AR Industry reaching $70 Billion in 2023
We are not just in front of a new technology, we are in front of the third industrial revolution.
More than ever, companies are addressing their marketing and sales strategies with a customer-centric approach. The mission is to satisfy the customer by understanding their desires and expectations. To meet those needs, marketers are focusing on delivering the best experience to their audience: but how?
Through Virtual and Augmented Reality (VR and AR) Experience! The technology enables brands to offer a unique and immersive digital experience, and to engage with the consumer in a memorable way.
In the past few years, the global AR market grew exponentially. According to Econsultancy, the forecasted market size will reach a value of $70.01 billion by 2023.
The first industry to use this technology was the gaming industry. Currently, the value of the AR segment for video games is valued at $11.6 billion. Other sectors started to embrace this technology: healthcare ($5.1 billion), engineering ($7 million), and education ($5.3 billion). A new trend emerging is to include the new augmented reality experience technology in marketing/sales strategies to enhance brand value and increase customer engagement.
In fact, augmented reality is becoming the key element to craft an unforgettable experience. Many businesses are introducing AR to upgrade the involvement from their customers. This digital evolution will lead companies to an improvement in engagement rate and increase opportunities in sales.
How AR is disrupting the future of marketing?
Enhancing brand value and driving sales with AR technology is the future. Many businesses are integrating this innovation in various industry segments for different purposes, but how?
Cosmetic & Clothing Retail: companies have begun to use an AR app to let the customer try different items or products without being physically at the store. It is more fun for the customer, easy to use and to understand! Besides, there are no additional fees to try items and there are many more options than traditional physical stores.
Tourism: companies are using AR to immerse the customer in virtual locations or stores, without being physically present. This application could completely disrupt the tourism sector, allowing people to visit locations in the comfort of their homes.
Augmented branding material: including dynamic virtual elements; AR can convert static brochures or business cards into more engaging and fun brand material through video links or QR codes.
Augmented reality for B2B: this is a significant area in which AR makes a great difference. With B2B sales, it is important to create unique presentation material. The innovation here is to move forward from the traditional PowerPoint presentation or flyer. AR technology enables companies to deliver an accessible and customized AR application presenting a virtual 360-degree look at the product lines. This approach will boost sales and increase engagement.
A great example of embracing the AR technology comes from Atlas Experiences.
Atlas Experiences was founded in the summer of 2019 by Derek Gwaltney (Founder and CEO). The vision for Atlas was born from the inspiration to establish the first incentive travel experiential company immersed with augmented reality innovations.
Derek combined his previous experience within the lottery industry and the desire to ideate a “Never Done It Before” business. In fact, Atlas is the first company to have ever combine incentive travel, winning opportunities, and augmented reality integrated together. If you want to learn more or are curious about the latest digital activations, visit www.atlasexperiences.com!
AR technology can help make people feel more connected and relate to each other even in a forced situation of social distancing during COVID-19. AR digital innovation, along with VR, is a reliable and practical solution during a time of quarantine and limited travel. The new application will help businesses to survive the crisis through digital visibility, social engagement, and differentiate themselves from competitors.
And again, remember that we are not just in front of a new technology, we are in front of the third industrial revolution!
Source Credit:
https://www.smartinsights.com/tag/marketing-using-virtual-and-augmented-reality/
https://econsultancy.com/14-examples-augmented-reality-brand-marketing-experiences/
