The UK Augmented Reality and Virtual Reality Industries are expected to grow by 26.4% from 2022 to 2027
How do you feel about AR and VR? For some people, it makes them sick to their stomachs, whilst others view it as a new horizon for how we interact and communicate using developing digital technologies. It’s an industry wholly reliant on cost-prohibitive technology, but that’s not going to stop the UK from readily adopting both augmented and virtual reality technology in the near future. Despite still reportedly being in its infancy, the UK AR and VR industry is empowering users to see things differently.
As reported by Global Newswire, in the UK Augmented Reality and Virtual Reality Market report, pioneering modes of both types of optical tech will lead a digital reality revolution – it forecasts that between 2022 and 2027, the “compound annual growth rate” will be boosted by 26.4%. That rise is a return on the money so far invested in the developing optical technology and is reflected by its predicted maturation within the market. AR and VR are a big gamble for clashing tech titans Apple, Meta and Valve – all innovation monoliths vying to make these new realities… a reality.
So far, results have been mixed – there’s an inherent goofiness to wearing a VR headset that seems to scare so many people off. A hijacking of two vital senses and a sense of immersion that, for some, proves to be a little too real, represents an insurmountable obstacle for many.
Visions of a virtual world
Despite a particularly turbulent financial period in the UK, the technology industry seems to be in rude health: the report states that the technology industry in the UK has grown at twice the rate of the non-technology industry. UK-based AR upstarts such as Blippar, Engine Creative, Holition and Inde, whilst not yet household names, have buoyed Britain’s standing in the space – developers making killer apps for the hardware have plenty to prove, but the rewards, reportedly, are there to be reaped. AR, and to a lesser extent, VR, is yet to have its first crossover hit, one that pulls gamers in. Even critical darlings like Valve’s VR-only Half-life: Alyx have had their sales figures obfuscated – quality software certainly can’t hurt AR and VR’s prospects, but is it enough to lure in non-believers? Time will tell.
New horizons
Beyond gaming, however, AR and VR’s real-world applications become much more apparent, and it’s public-facing industries that many are expecting these technological leaps to truly manifest. Museums are reported to be embracing new technologies to enhance exhibitions and attract audiences weened on a digital diet; likewise, London’s gargantuan mall Westfield has partnered with the UK-based Inition to showcase fashion trends to an annual audience in the millions. Change is afoot, and it’s our perception of these exciting realities that need to change.
We expect AR and VR to show us never-before-seen worlds – in reality, it has the potential to transform the one around us in subtler, vital ways. Are you ready?
Source: UK Augmented Reality and Virtual Reality Industry to Grow at a CAGR 26.4% from 2022 to 2027.
Photo courtesy of Mikhail Nilov.
Already leaped AR or VR? Let us know what you think would supercharge their success in the UK, and keep the conversation going in the comments.
Want to read more about the key players in the VR world? Click here: meta-unveils-quest-3-vr-headset-just-before-apples-entry-into-the-market.
