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20 Statistics about VR, AR, XR, and Metaverse you should know in 2022

Adam — Mon, 02 May 2022 10:59:48 +0000

The simulated environment created by virtual and augmented reality technology has been a significant interest in tech circles for some time now. But if we were to look at the numbers behind this growing industry, it is clear that the tech enthusiasts are not the only ones conforming to this giant innovation. It is said that the market is expected to grow to $209.2 billion by 2022! The predictions for these trends often vary, and it’s unclear what the future holds, but here are some statistics regarding the Metaverse, the virtual, augmented, and extended reality that will help you realize just how big of a deal this is!

Augmented Reality

1. 40 % of customers claim they would pay more for a product they could customize in AR

The online shopping process is very popular, but the biggest pro for traditional in-store shopping is still the ability to see the objects in a real-world environment. With AR, customers exceed this possibility and take it to the comfort of their homes. For an online retailer, this trend means higher margins on existing spending plus a higher quality, with a better hands-on experience for the customers.

2. A billion people use AR worldwide

This number might seem like a big stretch, but if you think about the number of people using AR daily without even knowing it, like the Snap, Messenger, and Instagram users, the number grows even higher! Since the release of ARKit and ARCore platforms by Apple and Google, tens of thousands of AR apps are being used every day.

3. The estimated market value for AR by 2024 is 50 billion $

Given that the AR market has the potential to integrate into every corner of the economy, ranging from the automotive industry to fashion, it’s estimated to reach $50 billion by 2024. Facebook is investing heavily in AR future, having recently acquired Scape, an AR company building a digital 3D map of the physical world.

4. 70% of customers aged 16 to 40 are aware of augmented reality

70% of people in the target demographic are aware of AR. Considering that AR was introduced to most customers just a few years ago, this number is outstanding! This level of adoption rate is comparable to the early days of e-commerce.

5. AR has a remarkable effect on our brain

Some studies reveal that the brain area responsible for encoding memory gets three times the activity from AR content than from the non-AR range. This statistic is quite significant in education and business because it indicates that customers are more engaged with higher levels of emotional intensity.

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Augmented Reality

6. The VR worldwide market share was $6.1B in 2020

An increase in demand for hardware devices will cause this number to grow rapidly higher, with the VR market reaching USD 20.9 billion by 2025. This means the virtual reality market will reach its peak, emphasizing virtual reality content creation. Demand for virtual reality content will create a new market need for content creation start-ups.

7. VR video gaming revenues will reach $2.4B in 2024

Statistics for VR showed that for 2021 VR gaming revenue sat at $1.1 billion. For this year, predictions go as far as $1.6 billion in revenue. By 2024, this figure will grow to $2.4 billion.

8. 78% of Americans know about VR technology now

This fact might not seem like a big deal, but it is a remarkable improvement compared to 45% in 2015. It shows that VR has stepped out of just the tech sphere and is slowly becoming a well-known trend among customers. Some other studies claim that this number is even higher, reaching an incredible 90% among consumers in the UK and US.

9. 64% of people who use VR think it has the most significant potential in gaming

According to a virtual reality survey, nearly two-thirds of virtual reality users said they believe gaming is the area that will benefit the most from the implementation of VR technology. Other areas in which the users saw potential are film and TV (52%), sports viewing (42%), classroom education (41%), and social media (38%).

10. 77% of VR users want more social engagement in it

Another VR survey claims that 77% of people who own a VR headset are interested in social interactions with people who also engage in VR. This interest benefits the popular apps that allow users to interact with others in a virtual setting. Besides social interaction, VR users want to play games, watch videos, and communicate the most.

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Extended Reality

11. The XR market is set to hit a value of $1,005.9 billion by 2030

This number mostly comes from brands trying to connect with consumers more interactively and effectively. Wider adoption of VR and AR in the consumer world is linked with the growing penetration of smartphones and connected devices, increasing collaboration among players, and rising adoption of augmented reality and virtual reality across the globe.

12. Simple XR innovations like 3D content can increase conversions by 28%

This increase has been noticed on retailer websites, claiming some sources. For example, SAP Direct Mail grew roughly 82% uptake in recipients receiving direct mail when including AR in their campaign.

