Augmented Reality market is expected to be worth $60.55 billion by 2023. Companies expect to use technology to impact businesses and customers.
Demand for Augmented Reality (AR) and Virtual Reality (VR) technologies in the retail, health, construction and gaming sectors will drive growth in these two markets in the coming years.
By 2023, it is estimated that the AR market will reach US $60.55 billion, while the RV market should reach US $34.08 billion. One reason is that companies are developing business-oriented solutions with these technologies.
One example is L'Oreal. Its subsidiary in the United States developed a service that uses Augmented Reality and Artificial Intelligence to show consumers a possible end result if they used a company hair product.
This simulation of hair color tones is possible because L'Oreal uses the ModiFace platform, which identifies the user's face through a neural network, along with Google's Lens app.
The use of augmented reality in business to increase sales is nothing new at L'Oreal. Before the launch of this simulation service, the company had already carried out several tests to understand how the technology could impact the increase in sales of makeup and hair products.
To get an idea of the result, the beauty products brand closed the first nine months of 2019 with US$ 24.7 billion in sales - an increase of 8% over the same period in 2018.
Other examples of using Augmented Reality in business
This year, AR applications will be adopted in 30% of the companies as part of the digital transformation strategy. Technology brings opportunities to find new business models, to generate value and should impact companies and society.
In addition to L'Óreal, other companies have already felt the results of betting on AR. This is the case of BMW, which uses smart glasses in a pilot project at the company's factory in Munich (Germany).
The glasses are used as a monitor and bring information about the factory's stock. With RA, the employee is also able to scan bar codes, which are connected to the plant's management system. Thus, BMW saw its staff reduce inventory identification time by 22% and reduce errors by 33% during an eight-hour workday.
Boeing, on the other hand, relies on AR technology to help professionals responsible for the manufacture of commercial aircraft. With that, the company was able to cut production time by 25% and reduce error rates to almost zero, improving safety.
Finally, Augmented Reality and Virtual Reality are also beginning to impact the financial sector. One possibility with these technologies is immersive data analysis. That is, when combined with Machine Learning, companies in the sector are able to analyze and generate insights from the 3D visualization of the data. To benefit from Augmented Reality and Virtual Reality in business for your company, employ today custom mobile app development Company.
Bank of America hopes to launch a data visualization prototype later this year. For this, the company uses the Unreal Engine, a game engine developed by Epic Games, to apply a solution capable of bringing insights to the financial institution's trading area.
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