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Augmented Reality Sets Look at a Bright Future as Means of Entertainment Changes

Apr 01, 2020 | Services and Utilities | Future Market Insights

The future of augmented reality is expected to see an exponential rise as the way we live undergoes an incredible overhaul. In days ahead as the world tackles Covid-19, augmented reality is going to go beyond its comfort zone of entertainment and enter areas that were only discussed in lengthy reports. With penetration of smartphones, AR applications in consumer world is popularly seen through games such as Pokemon Go and Snapchat filters. The two critical fields at this point in time are healthcare and entertainment.

What will Drive the Augmented and Virtual Reality Market?

Though the gaming industry has led the way for augmented and virtual reality, the healthcare industry has been quick to pick up. For instance, virtual reality is being used by healthcare providers create and recreate simulations of emergencies, pandemics, and other crisis to enable comprehensive learning for students and staff. The ability of this technology to mimic reality with absolute detail is expected to win the market increased share in the global economy.

A recent news claimed that the National Institute of Health Research awarded funding worth £4 million to build its own VR treatments. The eventual output will include VR therapy package for treating psychosis in patients and social anxiety in young patients. NHS patients in Buckinghamshire and Oxfordshire are currently being treated for fear of heights through VR sets. The organization has reported that patients are showing positive results with these real-life simulations.

What will be the Impact of Entertainment Industry on AR and VR Market?

Analysts also believe that the market for augmented and virtual reality will also do well in the entertainment industry as online gaming companies will capitalize on the sheer psychological impact of lockdown during the pandemics. While sales of AR and VR sets are currently showing a downward trend, the industry will see a gain in the long-term as the pandemic will have a lasting impact. Standalone and tethered AR and VR will see significant rise in the coming months as companies are planning new product launches. The demand for these will be driven by need for efficient training and entertainment.

Companies such as HP and Valve will capitalize on features such as s high-resolution displays, spatial audio, and enhanced hand, finger, and body tracking, creating an even more immersive experience for the user. The smartphone-enabled headsets are also projected to take a leap as number of gaming participants seeking easy access will rise.