Spatial computing has significantly transformed the fabric of human interaction. Lumus, a leader in this burgeoning field, reveals fascinating insights into its growth and implications. The Augmented Reality (AR) and Virtual Reality (VR) industry, currently standing at $31.12 billion, is projected to soar to $52.05 billion by 2027, witnessing an impressive 67% growth.
This development is fueled by innovative applications spanning the real world to computer-generated realities, encompassing AR, Mixed Reality (MR), and VR. XREAL Air, Augmedics, Elbit’s Everysight, and Lumus’ Z-Lens contribute to AR, with Lumus’ Z-Lens notable for blending AR functionality with vision prescriptions. In the MR realm, Apple Vision Pro and Meta Quest 3 integrate digital components interactively with reality, demonstrating a trend towards smaller yet more powerful technology. VR’s unique full-immersion experience is leveraged by Meta Quest 2 and VRpilot, the latter assisting pilots in training.
Given these advancements, 1.4 billion devices with AR capabilities are expected globally by 2024. This trend is reshaping how we work, play, and learn, with AR adoption rates highest for gaming (49%) followed by workouts (33%), shopping (28%), real-time GPS (23%), and education (21%).
The impact is also apparent in healthcare, where patient care personalization and staff improvements are facilitated by AR. Furthermore, as near-to-eye displays become increasingly prevalent, the global smartphone market witnessed a 14% decline in 2023, contrasting the 45% increase in AR glasses sales. Waveguide technology, particularly reflective waveguides, is central to this transition, offering increased battery efficiency and brightness. Lumus forecasts a transformative future with spatial computing set to redefine our online and offline interactions, signaling an exciting epoch where dimensions are constantly being reimagined.