Augmented reality (AR) is a promising market that is expected to completely revolutionize and expand the abilities of retailers over the course of the next decade. The global augmented reality market was worth $882 million in 2019 and its expected to grow at a compound annual growth rate of 55.8% over the next five years, according to Mordor Intelligence who provide insights to clients such as Microsoft, 3M, Pfizer and Coca-Cola.
Within the AR market, there is also mixed reality (MR), which is a virtual environment in which physical and digital subjects can co-exist and interact with one another in real-time. It has been gaining widespread recognition as of late, and amid the coronavirus pandemic and the stay-at-home orders worldwide, the demand of these innovations is projected to grow even further.
AUGMIND uses artificial intelligence to produce incredibly life-like mixed reality (MR) content able to run on mobile devices, in a cost-effective manner. It is projected that by 2025, around 800 million smartphones will be equipped with AR supported software, processors, GPUs, DSPs and neural chips able to power them.
“AUGMIND’s proprietary technology enables the creation of highly realistic 3D content that comes into play in Mixed Reality applications and runs smoothly on all mobile platforms,” said Co-founder and CEO of AUGMIND Ran Kern. “This essentially allows us to provide new and unique selling methods, for example, we are bringing a whole new collection of a famous jewelry brand to the customer’s home to see, try on, and buy, without having to go into the store to try it on.“
The startup uses AI systems to cut down the amount of time it takes for content creation without compromising the quality of the MR content, which in turn cuts costs and reduces the amount of time spent on producing projects from weeks to days. Manufacturing is stated to be a key industry vertical for augmented reality retailers.
One of its end-products, fashions a 360° 3D image of a person’s surroundings by incorporating its shading technology to mimic the outward appearance of any material, surface or texture. With its unique algorithms, AUGMIND holds the ability to produce this high-quality MR content with zero latency, meaning there is no delay on the image being perceived on the screen from once it changed in the real world.
AUGMIND also supports other creators in their app development for augmented reality (AR) content, which is used to create enhanced interactive experiences within real-world settings, usually by overlaying information and digital objects over the scene surrounding the user, creating artificial environments.
“In [some] cases, we help real estate developers with marketing and selling offices and apartments, set to be completed years down the road, by sending a complete model to the customer’s home to see, interact with, walk through and even design the interior themselves, all from their mobile device,” said Kern. “ The current state of the world, where in many cases people are reluctant to physically travel to the stores, has indeed opened new doors of opportunity for AUGMIND, that can potentially amount to large-scale and profitable projects with long-lasting maintenance and support programs.”