140 AR/VR Facts in 140 characters or less – Part 1

With the world of virtual reality (VR) and augmented reality (AR) technology expanding at a rapid rate, it’s easy to get lost in all the new information. Here are ten facts about AR and VR given in 140 characters or less:

As of 2018, there were 171 million active VR users in the world (Kommando Tech). That’s 2.25% of the world population; 6.577% of all gamers.

Total sales of VR headsets is estimated to reach 82 million in 2020, despite consumers only owning 26 million headsets so far this year (U.S. Chamber of Commerce; CNBC).

Global virtual reality market size was valued at $10.32 billion USD in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 21.6% from 2020 to 2027. This encompasses virtual reality done with head-mounted displays, gesture tracking devices (like mobile phones), and projected displays (Grand View Research).

Companies like Mattel, BNP Paribas, and Enel have begun to use virtual reality software and hardware to bring together their diverse teams from across the globe in virtual environments, allowing these teams to work more efficiently and comfortably (Spatial).

15.6% of global AR and VR spending is with consumer hardware, followed by VR games at 6.6% and AR games at 5.1% (Statista).

In 2017, 77% of all US companies used online learning to provide employee training and online tutorials. However, 98% of US companies planned to add online training opportunities in 2020 (Kommando Tech; TechJury).

VR can improve online shopping conversion by 17%, influencing the purchasing decision of customers by opening up new opportunities for them to experiment with, test and visualize products or services (SwagSoft). With online shopping accounting for 13.7% of all retail sales in 2018, and originally estimated to increase to 15.5% without taking COVID-19 circumstances into account, VR will play a large role in the coming months and years in helping consumers make informed purchases (Statista).

AR has had a significant impact on the e-commerce industry, with eCom Dash reporting that 35% of online shoppers would shop more online if AR is involved. 49% also claim they would pay more for a product if previews were available in AR.

43% of manufacturing companies in a global survey done by Capgemini believe VR will become mainstream tech in their organization within three years, with an additional 38% saying it will take three to five years – that’s 81% of companies using VR as mainstream tech by 2025 (Capgemini).

According to Touchstone Research, 99% of customers believe a branded VR experience would make them feel at least neutral, if not positive, toward a brand. In addition, 81% of those who had already seen VR reporting shared their experiences with friends, giving VR strong word-of-mouth marketability.