How Extended Reality is Changing Business and Generating Opportunity
By now we have an idea of what virtual reality is. It’s been widely covered throughout the media and it’s been the buzz on people’s lips. Especially those who love all things innovation and tech. But what does virtual, and furthermore extended reality mean for the future of business?
First some important terminologies
- Virtual Reality (VR) – a simulated computer-generated environment that is usually an audiovisual experience, but it can also incorporate touch, motion, and smell.
- Augmented Reality (AR) – an attempt to bring virtual reality into the real world, usually involving overlaying or projecting computer-generated text or visuals on objects or devices.
- Mixed Reality (MR) – describes the blending of the real, perceived world with digital creation.
- Extended Reality (XR) – the umbrella term frequently used to encompass all the technologies of virtual reality, augmented reality, and mixed reality.
Current usages of these ‘realities’
- Online shopping: VR and AR are able to resolve some of the difficulties faced by customers that cannot physically see or feel the products they wish to purchase. Brands such as Nike, Apple and L’Oréal have been making the most of these technologies.
- Real estate: Buyers can be taken closer to the property (and the purchase) through virtual tours that show every corner of a property.
- Healthcare: Virtual Reality Exposure Therapy (VRET) has been used to treat post-traumatic stress disorder. The Accuvein AV500 Vein Wipe makes the work of nurses quicker and simpler.
- Training: VR and AR have an important place for training, usually through simulation of real-world applications, which may also include telepresence or remote presence.
- Design & engineering: for modelling and projecting proposed projects. Companies are able to build immersive VR experiences from floor plans.
The challenges
The future is looking bright for the usage and adoption of these extended realities however the challenges are still very real for businesses.
With any industry that grows rapidly, the lack of available talent is often in dire shortage. Privacy and security are also major concerns for businesses. XR is also largely unregulated, so activities taking place virtually may have major legal and moral consequences in the real-world. Another concern is the negative impact on the users health. Headaches, eye strain and other discomforts can arise with the changing sensory experience.
Looking ahead into the future
It’s a fact, the future very much includes the integration of XR. Studies show that there will be an increase in global GDP from $46.4 billion to $1.5 trillion between 2019 to 2030. That’s massive!
This new reality will be present more and more within our daily lives. Businesses’s will be scrambling to jump onboard and opportunities to work within this industry will be abundant. Things we saw in sci-fi movies will now be brought to life in our lifetime. 2D will become 3D and fully immersive.
Reference: https://www.namecheap.com/blog/virtual-reality-changing-business/
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