The enterprise segment accounted for 72% of the AR/VR market as of 2020; the technology has found application in the automotive, oil & gas, logistics and healthcare sectors. AR/VR is most commonly used in the retail and gaming segment in the consumer space.
Education: Adoption of technology helps to make the learning process interactive and aids students in understanding concepts better through visual presentations. In India, Byju’s is one of the edtech startups offering AR services. According to a report titled ‘Augmented and virtual reality in education’, the AR market in education is expected to reach US$ 5.3 billion in 2023.
Retailing: AR/VR is the future of retail as its adoption in the segment helps enhance customer experience; for example, customers can now try a product before purchasing them. Retailers such as Myntra, IKEA, and Lenskart offer AR-based services, which enables customers to make informed decisions without even visiting the stores.
Healthcare: AR/VR is widely used in medical education, diagnostics, surgery and fitness. AR-powered diagnostics help contain the spread of the COVID virus and provide support during complex surgical procedures; these are some of the most important benefits of adopting AR/VR in healthcare.
Gaming: AR/VRtechnology hasrevolutionised the gaming industry across the globe. According to International Data Corporation, AR/VR generated revenue of US$ 12 billion in 2020, which is projected to increase to US$ 72.8 billion in 2024. Currently, 80% of the revenue is contributed by the gaming industry.