Topic: Innovation Augmented reality (AR) and virtual reality (VR) is pinned to be a $150 billion market across all industry sectors, according to analyst firm Digi-Capital. Speaking with ZDNet ahead of the Magnify World AR/VR-focused expo in Melbourne in August, Magnify World head of innovation Matt Coleman said it’s a market Australia has the potential to capitalise on.

“We believe that the AR/VR platform is going to be as big as the internet in the coming years,” he said. VR and AR: The Business Reality Virtual Reality and Augmented Reality are going to be useful for far more than just gaming.

We explore the ways the technology will be used for training, marketing, product design, and much more. In preparing Australia-specific research, Coleman said his team has uncovered a couple of thousand people that are employed in the industry already.

“We think there’s going to be around a AU$1.6 billion revenue opportunity for new companies and corporates in the Australian market over the next two years — it’s much bigger than everybody thinks,” he explained. While the applications for AR and VR within the enterprise world range are extensive, particularly when it comes to data visualising in the mining, construction, and healthcare sectors, Coleman believes the push for adoption, like many emerging technologies, is thanks to the consumer uptake.

“The advertising agency community say 20 percent of Australia’s population have already tried a Snapchat-like filter over their face Read more from…

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