Worldwide spending on Augmented and Virtual Reality is forecast to hit $10.7 billion for 2020. This is an increase on 2019 value of $7.9 billion(1). Despite the COVID-19 pandemic effecting business the outlook is still significantly positive with the predicted spending to reach $136.9 billion by 2024(2).
As a group often referred to as Hybrid Reality (HR) technologies, here is a breakdown of the differences between VR, AR and MR.
Virtual Reality (VR)
Virtual reality is an artificial environment that is created with software and presented to the user in such a way that the user suspends belief and accepts it as a real environment.
Augmented Reality (AR)
Augmented reality is the integration of digital information with the user’s environment in real time. Unlike virtual reality, which creates a totally artificial environment, augmented reality uses the existing environment and overlays new information on top of it.
Mixed Reality (MR)
Mixed reality, sometimes referred to as hybrid reality, is the merging of real and virtual worlds to produce new environments and visualizations where physical and digital objects co-exist and interact in real time.
Over recent years VR & AR has become widely adopted across all market sectors and industries and at a time of real uncertainty in the defence, aerospace, rail and safety critical industries, Pennant understand the importance of solutions that support safe training across the globe.
Our Technical Lead Software Engineer, Kyle Hatch, said “The COVID-19 pandemic has affected everyone across the globe forcing shops, business, schools and place of leisure to close. Technology has helped keep the world connected and now Hybrid Reality can help the world get back to a new normal. VR has already been successful at bringing children into a virtual classroom, it has conducted virtual board meetings, AR has allowed retailers to conduct socially distance browsing. These technologies have help business get back to work. Pennant stands on the forefront of these technologies, with decades of experience in creating HR applications.”
The possibilities of HR are endless, and Pennant is here to help you realise them.