AUGUST 20239decision easily. In case of retail brands, they also use similar techniques to attract more customers like IKEA's place app enable us to understand where to put particular piece of furniture to make it more elegant. Many startups in this industry have been springing up following this.Real Estate & Construction: Using AR and VR tools civil-engineers are developing new techniques and designs of construction and it is making their task cost-effective, time-saving, and easier to discuss and demonstrate to plumbers, interior designers, real estate developers and customers. Many new designs of construction have hit the market after introduction of AR-VR technique. New engineers and interior designers are creating their own farm and working with ease and making profits. AR and VR has contributed nearly $2.6 billion dollar in this sector.Education & Training: AR and VR technology have made the education system easily understandable, effective, and illustrative to the children. The study of science needs practical experience which became possible by AR and VR technologies without standing long hours in science labs. AR, robotics, and VR, the 3 amigos also help in corporate training by taking care of each employee and answering all their questions with the help of AI, without even getting tired. This made corporate training more significant, cost effective, time saving and enabled them to curtail the heavy cost of training. The global AR and VR in education market is projected to reach $14.2 billion by 2028 with CAGR of 29.6 percent.Tourism: After the pandemic bid good bye to this world, people came out of their home imprisonment and forwarded their steps towards exploring new places and from that time the travel and tourism industry started going up. Now, with AR-VR technology, tourism companies are magnifying their business more and earning more by getting more bookings after introducing virtual tours of hotels, tourist spots and foods. Post-pandemic many startups have started working in travel and tourism industry using these technologies. The Global AR-VR in travel and tourism market ecosystem is expected to touch $ 304.4 million by 2023.Manufacturing: Using AR-VR manufacturing of products became very easy as it helps to identify and eliminate threats, and operational processes, design, train employees and increase the safety of the employees by reducing accidents. AR-VR enabled this sector to contribute around $74.1 billion by 2032, growing at a CAGR of 24.62 percent.Experience in Museum: The progress of science makes us able to visit exquisite work of arts and valuable memoirs through virtual tour of famous museums. Many SaaS, AI, AR-VR tech-based startups have started earning well by associating with famous museums by making videos and interactive websites.Health Technology: Health technology has come a long way holding the hands of AR & VR technology. AR-based apps are being used for assisting patients in recognizing their symptoms and allowing surgeons to view a patient's body without making extensive incisions. Ultra-high-definition 4K monitors and video game technology is enabling doctors to diagnose and examine in detail. Many startups are using these ideas and inventing applications and offering SaaS, Cloud computing technology and earning profitable pennies. Recently, Health sector is able to earn approximately $350.9 billion using this technology.Future of AR & VR TechnologyLike every invention of science AR&VR has redefined the whole scenario of economy. It has become a golden-goose for all the existing and upcoming entrepreneurs and startups which has given them a magic wand to braise themselves in this cut-throat competition.The adoption of AR and VR mainly in Manufacturing, Education, Gaming & Entertainment, and Healthcare Industry is increasing the revenue and profit of the company. Undoubtedly, these technologies have contributed a wide scope in the market and restructured Information & Communication technology. But, as each coin has both sides, AR-VR has its ill effects on children, as it has increased screen time of the children, they are more addicted to their smartphones and video games than study books. Parents need to handle this carefully and teach their kids to use AR-VR in the study of science instead of playing games. ConclusionScience & technology is helpful in every possible way it can be, but mankind needs to be watchful and use this advancement properly to avoid all ill-effects. In near future, with more advancement, AR-VR will take more effective spot and take over all the segments of economy and give birth to a greater number of startups.
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