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  • Writer's picturemicropapa68

VR, AR, and the Metaverse: Understanding the Changes Beneath the Wave

Image from Apple. Inc.

The wave of VR and AR! In recent years, the rapid growth of these two fields is dizzying. Metaverse? Everyone is talking about it. By 2028, imagine, the market value of this industry may reach 800 billion US dollars!

Now, in 2023, the global market for VR and AR is valued at $142.4 billion. And you know what? AR users on mobile phones may reach 1.4 billion people! Huge market right? But the Metaverse isn’t just about VR and AR, it’s also about NFTs and other immersive experiences. Many companies see its potential and start to adjust their strategies. For example, some companies are developing virtual stores that can actually interact.

Source: GlobalData Creator: Rupantar Guha

Go to the AR section. Look at china! The AR live shopping phenomenon is expected to have a market value of $770.7 billion. Brand Pomellato enhances the shopping experience with AR for virtual try-ons. Ah, and NFTs! Brands like The Original Penguin and Dolce & Gabbana are exploring AR-integrated NFTs. Despite the huge potential of AR in retail, with only 1% of retailers currently using AR, there is a huge untapped market potential. AR experiences have proven to engage 200% more customers than traditional experiences. This, combined with 3D audio technology, will enhance the user experience in virtual environments. Meetings in virtual environments using VR has become a common practice for businesses.

On the VR side, schools are using it to create interactive experiences and virtual field trips. VR games? It has a market capitalization of $1.1 billion and could reach $2.4 billion in the future. Trends within trends: Social VR platforms merge with AI to make VR experiences more personal.

Finally, various sectors such as retail, education, and entertainment are undergoing transformation due to these technologies. As technology and accessibility improve, more consumers and businesses are expected to integrate VR and AR into their daily activities and operations.

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