How AR/VR and Mixed Reality Are Transforming Business
We are currently living in an era characterized by rapid tech advancements, where emerging technologies seamlessly integrate into our everyday lives.
Augmented reality (AR) and virtual reality (VR), in particular, have been adopted so organically and swiftly that they have become essential in nearly every industry.
The retail sector, for instance, has witnessed a substantial boost through the adoption of AR/VR, with a notable 61% of consumers expressing a preference for stores that offer augmented reality experiences.
Similarly, the real estate sector has experienced improved customer engagement and increased sales conversion rates by utilizing AR/VR. According to Goldman Sachs, virtual reality in real estate is projected to generate $2.6 billion in sales by 2025.
In the manufacturing industry, AR has proven to enhance productivity by 32%, reduce errors by 37%, and decrease training time by 30%, according to a report by Harvard Business Review.
Given these impressive statistics, it is not surprising that more and more business owners are implementing augmented and virtual reality solutions to establish their presence in the global market.
If you are also considering adopting this cutting-edge technology, this article provides comprehensive insights to help you succeed. Dive in and discover everything you need to know!
Getting deeper into the notions
The incredible experiences, encompassing virtual, augmented, and mixed reality, have captured the attention of many individuals and industries alike.
However, despite their growing popularity, there remains a prevalent misconception and confusion regarding the nuances that distinguish these three forms of reality.
In order to provide clarity on these concepts, let’s delve deeper into what sets them apart.
In case the above picture still has not provided you with the answer, you can find a brief comparison of AR, VR, and MR below.
Virtual reality completely substitutes the physical world with an interactive virtual realm. While it offers a distinctive experience, VR business solutions demand undivided user attention and require specialized headsets like Smart Glasses.
Augmented reality merges with the real world, enabling us to overlay virtual objects onto it. Unlike virtual and mixed reality, augmented reality applications are accessible to customers without the need for additional devices.
Mixed reality takes things a step further by combining VR and AR elements, allowing us to position virtual objects within the actual environment and manipulate them. Similar to virtual reality solutions, mixed reality apps also require specific devices.
Ultimately, all three technologies enhance customers’ perceptions by delivering artificially created digital content. But is it worth investing in AR/VR application development? Let’s try to answer this question.
Why use virtual, mixed, and augmented reality apps for business
In 2022, the global AR and VR market size reached $29 billion and is expected to exceed $100 billion by 2026, according to a report by Statista.
This incredible growth can be attributed to the numerous advantages arising from the implementation of AR/VR business solutions.
One of the primary benefits lies in the strong psychological impact these technologies have on customers. When individuals engage with AR/VR/MR apps, their sense of reality is transformed into a powerful “I own it” experience.
This psychological trick is known to be highly effective in driving sales and customer engagement.
Another significant advantage of AR/VR applications is their ability to provide clear visualizations, enabling users to gain in-depth knowledge about specific products.
This visual aspect enhances understanding and empowers customers to make well-informed decisions.
As for now, let’s briefly review some industries that can reap the benefits of integrating virtual and augmented reality applications.
Retail and e-commerce
Thanks to AR, the retail sector has the power to let customers virtually try on clothing, visualize furniture in their homes, or see how cosmetics will look on their faces. These interactive experiences enhance customer engagement, reduce purchase hesitation, and boost sales.
Architecture is another field that has greatly benefitted from integrating AR and VR. Due to these immersive technologies, architects and designers can visualize and communicate their ideas,