Augmented Reality (AR) and Virtual Reality (VR) are here around the world in recent times. If you have a look at popular brands such as Amazon, Google, Apple, Facebook, Lenovo, Samsung, they have invested in these couple of technologies with its hype.
Augmented Reality technology combines digitally created data with the physical world. The user looks at the existing environment which is laid with computer-generated imagery. Accessibility via smartphones is the greatest advantage with Augmented Reality and is looking for other applications in real-time.
The increased usage of smartphones with their potential features and enhanced internet usage speed promotes AR’s expansion. A recent research report from Digi Capital states AR applications can reach 3.5 billion by the year 2022.
On the other hand, when it comes to Virtual Reality, it offers an excellent medium for gaming or 3D films with its simulated isolated reality. With new and powerful headsets getting introduced in the market, VR technologies are moving towards a more widespread customer base easily.
AR and VR Development is steadily getting increased and cheaper as well. As 5G network is a recent trend, it can facilitate super fast downloads, streaming, and energizing VR and AR devices. Though both the technologies are in an emerging phase, they hold promise for businesses.
Let’s have a look at the role of Augmented Reality and Virtual Reality in various businesses and how they can influence and profit them in a potential way!
How Augmented Reality and Virtual Reality are changing businesses?
Gaming and Entertainment
The first AR application is Pokemon GO which comes to mind when they speak about Augmented Reality. Oculus Quest, the first all in one system built for Virtual Reality is predicted to reach a massive surge with the large demand for VR gaming. It is said that the revenue has reached up to $22.9 billion by the previous year.
Therefore, more people are experimenting with various ways of playing and building social gaming scenarios with both AR and VR. Companies can also monetize Virtual Reality games by selling them through stores or charging brands for advertising.
For instance, if you run an arcade centre, you can invest in VR equipment and AR/VR games will invite more customers and enhance your revenue. Undoubtedly, they are promising opportunities which businesses shouldn’t miss.
Instead of investing a huge amount in building a real escape room, much less modelling several rooms such as space stations, haunted mansions, etc. Entrepreneurs can move by investing in reliable and modern technology in order to gain higher customers and profits.
Virtual Reality has also made its way towards the Sports industry. VR experts believe that it should be the dominant component of the digital experience of major sports leagues. 360-degree video approach and VR capabilities will offer broadcasting of sports events, concerts, and other live shows to new levels which can thereby provide immense experience to people globally.
The dating industry comes with countless Virtual and Augmented Reality business opportunities. Flirtar, the first AR-based application in the dating industry allows users to scan the surrounding and nearby locations in search of dating prospects such as Pokemons.
eCommerce and Retail
Augmented Reality is all about reshaping on and offline shopping. AR applications allow shoppers to interact with the product and get a clear view of a personalized shopping experience. For example, consider you are walking around a store with a smartphone. With this technology, you will see not only the prices, special offers or discounts but also the features and additional details which you are looking to know!
Popular eCommerce platform eBay makes use of Augmented Reality to facilitate shipping. Users hold the phone over an item and try on Virtual boxes. Right from the year 2017, IKEA’s Place App is allowing customers to view how the furniture would look and fit into their interior by remaining at their comfortable location.
Moreover, the number of customers wishing to do this, and try the products is also increasing. This will in turn lead to faster buying decisions, decreased purchase returns, and higher customer satisfaction. Added, declining in-house visits has brought a lot of benefits in particular with this pandemic crisis. They can view their favourite products at their comfort in the Virtual world.
Right for a few years, the Internet has been the initial place to look for properties by buyers and sellers. Augmented Reality can assist in offering a higher customer experience and saving budget & time. For prospective investors, AR allows in showcasing properties before they are built or even turn 2D blueprints into interactive 3D visualizations.
VR glasses and 3D shots of properties also create a good impact. Real Estate dealings can make one tired and exhausted with its everyday activities for both retailers and clients. VR can minimize the driving and walking to view different properties of their wish and get to know every single detail of them without getting frustrated and staying at their place.
Virtual Reality can showcase the property by ensuring good exposure, can gather a million views, engage international buyers, and thereby reduce the time to close a sale. A realtor can lead a tour through a property remotely and even see where the client is addressing issues in real-time.
Tourism and Travel
A tourism industry involves a lot of factors such as transportation, hotel bookings, tours and sightseeing, local benefits such as cuisines, festivals, etc. Hence, when the industry is integrated with Augmented Reality it can bring a huge number of advantages.
The primary use case here is Navigation. Google maps have got a recent AR update with which users can view streets through their smartphone cameras and its direction appears on the screen appears. GPS powered applications facilitated with Augmented Reality might offer tourist routes, translate the signs on the street, and also provide sightseeing tips.
AR when combined with Wi-Fi, beacons, or ultra-wideband will facilitate indoor navigations. Airports, train stations, trade shows, shopping malls, and offices will become visitor-friendly with this feature.
AR enriched promotional materials and VR experiences featuring 3D videos of locations can empower travel companies to entice clients to buy trips. Cities and individual entrepreneurs should also employ Augmented Reality in facilitating navigation and building shows that bring tourists easier.
