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AR/VR to Ring Up the Value of Businesses & Economy

AR/VR to Ring Up the Value of Businesses

According to the latest report, PWC predicts that two technologies set to add $1.5 trillion to the global economy by 2030. It seems to be a long way off but the end is going to be the VR and AR rooting in almost every industry and driving benefits at various scales. 

Virtual Reality (VR) and Augmented Reality (AR) have much to contribute to businesses. Right from product development to healthcare, education, retail, and improved training, workplace safety, speeding up product design, helping professionals to work more effectively.

In this article, we will let you know the facts that cause a massive spike, reality, and concerns to be addressed.

Business – The Ground Reality 

The AR/VR like any other emerging technologies offers high productivity and reduced cost through their smart glasses and faster information access.

Likewise, they also offer unique tech-specific benefits like allowing virtual teams to have a meeting in one location, accelerating product development, and decision making.

Furthermore, it exhibits distinctive use in the training of employees via simulation scenarios especially for high-risk employment sectors such as military deployment.

Now AR or VR are really reaching a point of maturity where both hardware and software are becoming advanced enough to justify their business case.

For instance, the light and comfortable wear headsets, storage being pushed to the Cloud, the user-friendly designs, the Haptic sensation (feel interactions) that’s developing and slowly raising realistic experiences in healthcare industries happen to say that they are likely to improve further.

Use Cases – Contributions Expected to Make

1) Product & Service Development

Automotive industry expected to boost GDP by $359.4 billion by reducing development pipelines and accelerating the creation with new techniques.

2) Healthcare

The industry with AR/VR expected to reshape patient care and medical training (allowing students access to operating theatres and increasing consultation opportunities) and boost GDP by $350.9 billion. 

3) Development & Training

Expected to boost up to $294.2 billion, by providing training at all situations promoting engagement and knowledge retention.

4) Process Improvements

Increased efficiency, productivity, and accuracy of employees and processes has the potential to add $275 billion to GDP. E.g. the AR interfaces that help engineers to quickly identify problems and conduct repairs.

5) Retail & Consumer

The creation of new entertainment experiences and elevating retail with virtual fitting rooms or testing the appearance of furniture in a consumer’s own home before purchase are likely to add $204 billion in this sector.

Concerns to be Addressed

  • While VR outcomes have gotten immeasurably better over the years, there is still progress to be made in improving the user experience. 
  • Organizations should put up careful consideration over the type of technology adopted, how it gets tested, and how it gets executed.
  • The 5G and cloud technology on progressing well definitely brings down the price but to increase the aspect of investing in these technologies. Businesses need to focus on the positive outcomes such as cost savings, speed to market, productivity as well as ROI.

Getting Started

1) Focus on Resolving Problems

Focus on understanding what VR and AR can really do to solve your business problems without getting confused by the hype or innovation. 

2) Know more on VR/AR

An effective approach to VR and AR would be intensive research on what the technology can do, how you implement and also plan with a great experience in mind, for everybody to get an effective usage by the people.

3) Measure and Optimize

Refine the approach and improve the experience by measuring the effectiveness, popularity, and engagement of the product on a periodic basis.

To summarize, AR & VR in the mere future continues to be an essential aspect to perform better and drive effective customer action. In order to build robust and innovative products that solve business problems and deliver the required ROI, it is necessary to keep up with the latest trends, and leveraging technologies.

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