors, including augmented reality in retail, augmented reality development, and augmented reality for business. The global augmented reality (AR) market is skyrocketing, proving its worth as a potent business tool. What's exciting is how AR is becoming more accessible to businesses of all sizes, thanks to advancements in virtual try on technology and AR integrations.

In case you're wondering what AR is all about, it's like adding a sprinkle of magic to the real world. Using specialized hardware and software, AR blends the virtual with the physical, offering users a glimpse into a digitally enhanced reality. From enhancing customer experiences in retail to streamlining processes in industry, AR is everywhere, making its mark felt across various consumer and business products/services.

Here's the kicker – AR isn't just a fancy gimmick; it delivers tangible returns on investment. And don't just take our word for it; let the augmented reality facts and stats speak for themselves, highlighting the immense potential and benefits of AR technology

Let’s look at some interesting facts about augmented reality:

1. Big Bucks in the AR & VR World

Believe it or not, there's serious money to be made in the world of AR and VR. We're talking billions of dollars! Experts predict that by 2024, the AR & VR market will rake in a whopping US$38.6 billion in revenue – and that's just the beginning. With more and more folks jumping on the AR and VR bandwagon, the market is set to explode even further in the years to come. 

2. AR and VR Technology in India

Let's delve into the realm of AR technology in India. Back in 2020, the virtual reality and augmented reality market here was valued at $1.83 billion. But hold onto your hats because it's projected to grow at a staggering 38.9% CAGR until FY2027. Why the surge? Well, India's digital transformation is picking up steam, and AR/VR is at the forefront of this revolution!

One standout in the hardware department is the Head-Mounted Displays (HMD), which nabbed a hefty 35.84% market share in FY2020. People are flocking to these HMD products for everything from gaming to education and even virtual tours. So, buckle up, because the future of AR and VR technology in India is poised for unprecedented growth and innovation!

3. Mobile AR and AR in Gaming

The global mobile AR technology market reached an impressive US $4.2 billion in 2023, and experts predict it'll soar to a jaw-dropping US$ 31.5 billion by 2033, boasting a staggering CAGR of 22.1%. What's behind this meteoric rise? Well, for starters, there's an insatiable hunger for immersive user experiences that transport us into digital wonderlands. And let's not overlook the rapid evolution of mobile device capabilities, paving the way for mind-bending virtual reality and augmented reality adventures that blur the lines between fantasy and reality.

But AR technology isn't just about gaming anymore—it's infiltrating every facet of our lives, augmented reality for business, augmented reality in retail, and augmented reality in industry. That's right, folks, it's the age of AR in every sector imaginable. And speaking of gaming and entertainment, AR is revolutionizing the way we play, bringing a new dimension of fun and excitement to our screens. Plus, with social media giants like Instagram and Snapchat embracing AR technology, our online interactions are becoming more immersive and engaging than ever before.

In essence, the rise of virtual reality and augmented reality in the mobile realm is fueled by a perfect storm of technological innovation, soaring demand for immersive experiences, and the irresistible allure of blending digital magic with real-world adventure. With each passing day, AR is reshaping the way we interact with technology, promising a future where the boundaries between the virtual and physical worlds are delightfully blurred.

4. AR/VR in Healthcare

The healthcare industry is set for a tech overhaul, with the augmented reality and virtual reality (AR and VR) market projected to hit $10.82 billion by 2025. AR technology leads the charge, growing at a rapid 38.38% annually, outpacing virtual reality (VR).

Key players driving this surge include Alphabet Inc, Facebook, HTC, Microsoft, Samsung, and more. These industry giants are at the forefront of innovation, shaping the future of healthcare with immersive augmented reality and virtual reality experiences.

5. AR Glasses are the new hype

 The AR glasses market is blowing up, set to hit US$883 Mn by 2025! 😎 From manufacturing to healthcare, AR glasses are all the rage. North America's leading the pack with a 38% market share, and it's only getting bigger.

But here's the scoop—while consumer demand took a hit during the pandemic, enterprise AR glasses are still crushing it. And with the new Apple Vision Pro on the horizon, things are about to get even crazier! So, grab your shades and brace yourselves for the future.

6. AR-based shopping 

Get this: almost half of shoppers are down to splurge more if they can try stuff out with AR technology first. That's right, people! Trying before buying is all the rage, and augmented reality in retail is making it happen. Over 50% of smartphone users are already hopping on the AR shopping train, with a solid 33% reaping its rewards in stores.

And guess what? The tech world's throwing cash like confetti at ar and vr technology ventures! Google's got its Tango project and dropped a cool $1.4 billion on Magic Leap. Meanwhile, Apple's ARKit is shaking things up in the iOS universe, and Snapchat's shelled out millions for Cimagine Media. Oh, and let's not forget Facebook's eye-popping $2 billion investment in Oculus.

