Over the last decade, technologies like Virtual, Augmented, and Mixed reality have made extraordinary progress. VR, AR, and MR have captured the attention of developers, creators, and businesses. These three technologies individually have infinite potential to change the world for the better, but these technologies combined can literally do magic. A new term XR, which stands for Extended Reality has been introduced- XR is an umbrella term for these three technologies( AR, VR, MR) combined. Research shows that XR will be the mainstream in the next five years, with a CAGR of 45% to reach US$346.39 billion in 2026. However, past statistics are also promising. Here is the graph for the same.
Extended Reality is the most recent addition to this list but finds use cases in many sectors.
Almost every industry will be benefited from the employment of VR, AR, and MR. Here is a list of few industries which gets maximum advantages by leveraging these technologies:
Reality technologies have transformed the Automotive industry. Processes like design, safety, and purchases are changed, reality technologies help engineers to analyze the design and performance of the vehicles without building multiple models.
Most sectors are benefited from the employment of AR/VR and MR, and the retail industry is no exception. The retail sector can now showcase different clothes, furniture in real-time using VR/AR without actually having the products on-site. Walmart recently sponsored Jurassic World’s AR Game offering users a different twist on products by using a game.
Similarly EcomARcio an AR based e-commerce application which allow customers to see for themselves how a product might appear in the real-world instead of having to simply imagine it.
Virtual Human Anatomy helps professionals as well as students to gain insights without operating on a real human body. Platforms like Medical Realities help students to perform virtual surgeries.
Architects are using VR/AR to show 3D models of houses. It allows customers to see how their future home will look like.
The list of industries is too long. Almost each and every industry will see a transformation in the next few years with the use of AR/VR/MR technology. Whether it is education, aviation, or farming, every industry will be benefited from the use of these technologies.
Let’s see how these three technologies will help various sectors today and how it will impact our future.
How Virtual Reality will impact different sectors in the future?
Marketing & Sales:
Virtual reality is revolutionizing the marketing industry; it helps businesses launch marketing campaigns that are more engaging and immersive. We live in a world of online shopping, VR enables the user to get a feel of products while shopping online.
Recently, IKEA created an application that features a kitchen in a virtual environment. The user has to put on a VR headset; it enables users to experience and interact with the virtual kitchen.
This leads to generating sales since they have got a virtual on-hand experience; they are more likely to buy a product.
Education and Virtual Training Module:
Learning through VR can revolutionize the education sector. VR provides content that is more immersive and engaging. It isn’t limited to school and college education; it is also used to help businesses train their staff. Unimersiv is one of those platforms which provides Virtual corporate training for businesses and institutions.
Airlines like Fly Emirates are also using Virtual simulators to train their cabin crews. BMW is also using virtual simulators to teach car drivers. This is just the beginning of the revolution; those days are not far when we will have virtual universities.
How can we forget this? The gaming market is booming. The virtual reality gaming market is expected to reach a value of US$ 40.2 Billion by 2024. Gaming will be completely different in the next decade. Technologies like a haptic glove will help you feel the virtual objects. Haptic glove and VR combined will change the gaming industry.
How Augmented Reality will impact different sectors in the future?
The best example of mobile navigation is google maps. Google Maps have introduced a new feature that shows Augmented direction rather than just showing the 2D navigation. They first did it with the street view, which allowed users to get a 3D view of any place worldwide. Now google bring AR to google maps. It helps users get more precise navigations.
AR in Enterprises
AR Integration with IoT, for production, manufacturing, and construction
Network sensors and head-up displays( HUDs) are already implemented in fields like construction and manufacturing. Companies like caterpillar are changing the way we handle heavy equipment. Caterpillar uses a series of network sensors to revolutionize the way we design, use, and service machines. The data which is collected by sensors is sent to HUDs, it enables workers too check capacity, specs and component information.
In production, AR and IoT will allow the manager to keep an eye on production plants remotely, and they can monitor conditions more accurately with the help of sensors installed in the plant.
AR and IoT work simultaneously for construction personnel. IoT devices gives real-time feedback to personnel. In case anything goes wrong, workers can immediately pass information to offsite engineer. Using AR engineers can visit the site remotely, and they can instruct workers to make the necessary changes.
Real estate is the evergreen industry, and AR can help it to grow more exponentially. With the help of AR, customers can take a look at a virtual property. It will save a lot of time. It’s still in the initial stages since building an AR environment for the properties that aren’t made yet is not easy. But it seems to have a great future ahead, Goldman Sachs predicts that the AR and VR market in real estate will grow to US$2.6 Billion by 2025.
How Mixed Reality will impact different sectors in the future?
Public Service and defense
VR/AR/MR start-ups work on vertically focused solutions such as real estate, hospitality, gaming, etc. Very few companies are focused on making these technologies useful for public services and defense. One such start-up is Digital Agents Interactive Private Limited, which has collaborated with the defense forces.
Over the past two years, they have been helping government authorities to address issues of homeland security through their AI and AR-based solutions. They have listed various Extended reality applications like smart glasses with zoom features, facial recognition and calibration with rifles to combat terror situations.
Imagine putting on a headset and taking part in a TV Reality show competing with other contestants in a virtual environment or watching a soccer match played out in your living room. Sounds amazing, isn’t it? This is going to be the future of the entertainment industry. MR has the potential to transform the entertainment industry entirely, and, not too far from now, we will experience the power of MR.
Now that we have seen how AR/VR will transform various sectors, we can say that the growth of these technologies is prominent. The application of AR/VR has become a necessity for many organizations. With a 5-year experience in the field of AR-VR, Plutomen is a leading developer of AR-VR solutions. From real estate to eCommerce and from travel and hospitality to gaming, Plutomen renders its services across numerous industries to make them AR-VR ready.
Plutomen Technologies Pvt. Ltd. is a prominent technology company focusing on Augmented Reality and Virtual Reality solutions, Web Development, Application Development, and Dedicated Resources Management. With over 7+ years of experience, we have handled high-end projects in various industries. Some of our reputed clients are L&T, PwC, Reliance Industries Limited, Tata Power, Wipro, Bajaj Allianz, Adani, Arvind, Omega Elevators, etc. and many more.