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AR to generate millions in revenues yet consumer awareness remains low
Hundreds of millions of dollars in revenue are to be generated by augmented reality technology in 2013, according to new research released by Juniper Research, despite consumer awareness in such technology being low.
Close to $300 million in global revenues will be generated by augmented reality applications in 2013, predicts Juniper Research, as more and more businesses see the technology as a key means of consumer engagement.
However, consumer awareness is currently lacking and technology is compounding the problem. Current technology, even on high-end smartphones, isn't up to scratch and precludes many from enjoying an AR experience. Such barriers include camera phones, GPS/compasses and marker-less tracking.
"Familiarizing the average consumer with the concept of AR and what it can do for them can only come from its use in everyday situations," says author of the report "Augmenting Reality - Enhancing Mobile", Charlotte Miller.
"Adding AR to a magazine and encouraging readers to download and try it is a great way of educating consumers about what AR can offer them but we won't see an explosion in user numbers until major retail brands embrace and adopt AR in their own apps."
Such 'third wave' technologies, along with image recognition, smart devices, interactive TV and others, are among those that will revolutionize ecommerce in the future. Yet, as recent research from eBay indicates, few retailers have plans to implement these types of technology in the near future.
"Technology is changing the way consumers shop and has the potential to provide a valuable lifeline to the retail sector," said Angus McCarey, UK Retail Director for eBay.
"Previously, consumers viewed online and offline shopping as distinct, but that's no longer the case. Today they don't see a channel, but a brand. Retailers who embrace these technologies to deliver an integrated and seamless multi-channel shopping experience will be the ones who survive, and ultimately, thrive," added McCarey.
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