The automotive sector has seen a rapid transformation with substantial investment in the Augmented reality in recent years, which is primarily aimed at improving the customer experience for the customers by creating a unique platform for the automotive sector to showcase their product via 3D projection.
For automotive brands, augmented reality has become another way to lure their customers with a new interactive experience and tell the world that they keep in step with the latest technologies. But what are the other non-marketing opportunities that bode well for the transformation of the whole automotive industry?
Augmented Reality is grabbing headlines worldwide and has become a rage. From online shopping to education, we have seen tremendous innovation in the AR space and how mega tech players are investing massively in AR including Apple, Facebook and Google. Today, consumers are more inclined to support the brands that are aligned with their core value and bring out of the box innovation for customers engagement.
Traditional sales operations are rapidly losing grounds to the level of personalization and for tech companies looking to innovate, Virtual Reality and Augmented Reality represents a new territory with uncharted possibilities. with AR, they are building a world of virtual engagement for their customers and enhancing interactivity and experience to tap in the gains from the AR.
With the advent of Augmented Reality (AR), the e-commerce sector has widened its horizons and enhanced customer experience. AR has helped empowered the e-commerce applications to create a real-life experience for the users which has resulted in creating an opportunity for the brands and businesses alike to drive a lot of sales.
According to Statista, the market for AR technology is growing, with projections for 2023 valuing it at over $18 billion US dollars. It also predicts that consumer spending on standalone and embedded augmented reality mobile applications worldwide will reach $15.49 million by 2022.
AR implementation challenges and what brands are doing to solve these.
Augmented and Virtual reality made their way in our lives through science fiction tales, television movies and numerous others. From the early 1950s, creative mind from all over the world introduced us to a world beyond our wildest imagination even though the supporting technology was considered light-years away. The term "Augmented Reality" itself was coined by Tom Caudell, one of the Boeing researchers, in 1990.
Before that, Virtual Reality and Augmented Reality did not have a clear distinction. In the '00s, things began to change rapidly - we saw more and more business taking advantage of the new tech.
Augmented reality is finding niches in both consumer application and the workplace. While most people might regard augmented reality as stuff for games, innovators are exploring its business relevance and the roles it can play in their businesses and customer experience and interaction.
It holds a large amount of promise for changing the way business operates and how we can relate with them. the AR sector is projected to be an economic driver for the technology industry with a market value to be of $50 billion by 2024.