13. The most substantial spending for XR in customer engagement is predicted to come from the Financial Services Industry

And the rate for this is around 140% in compound annual growth rate! This might be a powerful tool for financial brands to build their connection with their customers. Implementing AR and related XR technologies directly affects the core of an organization’s digital reinvention strategy. And whether the implementation of XR will succeed or not relies on the organization’s infrastructure, data, and cloud capabilities, as well as a clear vision for the design of improved customer and employee experiences, claims IBM.

14. XR market is expected to register a CAGR of 57.91% over the next five years

Extended reality is considered one of the most emerging technologies since it encompasses immersive technologies, such as augmented reality, virtual reality, mixed reality, and other future realities that may appear. This is the need to reduce the distance between people and create richer visual content.

15. North America holds the most significant market share when it comes to XR

This trend is primarily due to multiple vendors, including Microsoft and Qualcomm, investing heavily in market innovations. The USA, in particular, has been among the highly innovative Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) markets, with most of the companies developing these technical advances being based in the US.

Metaverse

16. The Metaverse may be worth $800 billion by 2024

That’s right, 800 billion dollars. This remarkable phenomenon is due to a surge in interest during the pandemic. This number is up from $47 billion in 2020. This creates an opportunity for several prominent tech companies to expand their reach.

17. Some estimate the Metaverse will be worth trillions of dollars

When you say something is worth a trillion, it automatically sounds like an exaggeration. Still, given the immense increase in recent years and the massive investments in the Metaverse, like Meta’s Reality Labs segment, which invested $10 billion, the trillion might not be such a stretch. With no exact time frame given, JP Morgan predicted the Metaverse size to be worth $1 trillion, while Goldman Sachs predicts the Metaverse market size will be worth an unprecedented $1-12 trillion.

18. Virtual shows managed to collect tens of millions of people

Travis Scott decided to make the most out of the pandemic and held a virtual concert that hosted 45.8 million people! But Astronomical was not the only virtual concert pulling such great numbers. The popular online game Fortnite attracted 10.7 million people for its virtual concert. These incredible numbers just show that virtual events will be an item of interest in the future.

19. Facebook (now Meta) created more than 10,000 jobs based on Metaverse

This social media giant will fill more than 10,000 jobs to support the Metaverse environment during the next five years. Since the company claims that Europe is hugely important for Facebook, the jobs will mainly be based in the EU.

20. 50,000 individual creators have downloaded Nvidia’s Omniverse Beta Version.

Omniverse technology introduced by Nvidia allows industry professionals to master complicated visual engineering designs effortlessly. It also works to connect many design projects and tools. And according to data published by NASDAQ, Nvidia is currently worth more than Intel! The market cap is valued at $251 billion.

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How is the Metaverse Going to Change your Business?

Veronika — Thu, 07 Apr 2022 10:58:53 +0000

The Internet has allowed us to imagine living in another world. Since its creation, numerous novels, films and video games have been published that detail alternate realities in interconnected networks. In the 1984 book Neuromancer, the main character, a cyberspace cowboy, enters a “matrix”. This virtual world is explained as a “consensual hallucination”. The movie “The Matrix” represented most humans inserted into a virtual world, experiencing an alternate reality.

These are what you would call metaverses. “Meta” is a prefix meaning “beyond”, and “towards” comes from “universe”, making the word “Metaverse“.

What is the Metaverse?

The Metaverse, to put it simply, is a space in which human beings can participate in a shared virtual universe. The term originates from Neal Stephenson’s novel “Snow Crash”, in which humans interact with each other as avatars in 3D space. Recently, the movie “Ready Player One” featured people who can enter a virtual world and become a 3D being, an avatar. Players experience things they would not be able to do in the real world, such as performing extreme physical feats or driving technologically advanced vehicles.

Market insights:

The global Metaverse market was valued at $63.83 billion in 2021
There are currently more than 150 metaverses
Metaverse sets to be $B-13 trillion by 2030
Estimated 3 billion Metaverse users by 2030

The idea behind Metaverse is that there will be a single virtual reality in which humans will become avatars and engage in this shared virtual reality space, talk to each other, go out, play games, watch movies, etc. People will meet, watch shows, hang out, visit museums, ride virtual parks, and visit websites, all within the same Metaverse. Still, we may even experience a metaverse connected with our natural world through Augmented Reality, which Niantic, the company behind Pokemon Go, is striving for. It is estimated that in a 3-year horizon, AR glasses should come on the market. There is speculation about companies like Apple and Facebook, which introduced its first-augmented reality headset Aria.

