How AR VR establishing its foot in the business world? | Sanjay Pasari

Virtual and augmented realities are two essential elements for organizations nowadays. Due to AR and VR, many business ventures are improving.  The market for augmented, virtual, and mixed reality is anticipated to reach $30.7 billion in 2021 and be close to $300 billion by 2024, according to Statista.

These two technologies have had a wide range of effects on many companies' environment in 2021. You'll be compelled to combine the two technologies into your daily operations as software becomes more widely available and hardware prices decrease. As Sushant, a software engineer in an advertisement company says, “Virtual and augmented reality technologies will bring about a corporate revolution in the upcoming years. You should link your company with technology if you want it to stand the test of time.”

To comprehend these changes, you'll need both your eyes and your imagination. So, let’s get to the topic right away.

How are Businesses using AR?

Applications for augmented reality (AR) seem to be heading toward more practical commercial applications. For instance, the sportswear brand Lacoste has a smartphone app that enables clients to examine the shoes of their choice while shopping in-store. The app shows product information, custom sizes, and how the shoes would appear on customers.

In conjunction with their 2018 Winter Olympics coverage, The New York Times released an augmented reality app that allowed users to bring up athletes on-screen to describe their strategies in real time.

Additionally, businesses like Warby Parker and IKEA expand AR experiences without the need for specialized gear. Warby Parker offers virtual eyeglass try-ons while IKEA offers virtual furniture assembly in rooms.

So, if you want to integrate this state-of-the-art technology into your operational procedures, you may work with AR developers that have the necessary experience.

How are businesses using VR?  

Virtual reality is becoming a serious industry in the era we live in. VR gadgets are produced by tech behemoths like Google, Facebook, Samsung, HTC, Huawei, and many others.

The most popular way to experience VR has been through smartphones and headsets for a few years. Customers have found it to be the most convenient method to test virtual reality.

The market for virtual reality is far more established than the one for augmented reality at the moment. The hardware platforms and software tools needed to build a compelling VR experience are now accessible.

Contribution of AR and VR to the Business World

In addition to being used for gaming, storytelling, and other forms of entertainment, augmented reality and virtual reality also provide a number of commercial opportunities. How we create goods, conduct meetings, interact with clients, and other things are already changing because of technology.

1: Manufacturing Business

Almost every step of the design and manufacturing process, as well as the ongoing maintenance and repair of the goods, might make use of augmented and virtual reality. Engineers and designers may create items using AR and VR in the actual area in which they will be utilized. Technology enables consideration of all elements, characteristics, or limitations. It is possible to test, evaluate, and simulate designed items in order to take a variety of elements into account when they are used throughout time. The manufacture of modern items is complicated by their constant increase in complexity. The correct time-sensitive information regarding production operations may be given to industrial personnel via augmented reality apps. When combined with reality, digital content enhances productivity and streamlines the manufacturing process.

2: Retail Business

Both traditional trading methods and e-trading platforms are altered by AR. The emphasis now is on using the potential of technology to improve and personalize consumers' perceptions of their purchases, their experiences, and their pleasure, as well as to increase the interactivity of their shopping experiences. Utilizing virtual fitting rooms was the first step in utilizing AR and VR to boost client engagement and encourage online orders and transactions. Virtual fitting rooms where clients may virtually try on products are made possible by AR and VR technologies.

3: Healthcare Sector

A variety of factors, including how medical students study the human body and conference chat for medical consultation, are influenced by augmented reality in the field of health care. Since the technology enables doctors to "look" into a patient without making an incision, it is already being used to lessen the invasiveness of surgeries. Applications for augmented reality and virtual reality have also established a solid name in counselling therapies that support patients' participation in rehabilitation, enhance pain management, and manage diseases like post-traumatic stress disorder (PTSD).

4: Logistics Sector

Running warehouses requires a number of significant improvements to worker safety and productivity. AR applications help warehouse workers locate items securely and swiftly and prepare them for transportation. The item is sent to a specified location for packaging and shipping after being removed from the inventory list by the warehouse system. According to reports, General Electric's use of AR-based technology has increased productivity across seven of its business areas. Since employees did not need to consult a workstation, warehouse order fulfilment duties were finished 46% quicker. They did little more than access inventory data on their smart glasses.

5: Tourism Sector

The goal of the tourist sector is to provide market experiences and priceless memories. By enhancing visitor experiences and attracting more visitors, augmented and virtual reality significantly aids in reaching these objectives. Users may choose the finest place by experiencing it as closely to reality as possible thanks to technology. Additionally, the technology enhances and enhances visitors' entire experience. Customers may quickly and easily obtain information that is essential to their enjoyment and safety by using augmented reality.  

6: Advertisement Sector

The development of interactive advertising campaigns that grab consumers' attention and encourage involvement is made possible in part by augmented reality. Virtual or augmented reality is the ideal technique for boosting sales. With the inclusion of 3D pictures, print items can become interactive, or they can be improved with animations or movies. According to a software engineer in an Advertisement company, “users can examine items from every angle thanks to the technology”. When a user can test a product outside of an artificial commercial atmosphere, it becomes more personal. Customers are able to make actual purchases thanks to the customization of the items and the interactive features. On the other hand, encouraging users and goods to form an emotional bond encourages consumers to share their experiences with friends, family, coworkers, and the public via social media.