Advances in technologies have paved a new way of customer experience where they can practice real-world life into an imaginary environment. In this regard, virtual reality (VR) and augmented reality (AR) have emerged and are providing a new experience to customers and companies. Most of the businesses now are realizing its value and these technologies are started to prove it can be put to practice uses.

VR is defined as the use of computer technology to generate a simulated environment. When a person wears a VR headset, he/she can view a completely different reality than the real world. It may be artificial, an animated scene, or an actual place that has been photographed and involved in a VR app. Conversely, AR is an improved version of reality created by the use of technology to add digital information on an image of something. It is being utilized in apps for smartphones and tablets.

With VR, users can move around and look in every direction – up, down, sideways and behind them, as if they were physically there. AR apps use users' phone's camera to show them a view of the real world in front of them, then put a layer of information, including text and images, on top of that view.

According to the market facts and insights, the VR and AR market is predicted to reach $44.7 billion by 2024, which is up from $7.9 billion in 2018.

Here's top 5 global players accelerating the market growth by experimenting with and using VR/AR technology.

ASOS

ASOS, a British online fashion, and the cosmetic retailer, worked with AR firm HoloMe to develop a "Virtual Catwalk" that provides shoppers an augmented reality experience of clothes being modeled in their own homes. Users of the online shopping giant's app can point their cameras at a flat surface and click a button to see a 3D model walk along the surface in the clothes of their choice. Based in London, UK, the company sells more than 850 brands along with its own range of clothing and accessories, and ships to all 196 countries from fulfilment centers in the UK, US, and Europe.

IKEA

Swedish furniture giant IKEA last year launched its IKEA Place, an app enabling customers to virtually place furniture inside or outside their home. By virtually placing potential buys around their home before purchase, customers can ensure the items they want actually look good. Developed in collaboration with Apple, IKEA Place automatically scales products in real-world settings with 98% precision rate.

Niantic

Niantic, a spin-off project of Google, evolved as an independent and innovative company designed to create augmented reality games. Niantic AR games enable people to go outside, explore the real-world environment and discover augmented reality interactions in select locations.

Adidas

Adidas, a Germany-based shoe brand, is leveraging AR technology for its 'try on' shoe purposes. In 2018, the company teamed up with Snapchat to create an AR lens for customers that can allow them to virtually preview its new Ultraboost 19 running shoes. For this, users simply need to tap on the Adidas logo to launch the activation, which comprised a brief unboxing before the option to learn more about the shoes or view them in AR. This is accessed through lenses in the Snapchat app, and at the time, Snapchat allows users to virtually try on a sneaker with an AR lens.

Proximie

Proximie is an augmented reality telehealth platform that assists doctors to find ailments in patients and describe surgeries using 3D models. The company has a suite of AR tools that allow physicians to scan a patient's body, point out health problems like tumors or broken bones and use the images to show patients a step-by-step process of their potential surgery.