With virtual reality (VR) technology being used more and more with each passing day it is no surprise that ABI Research, a market-foresight advisory firm has forecast that the retail and marketing sectors use of VR will generate $1.8 billion (USD) in the year 2022.
According to ABI Research the continued innovation within the VR industry will see further improvements and impact on the retail and marketing sectors. As companies in both sectors are already taking advantage of the products and solutions available to them to drive higher audience engagement then ever before, it is only a matter of time before the majority of each sector is providing VR content for users to experience. This can be an effective tool to aid in securing purchases from consumers and provide endless possibilities for both provider and consumer.
“Consumer demand for a better shopping experience is ever increasing. E-commerce and digital marketing enable consumers to buy products conveniently online and offer consumers the opportunity to rate, review, and share the information of products and services,” states Khin Sandi Lynn, Industry Analyst at ABI Research.
We have already seen a large uptake in VR in sectors such as the automotive industry and travel agencies where viewers and transport to new locations to try out new experiences. Furniture and home improvement stores are other sectors that have adopted the use of VR and augmented reality (AR) early on, allowing consumers a chance to see a product in their home before making a purchase. The reports from ABI Research however only focuses on the value that will be generated from just retail and marketing meaning the elsewhere there could be similar or even larger numbers.
Of course it is not just the consumer facing side of industry that VR and AR is being used in as enterprise and manufacturing adopt the technology to provide new solutions within the work environment. From smaller, lighter wearable VR and AR products to improvements in wireless technology the applications and grow for business sectors and the VR and AR industry as a whole is near limitless right now. The future will be bright for all side and with companies like Walmart recently acquiring VR software company Spatialand, the change in business focus is already very much underway.
If you want to read the report in full then ABI Research’s VR in Retail and Marketing report is available online.
For more on immersive media and the future of the industry, keep reading VRFocus.