5 AR/VR predictions for growth in the next 5 years: how will augmented reality and virtual reality innovate

We know that both augmented reality and virtual reality will help build the metaverse, but what AR/VR predictions can we expect to emerge? While it’s impossible to predict the future, we already know enough to imagine how the metaverse will evolve and how augmented reality and virtual reality will help the metaverse grow.

Here are five AR/VR predictions for the metaverse over the next 5 years.

Virtual reality social events

One of the most obvious AR/VR predictions is that both augmented reality and virtual reality will be used to power social events and experiences. We’ve already seen the rise of virtual concerts, thanks to high-profile artists like Travis Scott performing in Fortnite concerts.

With virtual reality, social events in the metaverse can help build communities with shared values. While it might be some time before the metaverse goes mainstream, you can expect that events like fashion shows, virtual concerts, and other social gatherings will entice newcomers into virtual worlds.

The rise of the avatar economy

When the metaverse begins attracting the masses, it’s only natural these individuals will want to express themselves in the metaverse. The digital avatar will prove to be a creative gateway to the metaverse, which is one of the reasons so many fashion brands are also investing in the metaverse.

If you think about it, millions of people already use digital avatars in some sense of the word. The success of Snapchat’s Bitmoji is an obvious example. In the metaverse, users can also buy, sell, and exchange virtual clothes, which may double as NFTs. 

The digital avatar space is expected to be worth over $527 billion by 2030. Expect more digital avatar startups to emerge as the sector expands.

Gaming as a gateway

There are over 3 billion gamers in the world, and play-to-earn gaming may end up being the perfect gateway to the metaverse. Regardless, there will also be many games that incorporate augmented reality, virtual reality, or both in the next five years.

Some of the most popular gaming platforms in the world right now already technically have their own metaverse. The tremendous success of augmented reality games such as Pokemon Go suggests that gaming will continue to be a gateway to the metaverse. 

With Meta recently announcing $1 billion spent at the Oculus Quest store, expect more VR games to also double a possible metaverse entry point.

Cheaper headsets and accessories

There’s certainly one undeniable fact out of all of the AR/VR predictions: prices are going to go down for both augmented reality and virtual reality products. Some of the biggest tech companies like Apple, Google, Meta, and Snap are competing to dominate the AR/VR sector, which will drive prices down dramatically.

It’s unclear which particular VR headset or AR goggles will begin to gain traction, but there’s a whole lot of competition. Also, expect there to be more than just headset devices – tech companies are interested in creating VR and AR wristbands and other accessories. 

The mass adoption of the metaverse can’t happen if headsets and accessories are extremely expensive. Over the next few years, expect to see more affordable augmented reality and virtual reality products.

“Try it on” metaverse shopping

All over the world, social media users are already used to AR capabilities. Instagram filters are a solid example of how augmented reality can be engaging, and retail stores will likely turn to augmented reality for innovative and interactive customer experiences.

The metaverse will be the perfect place to test interesting AR and VR capabilities. Your avatar will be able to try on different clothing, jewelry, and accessories in the metaverse. Consumers are already used to buying products online, and metaverse showrooms will offer opportunities for brands to sell both physical and digital products.

How will these AR/VR predictions age?

The metaverse will be supported by augmented reality and virtual reality, but different factors can change these predictions. The metaverse might end up being dominated by several companies that emphasize one technology over another. 

There is also the possibility that augmented reality and virtual reality will become more popular, but the metaverse takes more time to gain traction. Regardless, these are the most relevant AR/VR predictions to consider over the next five years.