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Mark Zuckerberg is known to be able to estimate the potential of individual platforms and innovations very soon. His bet on Virtual and Augmented Reality began already some time ago. The first big step was to purchase the hardware company Oculus, whose headsets are now among the best-selling and to which you are currently signing up using the Meta-Facebook platform. When one of the most prominent technology players announces a similar event and reveals the cards and his focus on emerging industries, it always causes trouble and the need for other companies to react quickly. Meta has just launched an avalanche that will be significantly larger.

What is the future of Metaverse?

At the moment, it’s mainly about video games, but the idea of a metaverse is much broader than just the idea of a video game. Metaverse is designed to replace or enhance real-life features in virtual space. The things users do in their daily lives, such as going to work or attending a meeting, can be done in the metaverse. However, one of the greatest potentials is buying. Metaverse will create a new way for brands to create a shopping experience complete with realistic models, immersive 3D content, and realistic AR filters. Brands will turn their efforts to creating content and marketing strategies for VR and AR. Brands can consolidate their place in the Metaverse by converting products into 3D models or preparing creations specifically for virtual environments. On a practical level, investing in building a 3D portfolio is a step that it’s recommended to any product company.

And let’s look to the very distant future. We believe that the natural end of connecting to any meta version will be to allow direct connection to the human programming interface, the user’s brain. A good comparison would be, for example, the film “The Matrix”.

77% of Americans are joining or considering joining Metaverse.

We presume that users will choose from several meta versions, which may be thematically different or based on a different concept of rules or ownership. However, we also assume that one dominant player will be on the stage. The very idea of Metaverse by Neal Stephenson describes the virtual world associated primarily with Virtual Reality, headsets and 3D avatars. So if we went after the definition to connect to the meta version, a VR headset and our virtual identity would suffice. The possibilities for users and companies are endless, and we look forward to which form of meta version will be most sought after by users. In the long run, the dominant player will be the one who offers the best customer experience for most users.

What are the benefits and features of Metaverse?

We all know that we remember best when we see and experience things. And the numbers show that – immersive learning is 70-90% more effective than traditional learning. Augmented and Virtual Reality confirms this fact. For example, 3D visualization in AR applications helps people better understand a topic or get into different situations. Virtual and Augmented reality provides a playful approach to learning, making learning or experience more emotionally stimulating and memorable.

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Is the Metaverse the future of social media and marketing??

With all the buzz surrounding recent Metaverse developments and investments, you may be wondering if and how the concept will shape the future of social media and marketing. The Metaverse will be an opportunity for all B2C brands to rethink their communication or their marketing strategies perhaps, such as the Saas B2B marketing. With platforms like Meta and companies investing vast amounts of money and resources into the metaverse, people and companies out there think it’s the future of social media and marketing.

Today, it isn’t easy to know what will work in 5 or 10 years in the marketing. Revolutions are on the agenda in this sector, and sometimes it’s hard to keep up with change. Surely the trends of the next few years will see the unstoppable growth of Tik Tok, which will probably become the most used social network in the world. Within five years, probably each of us will have an Avatar within the Metaverse, but marketing will not end because it is based on our needs and relationships. On the other hand, companies with a focus on B2B, in particular technological ones, will be able to take advantage of web 3.0 to emancipate themselves from the oligopolistic competition of current tech giants and break through the hitherto impenetrable barriers to entry into the Big Tech market, focusing more on the revolution of web 3.0 – where decentralization will be sovereign.

Marketing will change and evolve, new advertising platforms will come out, and we will have new spaces to colonize. Everything will be faster, smoother, and more integrated than ever. Social media, websites, virtual reality, search engines, emails, and smartphones will still exist. Still, they will probably be integrated and interconnected to have no precise boundaries, but the answer is still a little in the air. This version of the metaverse is very young, and we may see what the next few years will determine its stamina.

66% of Americans think Metaverse can replace Social Media as we currently know and use it.

We at Yord perceive the virtual world or Metaverse as a natural evolution within the digital world we live in today. It is an extension of the 2D little world and a greater immersiveness of the experience, whether we are talking about Virtual or Augmented Reality. The rise of interest from customers and users in these technologies is growing significantly, and in the next five years, intensive growth is expected. Nowadays, technology overwhelms the notion of meta version, which is nothing against it as it connects the world of customers with the imagination of what these technologies will bring.

