The global augmented reality (AR) and virtual reality (VR) market is expected to reach $94.4 billion by 2023, according to a recent report from the world’s largest market research store. When asked about the findings, CEO of immersive software provider Tsunami XR, Alex Hern was not surprised by the impressive forecast, stating that increases in smartphone penetration and advancements in internet connectivity and computer technology have been major factors driving growth for some time.
During the study period, the AR and VR market is expected to witness the fastest growth in Asia, at a compound annual growth rate (CAGR) of 69%. The region has seen an increase in investment in commercial and defense activities, spurred in part by AR applications being developed to provide map overlays of prominent landmarks that will both improve geographic awareness and enable rescue teams with better navigation into difficult terrains. Similarly, the healthcare industry across Asia is expected to be one of the most promising users of VR technologies and devices because of surging usage of VR in surgical training, live streaming of operations, patient monitoring, and pain management.
Increasing accessibility of smartphones and tablet computers among consumers has provided a stable platform for augmented and virtual reality products. For example, smartphones can be used as input devices for controlling a VR environment, especially for gaming applications. On these same platforms, mixed reality is providing diversified opportunities to manufacturers and content developers. By using 3D models of objects and placing them virtually in the real environment, users are able to visualize real expected outcomes of a scenario and make changes accordingly. Commonly referred to as simulation based learning, the process allows interactive experiential knowledge acquisition in a realistic setting. “The greatest aspect of [simulation based learning] is that it offers connected enterprise solutions for completing a task where different team members can be networked in a shared virtual world, irrespective of their physical proximity,” said Alex Hern. Mixed reality is considered the future of AR and VR, allowing content developers to expand to different domains which were not possible through the individual use of the technologies.
Based in San Diego, CA, Alex Hernis the founder and CEO of Tsunami XR, a leader in immersive software and content solutions for the enterprise market. The company designs and delivers 3D, virtual and augmented reality solutions to improve workplace productivity, collaboration and knowledge transfer for the world’s top global companies in nearly every industry sector. A career entrepreneur of more than 25 years, Hern has co-founded a multitude of successful businesses that have gone on to enjoy multi-million dollar exits, most notably Arcsight (ARST), a cyber security company that went public and sold to Hewlett-Packard for $1.5 billion. Early in his career, Hern also co-founded and served as Director of Inktomi Goldman Sachs-led IPO (INKT), which powered and was the search technology for MSN, Yahoo and AOL.