The Augmented Reality market is expected to reach $61 billion by 2023. The new report by Markets and Markets, out this week, reveals that the industry will grow at a CAGR of 40 per cent during the forecast period. It notes that increasing interest and investments from top technology giants such as Google, Microsoft and Facebook are directly linked to driving the growth of the AR market. As a result the technology is rapidly changing and the way marketers communicate and engage with their customers through it will also change.
In the same week, famous Tennessee Whisky brand, Jack Daniels, has launched a new augmented reality app that provides a virtual tour of its distillery. The app triggers a series of pop-up book style images with 10 minutes of content related to the whiskey maker. Pointing a smart camera device at any Jack Daniel’s whiskey bottle starts the animations, voice-overs and stories. The AR experience is divided into three parts. The first part transforms the front label of the bottle into a miniature version of the Jack Daniel Distillery, the second walks through the process of making the whiskey and the third shares stories of Jack Daniel himself. Jeff Cole, modern media director at JD was quoted as saying “In today’s world, it’s important for us to reach fans and consumers where they are. That means sharing content that’s unique, interesting and relevant though a variety of digital mediums. This new AR experience is taking our brand storytelling to the next level.”
The AR software market is predicted to lead the growth of the AR industry as a result of the increasing use of smartphones, tablets, and other connected devices. And this ultimately provides a greater opportunity for brands than just brand storytelling. Whilst this is obviously a key objective and one that will surely serve Jack Daniels well, the opportunity ahead as the technology becomes increasingly mainstream will be linking it into the data ecosystem. This will be enabled by the usage of connected devices and the ability to create the single customer view across the omnichannel experience through an enhanced, cloud-based customer data platform. This will mean that AR can evolve from being a standalone, tactical campaign into an integrated part of the overarching marketing strategy, driven by data and customer understanding. As this is realised AR can be used pragmatically to solve specific business challenges. That is when the value of AR will really come into play for brands.
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