AR & VR

• Augmented Reality (AR) and Virtual Reality (VR) have always been discussed on the same platform, especially when measuring both their market capabilities.
• Both AR and VR share a lot of commonalities even though they have key differences. AR, for instance, allows users to experience a digitally augmented or enhanced real world, while VR extracts the user from real-world experiences and replaced these experiences with simulated ones.
• Both AR and VR technologies continue to increase interest in their capacity for marketing, gaming, entertainment, and brand development.
• Studies show that close to 90% of the companies with annual revenue ranging between $100 million and $1 billion have in the recent past embraced both AR and VR technologies.

Consumer Usage

• According to an article published by Forbes, the global market for both VR and AR is estimated to reach $1.6 billion by the year 2025. 
• Given the huge potential market, consumer usage through retail businesses must eventually adopt these technologies.
• Reports indicate that close to 2/3 of American adults (61%), augmented reality has influenced where to shop.
• AR has raised spatial awareness in the beauty industry, furniture retail, employee training, content marketing, as well as fashion and footwear.
• AR has also improved customer satisfaction and customer return rate in many businesses.