Facebook has published this week a 28-page report on the rapid developments and trends in the global virtual and augmented reality (VR/AR) market, which is set for major gains in the coming years.
The findings reveal several significant possibilities for marketers for the evolving VR/AR space, including consumer interest in such solutions as well as future uses.
E-Commerce, Online Shopping Major Driver for VR/AR Development
A major driver behind the development of VR/AR technologies is user adoption as well as AR content, namely due to the rise of eCommerce and online shopping, the report stated.
According to figures, the Menlo Park-based tech giant expects 75 percent of business owners to use VR/AR technologies over the next two years.
Global spending on such technologies is also set to rise six-fold in the same period, it added.
The report said VR/AR technologies could offer immersive solutions to drive both online and in-store purchasing, adding consumers were increasingly looking to such tools to discover brands and products.
The report read:
“AR and VR could revolutionize how people engage with brands- and how brands engage with people. Imagine being able to meet one-on-one with famous clothing designers, seeing how lipstick bonds to lips by becoming part of the chemical makeup of the product or having a home reimagined by a brilliant creative director.”
Data from the tech giant also found English-language searches on VR/AR jumped twice as quickly in emerging markets compared to mature economies, noting the potential expansion of the sector.
Immersive VR and AR platforms could also allow businesses to connect with clients and consumers, as well as increase visibility for promotions, it added.
AR-Capable Accessories?
The news comes ahead of a shock report from the Verge, who found Facebook would launch a new smartwatch with AR capabilities next summer, despite the company refusing to offer comment.
According anonymous sources familiar with the matter, the report added the watch would work with the firm’s social media apps such as Instagram and others, as well as use a custom version of Google’s Android operating system along with a new suite of apps.
Additional features were rumoured to include a detachable 1080p autofocusing camera.
AR-capable kit are another potential driving force of the VR/AR market, along with upcoming headsets such as the Oculus Quest 2 and Magic Leap 2, which remain competitive products in the industry.
A Boom for VR/AR Content Curators, Innovators
The report comes amid increased efforts from VR/AR firms to help boost brand visibility for firms amid the ongoing COVID-19 pandemic, which has slashed revenues for companies, namely in tourism.
David Ripert, Co-Founder and chief executive of Poplar Studio, told XR Today in an interview businesses needed greater access to effective ecosystems for building VR/AR content and AR development kits, allowing firms to link with clients, consumers, and other companies amid COVID-19.
UK firms VR Pixel and Igloo Vision are just a few of the VR companies working with global brands to boost advert campaigns as online marketing continues its meteoric rise amid the pandemic.