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Best Headsets for Virtual Reality

Veronika — Sun, 27 Jun 2021 20:30:45 +0000

Virtual reality has been on the rise again in recent years and is beginning to be used in many different fields. One of the most important elements of this immersive experience is of course a headset!

This blog post will focus on the four headset options worth investing in. Currently, there are several different versions of VR glasses and headsets to choose from, which differ in price, functions, and the need to own additional equipment. Since the VR glasses and headsets on the market satisfy a series of demands for different types of public, we must consider a series of factors. Virtual Reality glasses and headsets are suitable for almost all age groups who want to have a unique experience. VR is not just for gaming anymore but even social events, business applications, virtual tours and fashion experiences!

Let’s take a closer look at the options we chose:

Oculus Quest 2

The best stand-alone VR headset is Facebook’s Oculus Quest 2; it is an all-in-one viewer that does not require a PC or other peripherals and is excellent for those who want to experience virtual reality without using a computer. Furthermore, it is an ideal solution for those who wish to have complete freedom of movement, use it on the go, or take it to a friend’s house. The resolution per eye alone is 1832 x 1920 pixels. Originally, Oculus Quest 2 had only a 72Hz refresh rate, but the company released a software update that included using up to a 90Hz refresh rate. The battery lasts for about two hours – for prolonged use charge it via USB-C. The package includes perfect controls for monitoring the movement of the hands; motion monitoring and thanks to inside-out tracking, no additional hardware is required to track the movement of the user in space. However, keep in mind that the Oculus headset requires logging in with a Facebook account.

Pros:

Use without additional equipment
Ability to stream PC VR titles over WiFi
Hand tracking
The drivers are susceptible and accurate

Cons:

Requires Facebook account

Oculus Quest 2 standard price: $299

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Sony PlayStation VR

The Playstation VR is the must-have choice for playing on PS4 and PS4 Pro as well as a next-generation virtual reality system for PS5. Designed specifically for the Sony console, it is the perfect complement to take your gaming experience to the next level. It is part of a series of peripherals that transform the regular console into a virtual reality console. First, the headset must be connected to the console via cable and used in conjunction with the PlayStation Camera, which must be purchased separately. Once this is done, you will have a tremendous 5.7-inch OLED display with Full HD resolution at 120 fps for smooth gaming sessions and clear images.
3D audio adds realism to every scene, thanks to directional sounds and different distances; plus, the built-in microphone allows you to communicate with other players online.

Prons:

360 ° image
View with a range of 100 °
Two drivers

Cons:

High price
Full HD display

Sony Playstation VR standard price: $299.99

HTC Vive Pro

HTC Vive Pro VR glasses have a screen with a resolution of 2,880 × 1,600 px, a pair of 3.5 AMOLED displays with a solution of 1440 × 1600 px and a refresh rate of 90 Hz, integrated gyroscope, accelerometer, SteamVR Tracking, two microphones and a dual camera, thanks which bring the user an incredibly realistic experience. You’ll also find integrated HiRes headphones with 3D surround sound playback that can locate the source sound. HTC Vive Pro VR glasses use Intel WiGig technology, which transmits image and sound wirelessly, WiFi module sold separately. Power is supplied via the Vive Wireless adapter, which is not included in the delivery. The head straps are set in size.

Prons:

High-resolution screen
Two AMOLED displays
Two microphones
Ergonomically shaped and adjustable head straps
Wireless (not included in the base package)

Cons:

High price

HTC Vive Pro standard price: $1098.99

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HP Reverb G2

Like its predecessor, and unlike the Oculus Quest 2, it is a headset designed exclusively to be connected to a PC. The flagship feature remains unchanged from the original Reverb with two 2.89-inch displays that offer a resolution of 2160×2160 pixels per eye, the highest on the market if we exclude even more niche products such as the esoteric Pimax viewers. Reverb G2 was developed with the collaboration of Valve. It introduced some important innovations: double the cameras for tracking movements and above all the controllers, also renewed, and new integrated headphones borrowed directly from the Valve Index have been developed. New lenses were also fitted, again made in collaboration with Valve, and mechanical control of the intra-pupillary distance was introduced. Therefore, on paper, it is at the specifications, one of the best viewers for the Windows Mixed Reality platform and certainly one of the most interesting for PCs.

