Immersive Technologies: How VR AR MR Are Transforming Businesses
Over the recent years, the immersive technologies—an amalgamation of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) have started to quickly advance and transform the user experience in the digital world.
This perfect trio of technologies is an exciting innovation with many benefits that organizations have already begun to leverage across various industries.
“A recent Gartner survey showed that out of the organizations that are currently using or piloting AR, 40% found the technology to exceed expectations.”
These technologies are encouraging entrepreneurs to redefine their business strategy while reshaping the business space. Companies are increasingly shifting their focus from experimenting with AR and VR technologies to building mission-critical applications. Mostly, the application of AR and VR technologies are leveraged by the gaming and entertainment industries. Under the influence of the fourth industrial revolution, these immersive technologies seem to be more fruitful for businesses in areas such as healthcare, real estate, fintech, manufacturing, construction, education, retail etc.
“Gartner predicts that by the end of 2019, AR, VR, and mixed reality (MR) solutions will be evaluated and adopted in 20% of large-enterprise businesses.”
Increasingly future-oriented enterprises are already experimenting and implementing AR, VR technologies to make their product and services outshine their competitors.
These technologies already have practical applications in the enterprise and have a huge disruptive potential in business processes. Soon these will become necessary for an array of industries intending to take their business to the next level.
Let us take a deeper look at each of these technologies and its practical use in businesses.
Virtual Reality – Delivering Immersive Experience
Virtual Reality (VR) creates an interactive, fully rendered digital environment that provides a fully immersive experience to people, often by using a head-mounted device (HMD) such as Oculus Rift, PlayStation VR, Microsoft HoloLens, etc. These devices, which are worn by the consumer, provide a unique sense of presence taking user interaction with products to the next level.
According to the IDC, the worldwide spending on Virtual Reality is going to achieve a 5-year-CAGR of 71.6% by 2022.
VR has achieved a prominent place in the enterprise as well. Automotive firms are adopting VR for product visualization, where engineers and designers can review a car’s design, functionality, and usability prior to its building. On the other hand, customers can use VR to experience a realistic view of their future car before purchasing it.
Similarly, real-estate companies can also leverage the potential of VR by allowing visitors to take a virtual property walk-through which helps shorten their buying decision cycle.
Augmented Reality – Immerses Real-World Virtually
Augmented reality (AR) blends digital content with a real-world environment. It leverages some of the features such as mobility, 3D content management, GPS location, and image recognition to enable an immersive experience for the end user.
It enhances the user’s experience by providing new ways to interact with digital information through smart glasses or smartphones. This accelerates the response rate and decision-making power of users.
The possibility of AR technology is not limited to smartphones. It’s a technology that is primarily adopted in mid-sized and large enterprises, finding its way in other sectors such as healthcare, entertainment, retail, education and more.
Zion Market Research has indicated the vast potential of Augmented Reality (AR) through an estimate of its expected Market Size which is likely to exceed $133.78 Billion USD by the year 2021.
For instance, the US army is using AR tools to create digitally enhanced training sessions also known as - synthetic training environment for soldiers. Likewise, in healthcare, AR training environments for students for telemedicine solutions are widely used that enable medical practitioners to interact with their patients.
Mixed Reality - Unifies Virtual-Real Realm
Mixed Reality or hybrid reality combines both the real and virtual worlds to develop a new environment where physical and digital things exist together. They interact in real-time and create a different visualization, encompassing both augmented reality and augmented virtuality. The most popular MR tool is Microsoft HoloLens, which is already in use at University College London Hospitals to help surgeons understand the specific anatomy and condition of a patient.
Mixed Reality technology can also prove to be beneficial in enterprise businesses and is particularly helpful in employee training. The results of such training are beneficial to learners who can freely make mistakes and get a real-life experience in a safe environment.
The global mixed reality (MR) learning market is set to reach $9.9bn by 2023, according to Business Insider
There is now a booming demand for corporate-based AR/VR learning as it provides compelling value propositions such as improved performance, reduced training time and increased productivity.
Real-world application of AR/VR/MR technology that drives innovation in business
1. Boeing uses AR technology to provide instructions to their technicians to allow them to work remotely on airplane wiring plans in their field of view.
Benefits: 25% reduction in wiring production time
40% increase in productivity
2. At Ford, VR is mostly used to capture employee movements during equipment assembly through motion sensors which allows to re-engineer movement if needed to decrease the risk of injury and increase productivity.
Benefits: 70% reduction in risk of employee injuries
90% drop in engineering issues
3. Walmart uses VR headsets to provide employee training programs in three major areas: soft skills, new technology, and customer service.
Benefits: 10-15% increase in confidence and retention ratio
15% increase in retention ratio
Immersive technology is rapidly evolving from a subject of experiments to an enterprise mainstream. This is the right time for enterprises to evaluate AR/VR/MR technologies before they need it.
If you are looking to kickstart or advance your AR/VR journey, get in touch with us on +1-609-245-0971 or firstname.lastname@example.org. Cygnet Infotech has mastered the knack of immersive experiences that drive business transformation.
Ankita Hariyani is a content writer at Cygnet Infotech. She has the technical precision, business experience and creativity to craft technically detailed write-ups with ease. She embraces her writing skills to condense complicated information into easily digestible articles for prospective clients, business readers, executives, and for those with an appetite for knowledge. When she is not busy writing, she loves to spend her free time singing, reading and writing poetry.View All Posts