Extended reality (XR) is used for representing a term that consists of virtual reality, augmented reality and mixed reality. The base of extended reality rests on three pillars- VR, AR and MR and this is the core reason why it combines the key features of all these and every intermediary that is present between these phenomena. The extended reality environment includes real and virtual environments and also concerns the technology-driven interactions between humans and machines.
Why Business Verticals Are Using XR?
Extended reality is being used popularly across various industry verticals and business operations. Because it helps in reducing and eliminating the distance barriers. As a large number of operations are now geographically distributed, extended reality can help in addressing issues that are formed due to remoteness. XR solutions like 3D environments are being used for enhancing the process of obtaining valuable insights. A newer reality is being developed that gives humans to gain knowledge that can’t be obtained with the help of sensory organs.
Industry Use Cases for XR
- Entertainment Industry
Video games are the undisputed consumers of extended reality technology. The success of these businesses is dependent heavily on the ability to provide a fully immersive experience to its users. Various entertainment events like concerts, exhibitions, and sports can encash on AR, VR as well as MR. This can be done by giving the audience a completely immersive experience right at their home and avoiding the hustles at overcrowded places during events.
- Real Estate
Extended reality solutions might be of great help for the real-estate agencies. XR allows potential customers and tenants to ‘view’ without being physically present at the site. It can be a time-saver for all the involved parties and reducing the burden of choosing the right property. XR applications in real estate could include architecture and interior design.
In the healthcare industry, medical imaging is another area that is going to gain benefits out of extended reality. Scans as MRI and CT have been using this technology extensively. XR gives a 3D representation of human bodies rather than providing traditional 2D imaging. This can be effectively used for enhancing diagnosis efficiency.
Advantages of XR
- With extended reality in place, the companies ‘dive’ into a completely immersive experience. That enables them to present their users with the opportunities of visiting areas. Even try something without actually stepping out of their premises.
- Extended reality gives its users a more realistic vision of the subject matter, thus these users can be trained with greater efficiency.
- Extended reality offers safe training from the classrooms to those who’re exposed to high-risk conditions like- chemists and defence personnel.
- The extended reality also helps in eliminating the distance barriers and this enables humans to have smoother access to the remotely placed data.
XR Global Market
The extended reality market is projected to grow at a CAGR of over 65% during the period 2019-2024. In the same period, we’ll be witnessing an eight-fold increase in the emergence of XR in a global scenario.
Factors like the convergence of smartphones, VR headsets and AR glasses on a single XR wearable device could replace the pre-existing screens. The use of mobile XR can be of great potential to become one of the world’s most disrupted computing platform. Also, companies are now developing XR experiences that could capitalize on the human experience by using technologies like AI and IoT.
XR Market Trends
With dropping costs and emerging content as well as the applications for XR. the coming 1 or 2 years are likely to witness the disruption of advancements in the stated technology and demand in the consumer markets.
High Customer Engagement Due to Emergence of Immersive Platform
- XR devices help in creating the illusion of making the people have an immersive feel that they’re presently in a completely new digital world. These technologies have been used for creating virtual tours of the stores and destinations, giving the virtual inspection of the design of a car. With these huge potentials, XR has been applied and studied over a large number of domains ranging from training to healthcare to tourism.
- XR gives easy access to the rich data in a situational context, thereby creating a large number of opportunities in the market. The future-oriented enterprises have invested in XR for their internal processes along with product and service delivery. XR helps in creating large customer engagements. with significant improvements in time efficiency and reduced human errors.
- Using immersive experiences, businesses can go for capturing expertise in a large number of skills from across the world. Immersive experiences have pushed companies to think out of the box regarding what is possible and also creating new solutions that can overcome today’s distance-based challenges.
One can always look to extend their business opportunities using XR as it can give valuable benefits to any business. A large number of companies across the globe have already started gaining the best benefits out of it. We should also keep in mind that like other emerging technologies. XR implementation still is a bit risky and needs a significant amount of investment.