Background; definition and differences between virtual and augmented reality

That's it! As we enter 2024, it's time to take stock of the contribution made by virtual and augmented reality. Let's take a look at the key figures and future prospects for these immersive technologies, which continue to transform our purchasing and consumption habits, and much more besides.

Before getting to the heart of the matter, we need to understand what augmented reality and virtual reality are. Augmented reality superimposes digital information onto the physical world, enhancing our experience of the real world. Where virtual reality plunges users into a fully immersive environment, detaching them from the physical world. 

In the years to come, technological developments, particularly in headsets, will encourage the use of mixed reality, a synthesis of augmented reality and virtual reality.

The year's key figures for virtual and augmented reality

Virtual Reality: diversification of professional uses drives the market. 

• VR headsets: star of Black Friday ‍

Against all expectations, more VR headsets than AirPods were sold on Amazon during the last Black Friday: 160,000 Quest headsets versus just 20,000 AirPods. This is certainly a sign that, despite the WEB3 and Metavers rout, VR still has a bright future ahead of it. And contrary to popular belief, it's not necessarily for recreational use! 

• Today there are more than 171 million virtual reality users worldwide (dataprot)

Virtual reality technology is most widely used in the commercial sector, whether in retail, exhibitions or real estate.

• Commercial applications account for 53% of all VR technology use (ZDNET)

Contrary to popular belief, gaming isn't the only reason why so many virtual reality headsets sold out straight out of the box. The commercial sector has seen the greatest use of VR technology, whether in retail, showrooms or real estate.

To infinity and beyond: the explosive growth in the use of Augmented Reality

• In 2020, the number of augmented reality users stood at 598 million, a figure that is set to almost triple to 1.73 billion by 2024.(XRToday)

• Augmented reality is used by 75% of consumers worldwide and by 82% of Generation Z consumers(Deloitte).
• The AR market is expected to grow at a compound annual growth rate (CAGR) of 13.72% between 2023 and 2027, reaching a projected market size of $52.05 billion by 2027(Statista)
• Retailers who have adopted AR see a 19% increase in customer engagement. The conversion rate of customers who interact with AR soars by 90% compared to those who don't. All in all, AR seems to be the secret little nudge to convert customers.(Retail Customer Experience)
• For CB2, a furniture and home furnishings retailer, product pages featuring 3D and AR experiences led to a 21% increase in sales per visit and a 13% increase in average order value. (Retail Customer Experience)

Focus on Augmented Reality and Virtual Reality in training :

• As far as awareness of AR in education is concerned, 24% of educators are aware, while over half (53%) are just starting out in this field. Over a third (35%) of parents are also familiar with the use of AR. Currently, 29% of educators are using augmented reality technology at school, as a new teaching tool in their arsenal. Of these, almost three-quarters (74%) use it at least once a week.(Mc Graw Hill)
• 86% of educators say the main benefit of Augmented Reality is to increase student engagement. The rapid growth in AR adoption, fueled by technological advances and growing consumer and business interest, is testament to its ability to revolutionize the way we interact with the world.
• VR training improved employee success rates by 70%: A recent experiment conducted by Walmart enabled employees to train via virtual reality. The results were positive: a 30% increase in employee satisfaction, up to 15% higher retention rates and, as mentioned, better post-training test results. A virtual reality device could soon be part of induction procedures in many companies around the world.

What are the future prospects and possible developments for mixed reality?

In another register, the metaverse has become a dominant trend in 2023. Companies are increasingly exploring this new digital dimension to create immersive, interactive experiences. These developments are paving the way for a deeper integration of mixed reality into our daily and professional lives. What is transforming society is " mixed reality " (MR), in which immersive virtual content combines seamlessly with our physical world(xrhub).

According to Statista, by 2030, the VR and AR sector is expected to create 23 million jobs worldwide, more than the entire population of Australia. In 2019, this sector was still just a baby, providing a meager 800,000 jobs.

3 key uses for augmented and virtual reality in 2023

• Intermarché Santa's workshop

Innovation, creativity and technology combine to offer families a unique and memorable Christmas experience. Santa's workshop becomes much more than just a way to buy gifts, it embodies the magic and spirit of Christmas in the digital world. 

Read about Intermarché's Santa Claus workshop

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• Developing the use of 3D tools in education

For example, in the field of marketing/merchandising/commerce, Retail VR provides professional merchandising software for future professionals. Each student creates his or her own virtual store for a concrete application of the pedagogical program: offer marketing, point-of-sale management, merchandising management, point-of-sale marketing.

To find out more, visit our education page.

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• Immersive shopper research to provide more reliable & predictive answers

The Virtual Shopper eXperience tool is the fruit of a partnership between Enov, the best in insight, and Retail VR, the best in retail tech. Virtual reality makes it possible to immerse shoppers in an ultra-realistic environment, as close as possible to real life, to collect more behavioral data (and go beyond what consumers say).

Read the article on the partnership between Enov and Retail VR

Conclusion

In conclusion, the statistics presented in this article paint a vivid picture of the evolving augmented reality landscape, rich in opportunities and responsibilities. As we embrace the possibilities offered by augmented reality, let's do so with an eye to shaping a future where this technology enriches lives across all sectors.

To find out more our white paper on the benefits of 3D in retail ! The book discusses the evolution of the retail sector, highlighting the major influence of 3D technologies on key aspects such as marketing, merchandising, staff training and, above all, the customer experience.