In 2023, one of the domains in the technology sector saw major growth and showed potential to be a major part of most sectors, whether education or manufacturing. It is AR. The idea of physically overlaying digital content has brought hope to the industry that the gap between physical and digital experiences can be brought to a close.
Let’s look at ten statistics showing how Augmented Reality technology is becoming part of every industry and popular among consumers.
1. One-third of consumers prefer the AR shopping experience
The adoption of AR continues to grow, with 32% of consumers worldwide leveraging AR to enhance their shopping experiences and make more informed purchasing decisions. This adoption underscores the increasing role of AR as a valuable tool in areas like consumer engagement and decision-making.
2. AR Projected to Outpace VR in Revenue
According to tech experts, AR applications, such as smartphone apps, heads-up displays, and smart glasses, will soon become leading money makers. More than 70% of experts predict AR will surpass virtual reality (VR) in revenue as soon as next year. This presents a remarkable opportunity for AR companies and investors a like.
3. Over 1 Billion AR Users in 2023
The growth is driven largely by Apple and Android apps and devices, and global AR users are exploding. Analysts expect over 1.4 billion people worldwide will use AR gadgets and platforms by the end of 2023. This marks a major milestone in the consumer adoption of augmented reality in practical terms.
4. $50 Billion AR Industry
As demand heightens, the AR industry’s market value is increasing, too. Experts predict this sector will be valued at $50 billion by 2024. With AR opportunities spanning diverse spaces like healthcare, engineering, and entertainment, this number may continue to rise exponentially.
5. 23 Million New AR-Driven Jobs by 2025
Beyond sheer entertainment value, AR technologies promise to reshape workplace operations and skills. According to projections, innovations in this space will support 23 million newly created jobs by 2025. From AR shopping tools to smart glasses for surgeons, different organizations see AR as an important tool to increase workplace productivity and training methods.
6. Most Consumers Already Use AR Weekly
Contrary to popular belief, AR has already secured substantial mindshare among tech users. A sizable 70% of consumers today engage with some form of AR technology, whether an app, game, or prototype glasses, every week. For digitally-native Gen Z users, this number is even higher.
A remarkable 74% of Gen Z consumers use AR daily. With Gen Z poised to dominate the future workforce, their affinity and comfort with augmented reality is crucial to accelerating mainstream business integration.
7. B2C AR Advertising Taking Off
The advertising sector is one of the few sectors that adopt the new technology that can enhance their creativity in business-to-consumer (B2C) AR advertising very quickly. Since 2017, spending in this area increased substantially year-over-year. According to research firm Arthur D Little, annual B2C AR ad revenue across mobiles and wearables is forecasted to hit $6.72 billion by 2027.
8. 67% of Companies Pledge Bigger Investments in AR
Major advertisers are vowing sizable AR investments in light of the consumer and profit potential. In a recent survey by event company Freeman, 67% of advertising firms said they would dedicate more resources to AR content and channels moving forward. They view AR’s immersive and interactive power as the ultimate sales-driving tool. The automotive, travel, and entertainment sectors appear to be the most hungry for these technologies.
Across industries, 16% of retailers already leverage some element of AR at various steps in the sales process, and this will only grow with increasing adoption.
9. Auto Sector Poised to Lead AR/VR Surge
Few industries are better primed for AR adoption than global automotive manufacturers. The fast-moving Auto AR/VR sector, valued at around $213 billion, is forecasted to exceed $673 billion by 2025. Examining your car and vehicle from the comfort of your home and seeing the impossible parts in a physical visit is enough for car enthusiasts to love AR.
10. 40% willing to pay extra for AR customization
There’s a clear preference among end-users for personalized products. A notable 40% of consumers are willing to pay extra for customized solutions, highlighting the potential for increased sales and trust between the customers and brands that adopt AR into their strategy.
Conclusion
These stats signify the importance of AR technology and its growth prospects for the brands and a new way for consumers to experience shopping. For smaller brands that want to offer the same level of experience to their consumers, no-code Augmented Reality technology platforms like PlugXR can be ideal. Sign up to PlugXR Creator to start exploring more about it.