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Augmented and Virtual Reality is on track to become as ubiquitous as mobile devices by 2025, according to a survey by Perkins Coie of 200 startup founders.
Tipatat Chennavasin, general partner at Venture Reality Fund , said that “the idea of VR and AR as a means of connecting people to the digital world in a much more natural and human way is profound. It will help everyone benefit from the power of the digital economy. It allows us to redefine computer literacy—we can adapt the computer to the way we think and want to work.”
IDC forecasts the AR/VR market for headsets to grow at 54.1 percent annually, reaching almost nine million units in 2019 and to grow to 68.6 million units by 2023.
How will AR/VR be used? One area that will see huge growth is in retail. Hanna Karki, principal research analyst at Gartner, said that “the impact of AR or VR in retail can be transformative. Retailers can use AR as an extension of the brand experience to engage customers in immersive environments and drive revenue. For example, IKEA’s Place app enables customers to virtually ‘place’ IKEA products in their space. Additionally, AR can be used outside the store after a sale to increase customer satisfaction and improve loyalty.”