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E-Commerce is Expected to Emerge as a Major Application for Augmented Reality and Virtual Reality Market
The virtual reality technology provides a complete immersive environment which is under the control of a computer. The augmented reality technology enhances the real world with virtual images. The augmented reality technology originated from the virtual reality concepts and has the potential to be used in a wide range of applications for consumer and industrial applications, such as e-commerce and marketing, gaming, medical, entertainment, education, and so on.
The augmented and virtual reality technology can be used for a wide range of applications such as e-commerce, automotive, marketing, medical, and so on. Currently, except for military and gaming applications, all other applications are in nascent stage. Huge growth is expected for e-commerce and marketing applications.
Augmented reality technology is used for e-commerce application. The recent boom in e-commerce can be attributed to the advantages it provides to buyers as well as sellers. With the help of augmented reality, a buyer can compare the products by superimposing virtual images in the real world. This not only helps buyer’s decision-making process, but also is convenient for the seller. The enhanced buying experience is beneficial for the entire retail industry segment. Total Immersion (France), Wikitude GmbH (Austria), and Metaio GmbH (Germany) are the major companies providing augmented reality applications for smartphones as well as for marketing purpose.
The way goods and services are promoted and marketed is constantly evolving since many decades. The technological advancements have completely changed the traditional approach of marketing and promotion. Advent of internet and smartphones combined with content-based technology such as augmented reality has given a dimension to the marketing activity. The augmented reality tags printed in newspapers, magazines, posters, and flyers act as a unique token. The AR tag can be scanned using AR enabled smartphones which, not only displays the advertisement, but also creates an interactive environment for the users. By clicking the image or icon, the user can examine and purchase the products through their smartphones or tablets. The advantage provided by AR technology is the major reason for its heavy penetration in the marketing and promotion segment.
It can be observed that the market share of e-commerce application is expected to increase from 2013 to 2018, whereas the share of marketing application is expected to decrease. Though the market share is decreasing, the revenue for the marketing segment is expected to post a positive growth for the forecast period.
Augmented Reality & Virtual Reality Market by Technology Types, Sensors (Accelerometer, Gyroscope, Haptics), Components (Camera, Controller, Gloves, HMD), Applications (Automotive, Education, Medical, Gaming, Military) & by Geography - Global Forecast and Analysis to 2013 - 2018
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