Prons:

Two controllers
Sharp high-res display
Great audio
Comfortable design
Includes a wide range of accessories

Cons:

High price
Power supply via cable
Higher weight
Mediocre controllers
Two front cameras

HP Reverb G2 standard price: $600

When choosing and buying VR headsets and glasses, keep in mind that they must be compatible with the device you will be using; they must give you a sufficiently accurate impression of virtual reality. We hope this list was helpful and you consider purchasing a VR headset for personal use or for your business!

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The Ultimate Guide to Interactive Screens

Inna — Wed, 16 Jun 2021 16:57:25 +0000

The past year has seen some incredible changes in the way we interact with brands and products. We’ve gotten so used to relying on technology and shopping online that most of us are not running back to stores unless there is some incentive. This is a problem for many businesses that have been suffering since early 2020.

However, this is also an incredible opportunity to innovate and present customers with something unique.

Introducing: Interactive Screens, an immersive solution for almost every industry. Keep reading to find out what interactive screens really are, how businesses are able to implement them into their marketing strategies and which industries are the most relevant for this captivating technology.

What are Interactive Screens?

Interactive Screens can go by many names: digital displays, smart mirrors, interactive walls, kinect screens, interactive displays etc. When we talk about interactive screens we mean a large display, either projected or created from one or more screens, that responds to the movement of users in some way.

Imagine a regular advertisement in a shopping mall. As you walk by, you may or may not passively glance at the screen. Now imagine that as you walk by, the advertisement begins to change. You glance over. As you lift your right arm, flowers begin sprouting from the top of the words. You lift your left arm and water begins filling the screen. You stand and experiment with different movements as you interact with the different elements on the screen. This is the power of interactive screen technology!

Curious how to implement Interactive Screens in your business? Click here.

How can businesses use Interactive Screens?

Interactive technology can have a powerful impact on how brands, businesses and providers speak to their customers.

Smart mirrors are installed in order to immerse customers in the experience of shopping and provide an extra incentive to visit brick-and-mortar stores. This technology offers a broad space for creativity and can be used as a marketing tool with interactive ads that play during inactivity, superior metrics and tailored experiences.

Interactive installations can appear at festivals to entice audiences to interact and share information about the event on social media. In shopping malls, large interactive installations engage visitors in a way that keeps them coming back for more.

Museums and galleries are most widely known for using this interactive technology as their industry already looks for unique and creative ways to engage visitors.

What are the benefits and features of Interactive Screens?

People love to feel included and in control. When customers and visitors are allowed to control some aspect of an advertisement, exhibit or installation, they immediately connect with the experience on a much deeper level than with passive forms of marketing or art. Interactive Screens – including large installations, in-store smart mirrors and interactive advertisements – have the ability to capture and hold the attention of customers much longer than traditional methods of engagement.

Interactive screens include a wide variety of features that can be tailored to your specific needs as a business or brand. Smart mirrors include limitless integration and personalization options, including targeted advertising, shopping assistance and interactive points that inform users about new products. Interactive store-front screens replace mannequins to catch the attention of visitors with colors, music and games and pull them into your store. Interactive murals and displays enhance visitor experience at museums, exhibits, festivals and shopping centers by allowing visitors to control aspects of the screen with their bodies. Did we mention these displays can be installed on the walls, floors and ceiling?

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Who can use Interactive screens?

Interactive screens provide integration without boundaries and are therefore applicable in almost any industry. In retail, this technology can serve as an in-store experience for customers as well as a store-front attention grabber. Customers can play games to win coupons or dance or try on different styles of clothing and accessories.

Airports and train stations can provide travelers with fun interactive experiences while they wait for their trips. Interactive technology can also be used to provide informative messages and advertisements while visitors pass the time. Museums and galleries can implement interactive screens at different points of their exhibits to teach, engage or simply entertain their guests. Thought-provoking interactive experiences provide users with unique ways of experiencing art and culture.

Shopping malls are able to integrate much larger-scale displays. These interactive screens can act as advertisements for the latest products or just exciting experiences that customers can control with their movement. They can provide info or entice users to share and connect on social media.

Interactive screens are the latest technology being used to entice customers and visitors to return. Brands, businesses and spaces can personalize these displays in any way they want, based on their goals. We hope to see more and more businesses integrating this powerful technology very soon!

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