When schools and colleges closed during the pandemic, the education technology industry grew exponentially. COVID-19 was a blessing in disguise for the EdTech players. Similarly, Augmented Reality ad Virtual Reality Technologies was another sector that experienced a surge in demand during the pandemic due to the necessity of companies to continue their business operations virtually. Using AR/VR technologies, many companies moved to virtual platforms for attending meetups to formulate various policies and strategies for their ongoing business. For instance, real-estate companies have started deploying AR/VR technologies for the virtual tour of properties, which increases the chances of purchase, thus further propelling the industry growth. In 2020, the global VR Market size was valued at USD 15.81B. It is expected to grow at a compound annual growth rate (CAGR) of 18.0% from 2021 to 2028.
Since social distancing has become a new norm, many people now prefer online services and products than visiting the store or offices offline. The trendy AR/VR technology is a lifesaver, as it offers the best customer connection and engagement solutions. These technologies are diverse enough to handle B2B and B2C, whether it is real-time monitoring of factory equipment, service delivery, navigation, or product presentations. With more research and innovation happening in this space, AR/VR has become easier to deploy, and businesses are getting advanced opportunities to tip the profit scales to their sides. Today, automobile manufacturers extensively use AR/VR technologies for designing and visualizing the different features of mechanical parts before committing to building a model. Ecommerce websites, tourism, healthcare and whatnot, AR and VR have penetrated everywhere, and they can help businesses grow exponentially with their cool features and exciting user experience offerings.
With so much to offer, AR/VR technology is a fascinating and curious subject for tech enthusiasts. In this issue, industry experts in the tech space share their insights and opinions on Virtual Reality and how is it transforming businesses in 2021. We hope that our efforts help people who follow AR/VR technology trends to get a better idea of what is happening around us.