When you consider museums and galleries, combining more in-depth details of exhibits or coming up with a life on the mobile screen ensure a delightful and good experience. Virtual Reality can give visitors a better education and cultural experience than the traditional one.
Education and Training
Augmented Reality and in particular Virtual Reality can offer immense and realistic experience through real-life simulations in a safe environment. These couple of technologies are here to bring a drastic and unlimited possibility for the teaching and learning process.
When considering Augmented Reality technology, it makes schooling more interactive, efficient, as well as engaging. For example, with AR applications, students get an opportunity to explore the 3D galaxy on their digital gadgets or even witness an extinct animal come into real life!
On the other hand, when considering Virtual Reality, it will help students to look for specific scientific breakthroughs from the scientist’s perspectives or even make discoveries in a virtual lab by themselves. VR training simulators are used in various businesses such as aviation, automobile, transportation, construction, energy, medical, military, as well as by professional athletes.
VR assisted solutions can eliminate costs and boost training retention and performance. This technology also enables students to interact in a new way with various other students and also with educators in virtual classes.
Hence, if you are looking to make use of Virtual Reality in business and institutions related to the Education industry, there are a plethora of opportunities without any doubt. Let’s consider an example: AR or VR can be a powerful upgrade to the library. It enables Patrons to view books in 3D or watch 3D immersive videos.
A VR museum is likely to remain out of the crowd and also offers constant attendance by proving an experience that transport visitors to other places and ages. In addition to VR tours of an actual museum, you can offer live VR presentations for special events and create & sell unique VR content to other institutions as well.
The Healthcare industry is booming with benefits when implementing Augmented Reality and Virtual Reality with its unique ideas. AR apps are already used for a variety of tasks right from helping patients to figure out their symptoms to enabling surgeons to look inside a patient’s body without making large incisions.
Ultra high definition 4K displays and video gaming technology are providing the way for using Virtual Reality in hospitals. A perfect combination of VR, gaming software and medical imaging procedures is already offering simulation capabilities and detailed organ maps.
Added, surgeons will be able to plan and avoid previously unforeseeable issues. That will minimize invasive procedures, eliminating complications for the patients, and promote easy and faster recoveries.
Virtual Reality has also been a successful weapon in diagnosing, treating, or at least easing the symptoms of dementia, depression, autism, different phobias, and other psychiatric disorders & pathologies. VR using medical haptic gloves makes even remote diagnostics faster and more efficient.
Augmented Reality technology can facilitate and accelerate processes at factories easily. This technology also enables engineers to demonstrate prototypes, construction sites, etc and share their vision. AR markers on equipment assist in monitoring the work in progress.
Digital maps and plans save time and promote understanding. AR glasses can give manufacturing and field workers real-time data that helps to reduce errors and enhance safety, accuracy, and quality.
Virtual Reality (VR) mimics real-life scenarios eliminates risks. Therefore, it is becoming a standard training tool for most employees who have to deal with physical dangers. Mining companies can use Virtual Reality to train employees without sending them underground.
Using VR for visualization or modelling lessen the need for 3D printer modelling and further allows the work easily. Businesses when combining AR, VR, and live IoT sensory data to create a digital replica of a physical asset. Such digital twins can transform the way employees perform their jobs and deal with many problems.
They will allow inspecting the objects in Virtual Reality without visiting dangerous or remote sites. For instance, an engineer located ashore can use a digital twin of a manufacturing window turbine to determine the issue and fix it in real-time easily.
Communication and Collaboration
Visualization is a must for every project regardless of any industry. Without tables, infographics, charts, and other methods of visualization, data, statistics, and analytics are not easy to understand while it is also difficult to share it with people.
Augmented Reality offers an excellent tool for showcasing data by placing it in a visual context and bringing it to life. As a result of this, Virtual Reality takes visualization a step higher providing an immersive experience to people who are studying and discussing data & its prototype.
When it comes to international partnerships, AR and VR also allow removing the barriers. These technologies can help in translation or creating a common space. Virtual Reality enables people to attend conferences or shows at the virtual location and brings live events to those who couldn’t participate or vice versa.
Hence, participants around the globe can have a Virtual Reality experience at the same time which can again ensure more clear and productive cooperation.
These couple of technologies are already transforming the way people work and interact with different people such as customers, colleagues, and the rest of the world. AR and VR will become an increasing need for gaming, employee training, and hi-tech shop displays.
While, Healthcare, Education, and Entertainment are already championing with its implementation. Virtual Reality will be increasingly applied in industrial design, manufacturing processes, construction, fashion, social media, and art.
Both these technologies have a great future and enormous marketing potential which is currently in the initial stages of unlocking. Similar to the other popular technologies, AR and VR is going to mature at a greater pace involving various factors such as animations, smell, sounds, graphics, feedbacks, etc.
Involving user experience and their feedback can generate profit-making way by offering numerous opportunities such as tourism, real estate, military, banking, etc. Still, more ideas are in the way of discovery. Hence, businesses can take account of them and get started with generating revenues!
We people at Idya help enterprises and SMEs in adopting them at an affordable rate. If you belong to one such industry and looking to make a profit, we can assist you with it! You can get in touch with your business requirements and we are here to make them true!