Real estate, auto companies prep to use immersive media tools for business

New tech toys based on augmented reality (AR), virtual reality (VR) and mixed reality have infused to give rise to Immersive Media—a new way to experience standard media in a multi-dimensional realm combining reality with technology.

 It’s everywhere. Take Google Lens, for example, that labels things when seen through a smartphone camera. Pokemon GO, the AR-games app that launched and hooked users from China to America like never before. In short, machines and software have infused into present reality futuristic concepts.  

Adoption of immersive media in India is at the same pace as  other developed market. Real estate companies are giving VR preview of properties remotely, tech companies are using AR  for training. According to Nasscom, Immersive Media market in India  is expected to grow to $6.5 billion by 2022, from  $0.5 bn in 2018. 

Within that, AR is estimated to grow to $5.9 bn, while VR is expected to be a $500 million by 2022. Real estate, automotive and retail are expected to be the verticals with maximum adoption of immersive media.

 

 

Timeline on major  advances in AR and VR

1968: World’s first head-mounted display system developed
1990: Augmented reality coined by Boeing Engineer, Tom Claudell
1992: First AR system developed for military use
2000: Hirokazu Kato created ARToolkit (Open Source Library) – still widely used
2010: First VR headset prototype released by Oculus
2014: Google Glass launched
2016: Commercial launch of Microsoft HoloLens; AR/VR investment touch $1 bn
2017: Launch of Apple iPhone 8 and iPhone X designed to cater to AR experiences
2018: Google launches AR Core; Amazon launches ARKit2
 
Source: Nasscom; Growth of Immersive Media- A Reality Check 2019