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Future of Augmented Reality - Apple, Google (Google Glass), Microsoft (HoloLens), and Facebook are Heavily Investing in it

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susan hill
Future of Augmented Reality - Apple, Google (Google Glass), Microsoft (HoloLens), and Facebook are Heavily Investing in it

Imagine a couple planning a much-needed vacation in the Hawaii. They choose a hotel and visit it to check out its insides. Seems absolutely normal, right? However, what’s different is that they do this while one partner is in Dubai and the other in Australia, simultaneously. This is just one of the amazing things that can be achieved through augmented reality (AR). This is a term that has gathered a lot of steam in the past few years, with every major organization trying to make their mark in this space. The AR industry is expected to witness a substantial growth owing to advances in hardware technologies and sophisticated mobile software.

The concept of augmented reality goes as far as being visualized in the movie ‘Minority Report’ (2002), as well as the ‘Iron Man’ franchisee, for the teenage and young crowd. Many people, especially from the younger generations, must have definitely heard of this technology (unless they are living under a rock), but what they may not know is its exact functioning and just how far its reach goes.

Augmented reality has had far-reaching effects on various industries in a way that few other technologies have had. It is poised to alter these industries, right from marketing and manufacturing to healthcare and education. Also, Pokémon GO’s phenomenal success is a sufficient evidence to AR’s mobile advantage. It is also expected to make huge inroads in the future in the booming travel and tourism industry.

Rising conceptualization in entertainment-related plans is observed as a lucrative opportunity for the industry. For example, Magic Leap, an augmented reality company, is developing a technology called as Dynamic Digitized Lightfield Signal that shines on the retina of the user and allows interaction between fictional characters and the real world.

Andrew Ng, chief scientist at Baidu Research, stressed the difficulty in convincing people to spend heavily on AR/VR goggles. This has resulted in an opportunity for developers to migrate to mobile applications, which have gained a lot of recognition.

Virtual technologies are increasingly used in automotive in response to the rising number of model and equipment variants in the vehicle design and development process. For instance, Volkswagen used spatial AR to put across virtual data onto the actual vehicle design models that allow the analyses of components. As a result, it saves time and cost required for product development.

Asia Pacific AR market is estimated to reach over USD 44.30 billion by 2024. China is anticipated to drive regional growth with the increase in adoption of AR devices and mobile apps.

The growing demand for the technology has not gone unnoticed, and some of the industrial behemoths like Facebook, Amazon and Google have readily dipped their toes into this technology, accelerating market growth. Apple’s acquisition of Metaio in 2015 reiterates CEO Tim Cook’s belief in the technology. Metaio sold software that combined camera images and computer-generated objects. Other major industry participants include Total Immersion, Magic Leap, Blippar, Wikitude, PTC, Infinity Augmented Reality, Daqri LLC. AU Optronics Corp., Cambridge Display Technology Ltd., LG Display Co., Mitsubishi Electric Corporation, Panasonic Corporation, Sony Corp., and Toshiba Corp.

In November 2019, Microsoft made the HoloLens 2 available for sale, which it had introduced in February this year. In October 2019, Magic Leap announced a partnership with Jabil, a manufacturing solutions company from St. Petersburg, regarding the creation of Magic Leap’s lightweight and wearable computer. In October 2019, Sony introduced a prototype for their AR headset at the Ginza Sony Park, where the technology would be implemented for a Ghostbusters-themed multiplayer experience. In March 2019, Alibaba completed the acquisition of ‘Infinity Augmented Reality’.

Read more: www.grandviewresearch.com/industry-analysis/augmented-reality-market

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