The global augmented reality (AR) and virtual reality (VR) gear market is estimated to grow at a CAGR of 37.45% during the period 2017- 2021. What is it about AR and VR that makes them so appealing to local customers and big businesses alike?

In an age of enhanced interconnectivity and digital exploration, technology has become an intrinsic part of the global community. Industries are seeking investments in innovations of the future, that enhance brand appeal, consumer outreach, profitability and share value. Consumers from the ground level up are also looking for inventions that cater not only to everyday applications, but also stimulate the imagination and user experience.

Augmented Reality

Augmented reality alters the way we view and interact with our environment, by overlaying virtual 3D graphics and information on top of surrounding objects in the real world. The potential future of AR lies in effective application. The technology is of great benefit especially in the construction industry, where factory employees can have instant access to a worksite's blueprints, and receive hands-free visual instructions about tasks and hazards.

Tech giants Microsoft and Apple are the biggest investors in augmented reality. For example, Microsoft's Satya Nadella recently discussed how Japan Airlines is using the Microsoft HoloLens to train its engineers. During an exhibition, a Japan Airlines engineer showed how HoloLens augmented her vision by presenting a 3D model of a jet engine. She could actively interact with the model, using voice commands and gestures to resize it, emphasize different components, and even begin animated demonstrations.

Virtual Reality

Virtual reality immerses the wearer in a new, synthetic world with 360-degree views and negligible interaction with the real environment. Take the example of North Face. The outdoor apparel company has partnered with virtual reality company Jaunt to provide customers with a virtual tour of the Yosemite National Park of California and the Moab Desert of Utah. Wearers can virtually trek the landscapes alongside athletes Cedar Wright and Sam Elias, thus recreating the emotional bond with the great outdoors.

With Facebook purchasing VR tech company Oculus and Mark Zuckerberg ready to invest $3 billion, the future of VR is best highlighted by the Facebook CEO, 

"We're working on VR because I think it's the next major computing and communication platform after phones. We'll have the power to share our full sensory and emotional experience with people wherever we'd like."