Most of us think that VR and AR technologies are mainstream in streaming (360-degree VR videos) and gaming (Pokémon Go and other games) only. However, there is a significant potential of AR and VR in multiple industries.
Reduced cost of hardware and skilled developers have allowed startups and established technology organizations to develop AR and VR-based products and solutions for new use cases beyond gaming. This includes manufacturing, marketing, training and a lot more! Let’s have a detailed look at the use of AR and VR in multiple industries.
AR and VR aren’t just limited to gaming
According to a report published by Goldman Sachs, AR and VR technologies will have a much more diverse potential and the market size estimated to reach $35 billion by the year 2025. From the $35 billion market size, $16.1 billion is estimated from enterprise and public sector; and $18.9 billion might be taken by the consumer sector.
If we talk about the diversity of the sectors, it can include healthcare, engineering, real-estate, retail, military and education. Talking about consumer sector, video games will dominate the sector. Besides video games, AR and VR technologies will have noticeable presence in live events and video entertainment.
Manufacturing industries can AR and VR to assist and train their workforce. This will improve operational efficiency and workforce productivity. In the long term, it will result in reduced business costs and increased profitability.
Plutomen ARMS It is an AR-based remote assistance app for technicians and engineers to provide remote technical support in real-time. It allows them to inspect, identify, and troubleshoot issues in machines.
Besides the lower cost of running the business, the cost of training and up-skilling your workforce will go down significantly in the future. Besides, AR and VR technologies will eliminate the operational consequences caused by human errors.
Many companies are developing customizable apps to visualize patient health information in AR. (think about blood pressure and heartbeat of any patient).
Nowadays, healthcare professionals use VR devices prepare themselves before working on real bodies. VR is also used in the treatment of mental health.
VR exposure therapy is also effective in the treatment of PTSD and anxiety. A company named AccuVein has invented a scanner that shows various veins in a patient’s body to nurses and doctors where. This makes finding a vein on the first attempt 3.5x more likely.
AR and VR technologies are being used in the various branches of the military to create large-volume simulation environments. This gives them an immersive way to optimize operations and provide training to new recruits.
A company named Bohemia Interactive simulations has developed a simulation software to create a virtual training environment for experimentation and mission rehearsal, and tactical training for Army, Air Force and Navy.
Marketing is becoming more about how companies make customers feel. Coca-Cola was one of the first companies to do marketing activities by providing virtual experiences; they transformed one of their Christmas adverts into VR experience in Poland.
Plutomen machinARie is an AR-based mobile app that allows users to see an AR-based 3D model of heavy machinery, and explore all the little parts. Making training, sales, and marketing more effective.
Imagine being able to try your holiday before you visit the place. There are solutions available to help potential travel makers to go on guided virtual tours of tourist landmarks, hotels and restaurants.
Thomas Cook launched a VR experience in 2015, where travelers experience the holiday in VR before booking it. There was a 190% increase in bookings after people tried the 5-minute version of the holiday experience in VR.
In this COVID-19 era, the businesses have transformed like never before. Nobody expects that the way we business will roll back to how it used to be before the pandemic. And we’re not referring to all the negatives, we’re referring to the changes observed by businesses like e-commerce in countries like Italy where the online transactions rose by 81% in March this year.
With the customers’ behavioral change, contactless solutions are what every business is currently seeking to survive today and thrive tomorrow. Having said that, AR and VR definitely have a strong role to play throughout the journey. Not only are the AR and VR shopping experience safe, they also save store-time.
Gone are the days when such technologies were seen only in sci-fi movies. Today’s technological advancement, with the use of AR and VR, have transformed a mere communication enabling device, our mobile phone, to a smart gadget which various industries benefit from.
AR/VR enabled technologies helped the education sector survive amidst the pandemic and the output, due to the implementation of these technologies, warrants that this is going to the future of education. Similarly, AR powered diagnostics removed the chances of contracting the deadly disease which testing as well as treating the patients. It is evident that in the long term, AR/VR is capable of providing a safe and profitable environment to all.
From manufacturing to the healthcare, marketing and beyond
By the year 2025, AR and VR technology are expected to dominate in consumer electronics and reach the living rooms of consumers. However, manufacturing industries are already getting good results from these technologies. The remote assistance possibilities, which exist only due to AR/VR, have been a boon during the pandemic. During the need of the hour, organizations have realized that these solutions are not just convenient but cost effective as well.
AR and VR solutions are helping industrial organizations to provide better training to newly recruited ones, to have a better-skilled workforce, improve operational efficiency and achieve higher workforce productivity by removing the travel time and introduction remote collaboration options.
Sephora uses AR based filters to have their potential customers try lipstick shades through the usage of filters. The latest iPhones work on AR-friendly bionic chips. Startups like Magic Leap work with AT&T to deliver high quality AR content to users. Gatwick Airport has been providing smartphone solutions that provide routes to gates and terminals as per a user’s flight number. It’s been predicted that around 25-30% of the workforce would be working from home by the end of 2021. And when we speak of remote collaboration, we can’t skip AR/VR.
Not only this, a Forrester report also claims that over 14 million American workers are set to use smart glasses on their jobs by 2025.
Looking for a company for AR and VR solutions?
We are a leading developer of Augmented Reality and Virtual Reality solutions. Our team has an expertise in providing solutions and experiences that inspire, inform, and educate users. If you are searching for a trustworthy partner for AR and VR solutions, contact us or send us an email.