Now, that’s enough deep reading. Let’s glance at some brief AR facts: 

  1. Did you know that about 66% of shoppers think that AR makes shopping a breeze? It's true! Augmented reality isn't just a cool tech gadget; it's a game-changer for businesses. With AR, brands can really shake things up, winning over customers, and taking their shopping experience to a whole new level of awesome!
  2. Get ready for the global market value of micro LED display chips used in AR Smart Glasses to soar to $41 million by 2026! The journey might start slow, but by 2025, we're expecting a steep increase. These display chips are set to revolutionize fields like medicine, engineering, and even the military before hitting the mainstream market. It's gonna be a game-changer! 
  3. It's all about how different generations are vibing with augmented reality (AR) shopping. Turns out, Gen Z is leading the pack when it comes to embracing AR tech for shopping adventures. They're totally down to check out how that new couch would look in their living room or experiment with different makeup and hair colors—all thanks to virtual try-on technology. How awesome is that? It just goes to show how AR is changing the game, especially in the retail scene. 
  4. AR technology is the real MVP when it comes to boosting the global GDP. By 2030, it's projected to rake in a whopping £985 billion out of £1.4 trillion overall. Talk about major cash flow!
  5. And let's talk jobs—VR and AR technology is set to shake up employment big time. Right now, less than a million gigs are touched by these technologies, but by 2030, get ready for a jaw-dropping 23 million jobs impacted. That's huge, especially in powerhouse economies like China, the US, the UK, and Germany.
  6. Healthcare is set to be the superhero of the global GDP, adding a cool £316 billion by 2030, all thanks to augmented reality development. VR is already on the scene, giving med students access to operating theatres and letting consultants team up from different spots to plan surgeries. Talk about a tech revolution in the world of healthcare!
  7. Four out of five brands that hopped on the AR bandwagon and used AR lenses or filters saw a boost in their brand awareness metrics!
  8. By 2030, AR and VR technology is set to inject a whopping £184.2 billion into the global GDP. Picture this: virtual fitting rooms in fashion stores and AR apps that let you try out furniture in your living room before hitting "buy." Plus, these tech wonders will give retailers the inside scoop on shopper habits, thanks to some seriously smart augmented reality development. 
  9. Here’s one of the many interesting augmented reality facts, back in 1968, the seeds of augmented reality were planted. Ivan Sutherland, a computer whiz from the US, whipped up the first-ever head-mounted display, dubbed the 'Sword of Damocles,' at Harvard University. It was a game-changer,    showcasing basic wireframe drawings and computer-generated graphics. 
  10. Another bit of ar fact, augmented reality isn't just a one-trick pony. Take Niantic's Pokémon Go, for instance. This location-based game nailed the use of AR technology and racked up a whopping $4.5 billion in revenue since its launch in 2016. 
  11. Virtual reality and augmented reality aren't just for gaming—they're serious business! By 2030, these technologies are set to inject a whopping £265.2 billion into the global GDP. How? By transforming the way we train and develop skills, especially in situations where real-world training isn't feasible or safe. 
  12. Innovation in product and service development is set to receive a substantial £123.5 billion boost to the global GDP by 2030, courtesy of virtual reality and augmented reality. These cutting-edge technologies facilitate collaboration and creativity in virtual realms, offering organizations efficient alternatives to traditional methods and driving economic growth. 
  13. Deloitte Digital and Snap Inc. spilled the beans: a whopping 200 million folks are diving into augmented reality adventures on Snapchat every single day! With Snapchat ranking as the third-largest social media hangout in the US, it's like the AR party is just getting started. And get this: by 2025, over 75% of global shoppers are expected to join in on the fun!
  14. It's noted that 86% of brands find AR technology beneficial for sales, customer acquisition, and overall performance metrics. Additionally, 75% of these brands acknowledge its positive impact on customer loyalty and experience improvement.

Hey, while we've got some predictions floating around, the truth is, that the path of augmented reality is still unfolding. It all boils down to how folks and industries embrace the tech and how trends shape up.

But one thing's for sure: AR can whip up experiences that are not just immersive but downright cool! It jazzes up communication, helps with navigation, spices up shopping, and turns entertainment up a notch, making everyday life a blast.

As the world keeps on trucking, we're cruising towards a future where AR is woven into the fabric of our daily grind.

AR isn't just a buzzword; it's a game-changer for any business out there. Whether you're in healthcare, automobiles, fashion, or beyond, AR is the ticket to an immersive customer experience.

And if you're itching to dive into the world of AR face filters or other rad AR solutions for your biz, we've got your back. Start your AR adventure with mirrAR today! 

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