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Pakko De La Torre // Creative Director

How is Augmented Reality Affecting the Global Economy?

How is Augmented Reality Affecting the Global Economy?

What is Augmented Reality?

Augmented reality (AR) is a digitally augmented representation of the real physical setting created by the use of digital visual components, sound, or other sensory stimulation given through technology. It is a developing trend among organizations active in a large number of industries.

One of the key aims of augmented reality, in the midst of the development of data collecting and analysis, is to emphasize certain elements of the physical environment, raise knowledge of those qualities, and extract clever and accessible information that can be used in the real-world applications. Big data may help organizations make better decisions and acquire insight into customer purchasing habits, among other things.

What is Virtual Reality

The use of computer modeling and simulation to enable a human to engage with an artificial 3D visual or other sensory world is known as Virtual Reality. VR applications immerse the user in a computer-generated setting that replicates reality via interactive devices such as goggles, headsets, gloves, or suits that send and receive information. A user wearing headgear with a stereoscopic screen displays animated pictures of a simulated world in a standard VR style. Motion sensors take up the user’s motions and modify the display on the screen appropriately, in real-time, to provide the “presence” sensation.

What is Extended Reality?

The umbrella that covers Augmented Reality, Virtual Reality, Mixed Reality, and everything in between is referred to as Extended Reality. It alters human-machine screen interaction by immersing users in a virtual environment, augmenting their surroundings, or doing both simultaneously.

Benefits of Augmented Reality

In a digital time as such, we are now spending more time staring at various-sized screens. Our worlds have grown strongly intertwined with digital encounters that we have been conditioned to classify a brand’s authority based on its capacity of delivering digital experiences. As a result, marketers have been employing and benefiting from augmented reality tactics, combining both digital and physical realms. This method helps in attracting attention, standing out among competitors, and providing customers with an enhanced purchasing experience.

Augmented Reality and the Global Economy

Marketing experts are not only making the life of online buyers easier and more profitable for organizations but are exploiting augmented reality technologies to contribute big time to the growth of the global economy. In terms of maintenance, design, and training, the usage of AR in business continues to grow. These immersive technological developments are also being adopted to make a difference in healthcare, education, and the arts.

To put things into perspective, PwC mentions that in 2018, worldwide healthcare spending was estimated to be approximately $7.7 trillion. If augmented reality could boost productivity and save expenses by only 0.5 percent, doctors will be able to identify patients more quickly and guarantee successful surgical operations. That would already have a direct effect on the global economy of $385 billion.

Similarly, adopting augmented reality in development and training will enhance global GDP by $294.2 billion by 2030. One way this will be feasible is by providing a mechanism to teach workers in situations where it is not always viable or safe to do so in the real world. It will also save organizations time and money by digitally reproducing actual surroundings and scenarios, which can then be accessed anywhere in the globe and on various scales, at the same time. That said, the constant theory about machines replacing humans in the workplace is refuted. In fact, there will be a constant collaboration between augmented reality technologies and human efforts in the physical to move the growth of the global economy and other aspects as well.

Augmented reality is changing everything from the way the world is moving forward, to the global economical, societal, industrial, and countless other sectors’ growth. Talking numbers, it is believed that this technology is set to boost the global GDP by around $1.5 trillion by 2030 after contributing to it by only $46.6 billion in 2019. Following a number of AR and VR trends is today more than ever, enabling marketers to take part in this huge phenomenon that is shifting the world to an even more digital one.

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