Augmented Reality and Virtual Reality Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Technology, Component, and End-User Industry – GlobeNewswire

New York, April 26, 2022 (GLOBE NEWSWIRE) — announces the release of the report “Augmented Reality and Virtual Reality Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Technology, Component, and End-User Industry” –
Customer support departments of various enterprises have improved considerably due to advancements in AI-powered chatbots and virtual assistants.However, chatbots struggle with remote troubleshooting, which is a major challenge faced by customer care teams.

The incorporation of virtual reality in customer service has been a game-changer for retailers, enhancing consumer engagements and satisfaction.Moreover, after the end of communication between customers and the customer care departments, this technology can resolve fundamental and challenging issues in less time.

For businesses, implementing excellent customer service initiatives is better than any other way to demonstrate how much they respect their customers.Virtual reality is the most advanced technology assisting the retail sector.

It creates an immersive experience with a powerful sensory effect and a solid emotional connection. Businesses use this connection to engage with customers in new and relevant ways. When emotionally connected with a brand, customers are likely to repeat purchases and become brand loyalists. Furthermore, virtual reality provides consumers with a highly realistic experience. Marketers can create exciting, exhilarating, scary, and even emotional VR ads to display products in new ways. For example, The North Face, an outdoor recreation products company, created an immersive virtual reality experience using the landscape from Nepal to help customers connect with the brand’s identity. Thus, the growing use of virtual reality solutions across retail stores is propelling the augmented reality and virtual reality market growth.

The adoption of AR is increasing across the world due to rising investments in the AR business, growing demand for AR devices and solutions in the healthcare industry, and surging demand for AR in the e-commerce and retail industries.In the healthcare sector, AR can offer a surgeon a virtual view of a patient’s body parts, allowing them to assess their condition, which helps surgeons perform invasive procedures accurately.

The AR is also being used for teaching medical students, educating doctors, improving physical fitness, and managing pharmacies; the AR-enabled solutions also help hospitals in providing patient care and support after they leave the hospital.The availability of affordable VR devices, increasing adoption of HMDs in various industries, technological advancements and growing digitization, penetration of HMDs in gaming and entertainment sectors following the COVID-19 pandemic, and high investments in the VR industry are the primary factors driving the growth of the market for VR.

However, the augmented reality and virtual reality market growth is hindered by the lack of user interface, processing power, and AR device storage.

Impact of COVID-19 Pandemic on Augmented Reality and Virtual Reality Market
As augmented reality (AR) and virtual reality (VR) technologies are used in head-mounted displays (HMDs), they are expected to be majorly adopted by medical professionals as protective gear in the coming years.Despite the negative impact of the COVID-19 pandemic-associated lockdowns and low cross-border trade, the augmented reality and virtual reality market has continued to grow with the increasing shift toward adopting AR and VR technologies, and businesses switching to remote working or hybrid working.

According to an article published by the INEWS, in 2020, the China Spring Cloud Auto Show was organized by combining AR technology, big data, Web 3D, panoramic content, and other technologies to present cutting-edge technologies and products from multiple perspectives.Therefore, the overall impact of …….


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