Digital technology is an essential aspect of human life. In the 21st century, the two most important and rapidly changing technology are virtual reality and augmented reality.
AR focuses on integrating digital information and physical reality, VR focuses on replacing the real world with a much more virtual computer-generated environment.
VR and AR are essential tools used to create visual and interactive experiences for all types of industries. COVID-19 has increased the use of digital technologies such as AR and VR for better experiences for both employees working from home and customers. As a result, augmented reality and virtual reality are gaining popularity since it helps customers sit at home and feel the products and services much more effectively and efficiently. According to research by Gartner, 30% of individuals prefer companies integrating AR and VR for a better customer experience.
Companies that focus on research such as Statista have stated that AR and VR markets will continue to grow. Augmented reality and virtual reality are proliferating and are being implemented by different industries in various ways. IDC researchers claim that by 2024 the market size will grow to $72.8 billion.
The different types of industries that are unlocking the capabilities of the two most potent tools AR and VR
AR and VR are snowballing due to their feature of letting people experience different types of services anywhere in a more creative, comfortable, and exciting manner.
Education – Virtual reality and augmented various schools, universities are implementing AR & VR and online platforms to make teaching more fun, exciting and realistic. It helps focus on a more practical approach rather than just theory-based. It increases customization and more hands-on learning, which increases curiosity. Research shows that it helps improve skills and knowledge for both students and their mentors.
Health and Wellness – VR and AR are being used for various meditation programs. Using technologies such as VR and AR will have a significant impact on the GDP, according to PwC. It is stated that it will boost the GDP by £316 billion in 2030. VR and AR have been used for training purposes to perform different complex surgeries. Other than training, AR can reduce anxiety, phobias, and psychological disorders since patients interact with virtual objects in real-time.
Retail – Using AR and VR for effective and efficient performance by better displays of products, body scanning technologies, perfect fit outfits, and better interactive store layout versions. PwC states that by 2030, using AR and VR will boost the GDP by £184.2 billion. VR and AR are being used in the different stages of the retail industry, such as planning, research, modifications, and design.
Real estate – Using AR and VR to give virtual tours of properties is much more effective, innovative, interactive, and time-saving. It is much more beneficial because of 3D walk-throughs rather than visiting different properties. It allows clients to understand the entire construction project by virtual tours and going through the whole project. It even eliminates the time-consuming process of inspection since it will help in collecting real-time data.
Automotive – AR and VR are being used by companies for better performance and training for workers and step-by-step learning processes for complicated fixing. Many companies use VR technology for effective implementation, training, efficient results, reduced time and costs, and better design. In addition, 60% of consumers in the automotive industry prefer companies that use AR and VR to help understand the product and features.
Construction – Using virtual reality as a tool to train employees in a safer environment. With the help of AR and VR, companies can avoid many work hazards. It helps the workers and owners to keep an eye on the site without being there in person. AR and VR help in the whole design process since architects and planners can virtually be in the construction site and feel the place. Focusing on a more AR and VR approach increases accuracy and outcome. It even helps in saving time, reducing costs and errors.
Banking – Making use of AR and VR can enhance customer experience and engagement. Using AR and VR has its benefits, such as a much more personalized experience for customers. It even can help with better assistance and understanding of various banking procedures. In addition, it can help reduce physical visits to different bank branches, and it is much safer due to safety authentication procedures.
Oil and Gas industry – Using AR and VR helps increase outcomes for training programs, understanding different structures for better mining, reduced errors, and drilling malfunctions. Focusing on an AR approach helps guide workers regarding additional steps and the tools needed to complete a task. In addition, it helps reduce the time-wasting procedures of visiting the site.
Tourism – Using AR and VR helps in better planning management, increased customer experience due to virtual tours, and real-time experience and navigation. It opens the tourism industry to a much more exciting and personalized experience. Many companies use virtual reality trips, which include various tickets for top tourist spots and destinations. In addition, agencies use 360 videos to showcase beautiful tourist sports and top hotels and landmarks.
Logistics – Better training for employees, effective and efficient, time is being saved by 25%. Using AR and VR helps in reducing object pickup time in warehouses. Planning is easier with the help of AR. Focusing on VR in logistics can help plan load and the best routes for faster delivery. It helps in speeding up orders and avoiding errors. Better results and outcomes since such technologies help keep an eye on all locations without being there physically. It can even help in understanding important information such as cargo weight and traffic routes. Drivers who use AR glasses can work more effectively since it helps in understanding the best routes to take and leads to reduced errors and mishaps.
Benefits of focusing on a more AR and VR approach for smoother and effective results
A picture is worth a thousand words, and it helps us remember things better and faster; AR and VR are great ways to interact and visualize different data around us.
AR and VR are the two leading digital tools to create value for the business by being the product itself for customers and smoothening the value chain model from better product development to manufacturing, training, logistics, marketing, sales, after-sales, and much more. 82% of companies have stated that using AR and VR has proved to be beneficial and effective. Focusing on AR and VR can benefit companies and consumers in many ways since it reduces costs, increases productivity, a better understanding of consumer behavior, increases revenue, and better training measures. In addition, focusing on a more AR and VR approach helps redefine the customer experience. Using technologies such as AR and VR has various benefits such as better work environment safety, product safety, product development, and increased effectiveness and collaboration.
AR and VR will increase GDP, income, and job opportunities by 2030. According to McKinsey, they are making use of AR and VR even while promoting advertisements and websites. As a result, it is seen that the engagement rate and conversion rate are much higher.
Integrating technology with the vision of any industry is a great way to increase success and outcome. Making use of AR and VR will increase effectiveness, efficiency, and better performance and help companies simplify, streamline, and improve processes to deliver a better and personalized experience.