Augmented reality (AR) is a technology that creates a virtual experience by combining the digital and physical worlds. Apps for mobile or desktop integrate digital aspects with the actual world using AR technology. For example, score overlays for televised sports games can be displayed using AR technology and the pop-out of 3D images, text messages, and emails. AR uses computer vision, mapping, and depth sensing to offer the user relevant material. This feature allows cameras to collect, send, and process data to display digital material relevant to the viewer's current gaze. Virtual reality (VR) is a computer-generated simulation of fictional reality. It can be seen in 3D movies and video games. The use of computers and sensory gear such as headsets and gloves aids in constructing realistic simulations and an immersive experience for spectators. In addition to gaming and entertainment, virtual reality can be used for training, education, and science.
Immersive Learning Experience with VR, AR, and Gamification Boosts Augmented Reality and Virtual Reality Market Growth
In the last few decades, the learning analytics landscape has dramatically expanded, especially for higher education. Students learn faster when they engage in the gamified version of lessons. Gaming features help create a fun and productive learning experience for learners. Gamification is common in e-learning platforms meant for K-12 level students. According to an article published by EducationWorld in December 2019, STEPapp launched India's first-of-its-kind gamified learning edtech app to revolutionize K-12 education in the country.
Further, since the introduction of virtual reality and augmented reality into education, the sector has experienced tremendous transformation in learning. VR provides a built reality, and AR provides an image with an improved view. Thus, a surge in the integration of virtual reality, augmented reality, and gamification technologies into educational techniques would offer better academic results and create demand for AR and VR solutions contributing in augmented reality and virtual reality market growth.
Despite the negative impact of the COVID-19 pandemic-associated lockdowns and low cross-border trade, the augmented reality and virtual reality market has continued to grow with the increasing shift toward adopting AR and VR technologies, and businesses switching to remote working or hybrid working. According to an article published by the INEWS, in 2020, the China Spring Cloud Auto Show was organized by combining AR technology, big data, Web 3D, panoramic content, and other technologies to present cutting-edge technologies and products from multiple perspectives.
Augmented and virtual reality (AR and VR) technologies have attracted the attention of new and established businesses, prompting entrepreneurs and marketers to consider investing in AR and VR app development. In the future, the AR and VR technological developments will force every businessperson to seek advice from specialists and enter this industry to gain a larger market share.
North America is leading the augmented reality and virtual reality market in terms of share. The presence of major market players in the US is one of the prominent factors contributing to the growth of the augmented reality and virtual reality market in North America. According to Finances Online, Facebook was the market leader in headset shipments in the second quarter of 2020, accounting for more than 38% of all shipments. With 21.9%, Sony came in second place and Pico came in third with 9.2%. Immersive technologies are becoming more popular in the region as more money is invested in their development. The US government is keen on increasing the adoption of immersive technologies, bolstering the region's market dominance in AR and VR. In 2019, the US Defense Advanced Research Projects Agency expressed interest in IMT Atlantique and assigned the business a contract to build similar contactless lenses for the US military.