Enterprise XR Will End Up Being a Huge Growth Driver
Posted By : Priyansha Singh | 28-May-2021
Enterprise XR Will End Up Being a Huge Growth Driver
Although extended reality (XR) has been around in different forms for years, business interest in technology has skyrocketed since the onset of the Covid-19 pandemic.
Extended Reality is in high demand, not only in the entertainment industry but also in the business world. Experts expect XR will be worth $463.7 billion by 2026 (in the next 5 years). With a healthy CAGR of over 62%, the market is rising at a breakneck pace.
The enterprise sector, where companies are increasingly moving into the digital era, accounts for much of this development. While XR's potential in the industry has long been recognized, most businesses have only realized its true value in 2020, when the pandemic struck.
COVID-19 forced enterprises out of their comfort zones, closing down physical locations and limiting how they could communicate with one another, both internally and externally. XR emerged as a viable solution to bridge the gap between employees, as well as sales teams and their customers, in this unfamiliar landscape.
Before we dig deep into our discussion, let’s first define extended reality. Simply put, XR is an umbrella term that includes technologies such as Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). The concept "extended reality" entails anything from VR headsets like the Oculus Rift and Quest to AR technology like Google Glass.
Why Is The XR Market Growing?
In 2021, XR usage has surpassed 76% in gaming, 60% in movies and television, 34% in retail, and 30% in tourism. The 2020 pandemic is likely to be the key factor driving up business investment in XR. However, there's a chance that the rise is due to:
Access: As more affordable VR and AR application development services become available, companies of all sizes will experiment with XR. Therefore, with a variety of open platforms to build on, the software is becoming more transparent and adaptable.
Adoption: Disruptive technology is becoming more commonly accepted by businesses of all sizes. The rapid digital transition that took place in 2020 propelled us ahead on our innovation roadmaps, eliminating a lot of the confusion around pioneering goods.
The Workforce: The modern workforce, characterized by mixed jobs and new generations, requires a broader range of technologies and resources to ensure efficiency. Though video conferencing tools and team communication resources are useful, they may not be sufficient on their own.
The Potential of XR Solutions in Various Enterprises
So, if businesses decide to maximize their investment in virtual reality, where will they place most of their funds? Training would be one of the most obvious fields of investment. Companies are now using XR to provide more immersive training opportunities for their staff. Virtual reality, for example, can train military personnel to respond appropriately to dangerous situations without putting them in danger.
In the industrial landscape, AR is transforming how tradesmen and engineers approach complicated tasks, by providing them with overlays and heads-up displays that provide information on the job. Companies may reduce the time workers spend reviewing manuals and directions using AR data, lowering the likelihood of errors.
Also Read: Owning The Virtual Concert Space With VR App Development
In the world of retail and shopping, XR provides innovative ways for businesses to engage with their customers. A customer can try on an item without ever going to a store and make sure they like it before getting it shipped. This cuts down on the costs and paperwork associated with returns. In today's real estate market, buyers could look at a home without ever leaving their front door.
As the workplace continues to grow, with a greater emphasis on hybrid jobs, XR may be a valuable way to get people back together. When group experiences require workers from all over the world to share a room, XR can provide a safer alternative to a physical office. Virtual reality environments allow people to collaborate on projects in a shared space where everyone has access to the same digital assets.
Immersive Solutions for the Future Workforce
- By combining AR and VR application development services and standardized interactions, we can help provide experiential learning for individual worker’s needs
- XR is the future of education and training as remote workforce training becomes more popular
- The future workforce would need a more involved and ongoing approach to training because of increased digitization
- Immersive training with XR technology has many advantages, including reduced costs, improved employee involvement, and the potential to mimic real-life scenarios
XR has proven to be a paradigm shift for enterprises in terms of efficiency, cost savings, and learning and growth, particularly in highly skilled and specialized areas.
VR, AR, and MR technologies for enterprises provide a plethora of opportunities to train, engage, attract, and empower both employees and customers. Our team assists companies looking to incorporate immersive AR/VR App solutions with a combination of services tailored to meet the needs of organizations and offer demonstrable ROI.
Are you exploring how Extended Reality (XR) solutions like AR/VR app development can serve your enterprise? Do you already know how XR could help but need some help to perfect it? Connect with our experts.