As of 2016, the Augmented Reality and Virtual Reality market recorded a revenue of $5.6Billion. It gets better; tech experts are predicting that before the year 2020, this revenue will grow to a whopping $150Billion. The future is real, embrace it!
Augmented Reality (AR), as the name implies, is the addition of computer-generated enhancements to existing real-life experience in order to improve the viewing experience and impact. Smartphones and custom headsets are some of the popular devices used to achieve Augmented Reality.
Virtual Reality (VR) as described by tech experts, is a computer simulation of a real-life environment. With VR, users can enjoy the complete immersion in a whole new world. The effect is often achieved with the help of several tech devices and gadgets such as headsets, glasses, etc.
For a better understanding of AR and VR, we would study how they are applied in the world today. Take a look at the various simulation games around, like the newly released Play Station 4 Virtual Reality, Pokémon Go, and even racing games. Virtual Reality is heavily relied upon in these games.
Similarly, in Education, AR and VR have been put to good use, Google has given out over 100,000 virtual headsets to kids in elementary schools. The virtual headsets help these kids tour the world from their classroom and they are able to learn about the world.
With a wide range of possible applications, some of the benefits AR and VR will have on your organizations are highlighted below.
VR and AR provide designers with an idea of the look and functionality of a product. Designs are then implemented faster since user testing does not demand physical presence. With this arrangement, your brand can entertain and educate clients, making the consumers active participants rather than the traditional passive relationship.
One of the most difficult challenges manufacturers face is finding the right prototype for the right client. For example, 14% of IKEA customers take ill-fitting furniture home. To counter this, IKEA subsequently released an AR platform which displayed their products so that the client can visualize and choose products which fit perfectly.
With AR, you eliminate the cost of producing prototypes which do not fit the specification, channeling your time and resources to more pressing issues.
National Aeronautics and Space Administration, NASA, is an organization which has benefited immensely from VR. With Virtual Reality, they successfully trained astronauts, simulating space-like environment while on earth.
Similarly, you save time and money when you employ VR in training and equipping your employees with the necessary skills to survive in distant locations. The training is also more engaging, more accurate, and safer.
There is no denying the imminent disruption these technologies will bring. We expect an influx of over 500 million Virtual headsets before the year 2025. Currently, about 1350 start-up companies have invested their resources into this field and this number is rising exponentially.
No matter your field; education, e-commerce, healthcare, real estate management, human resource, etc. Augmented Reality and Virtual Reality are technologies you must embrace if you want to record astounding success.
If one buys into the hype, AR/VR is indeed the next level. Organizations all over are trying to adapt or fit in to be part of this wave, but then, with it comes the attendant confusion of how exactly to develop and implement a solution that could really make sense. Without understanding the development architecture of the right frameworks to employ for a scalable solution, it could mean money down the drain. Not to mention, a million dollar opportunity lost.
Biztruss has been helping organizations of different operating scales implement technology solutions that ‘make sense’. We always a good conversation about digital trends and technologies and don’t count them as ‘consulting’. If you would like to jump into the AR/VR bandwagon, we can share our geeky glasses to help you look into this world much farther ahead, from the development and the adoption standpoints.
So then that’s about it for now and till our writers get busy with the next update on this section, all we’d like to say is don’t fear to take a plunge into this vast digital ocean. We’ll help you navigate the ride and make it a lot of fun.
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