Some encouraging signs for VR and AR

According to data published by MarketsandMarkets, the augmented reality (AR) market was valued at USD 4.21 Billion in 2017 and is expected to reach USD 60.55 Billion by 2023 while growing at a CAGR (compound annual growth rate) of 40.29% during the forecast period. On the other hand, the virtual reality (VR) market was valued at USD 5.12 Billion in 2017 and is expected to reach USD 34.08 Billion by 2023, while growing at a CAGR of 33.95%.
The research indicates rising investments in the AR market, as well as increasing demand from the retail and healthcare sectors. As for virtual reality, the improved availability and affordability of VR devices, increased use of HMDs (head-mounted displays) in gaming and entertainment have been encouraging.
Some retailers have made significant investments in such technologies. Walmart has recently launched a 3D Virtual Shopping framework. In an official Walmart blog, Anthony Soohoo, SVP and Group General Manager, Home, U.S. e-Commerce explained: “we’re testing a new experience that enables customers to take a virtual shopping tour of a curated apartment showcasing nearly 70 items from both national brands and our private label offerings. As they virtually explore the apartment, customers simply click on different products in each room to get more information.”
Sources: financialbuzz.com, Reuters

