The metaverse from Ready Player One is actually happening: VR, AR, and now HR technologies are changing the way we experience life and these companies are building the innovative software that's making it possible.

• Author: Foreman, Kelsie

IF THERE'S ONE THING THAT PHIL BARRETT, president of the Utah VR/AR Association knows, it's that reality technologies like AR, VR, and HR are going to be bigger than the development of the smartphone.

"The tech isn't quite there yet, but virtual and augmented reality is going to be a substantial tech channel for consumers, and it's going to [happen] in the next five years," he says.

By Barrett's estimations, the industry is going to be worth $21 billion just three years from now, up $3.9 billion from current numbers. The rapid increase, he says, is due to huge advances in technology that allow consumers of all backgrounds to access new reality experiences, as well as an influx of companies working to build out the types of experiences that consumers want.

"Up until just recently, if you wanted to have a good experience you needed a $2,000 gaming computer and a $600 headset just to get started," Barrett says. But thanks to the addition of the LIDAR sensor--which "maps" rooms for virtual or augmented elements--on the iPhone 12, as well as commercialized VR headsets like the Oculus, reality experiences are more accessible than ever.

As a result, we're seeing the tech get incorporated into everything from Snapchat filters--a perfect example of augmented reality--to e-commerce shopping experiences, virtual workspaces, and gaming environments.

AUGMENTED REALITY IS TRANSFORMING E-COMMERCE

"Everything will shift," Barrett says. "Even buying cars is shifting from going to a dealership to buy to buying fully online." Barrett is referencing experiences like VR car showrooms that allow customers to test out vehicles virtually before purchasing--a good example of how the industry is evolving.

It's not just car companies adapting to the tech, e-commerce businesses are quickly shifting their websites to meet the demand for trying products "on" online. "[Pokemon Go] made it fun to see augmented reality in the real world," says Jon Cheney, CEO and founder of SeekXR, which started out as a gaming platform. "And so we decided to make an app that would allow you to go treasure hunting in augmented reality. Hence the name Seek."

But after the initial buzz began to wear off Cheney shifted his business model once again. "We ended up sun-setting the [treasure hunt] app and became more B2B focused instead. Now, Seek allows brands to put AR functionality directly on their mobile website instead of forcing the user to download some third-party app to access AR."

His...