How Extended Reality is revolutionising industries
What is Extended Reality? Extended Reality (XR) represents an umbrella term that encapsulates different immersive technologies, including Augmented Reality (AR), Virtual reality (VR), and Mixed reality(MR).
Notably encompassing the latest advancements in immersion tech, XR signifies a powerful tool with diverse applications. Significantly altering our digital engagement practices this technology profoundly influences several industries. Prominent studies have shed light on the significant role VR and AR can play in boosting the global economy with forecasts suggesting a remarkable addition of $1.5 trillion by 2030.
The scope for innovation with XR is infinite, with reference to a study conducted by Research Nester, the global Extended Reality (XR) market recorded a valuation of $44.03 billion in2022. The study also projects that this sector will surge to nearly $1,423.73 billion by the year 2035, demonstrating a c CAGR of 33.6% from the year 2022 to the year 2035.
Potential applications of Extended Reality in different industries
The advent of Extended Reality (XR) has had a transformative impact on several industries by revolutionising procedures, enriching user experiences, and uncovering fresh possibilities. Let us examine a few examples showcasing how XR is effectively utilised across various sectors:
Extended reality technologies have the potential to significantly impact the healthcare industry. Medical professionals can utilise XR to simulate complex procedures in a virtual environment ultimately leading to improved surgical skills, minimised risks, and heightened patient safety. As an example, Stanford Medicines' utilisation of extended reality software to merge images from MRIs, CT scans, and angiograms, which creates a three dimensional model that can be observed by both physicians and patients. By leveraging XR, students are provided with captivating learning experiences where they can explore into the captivating domains of human anatomy, physiology, and realistic medical scenarios.
XR technology is already being implemented in the manufacturing industry. With several companies leveraging VR capabilities to streamline operations by utilising XR, engineers and designers can effectively visualise leading to more efficient design iterations and reduced expenditures. According to PwC, the incorporation of VR and AR in the development of products and services has the potential to contribute to a substantial increase of $360 billion to the GDP by 2030. The utilisation of XR extends to training workers in dangerous or complicated environments, providing a platform for them to encounter realistic scenarios without risking their safety.
The utilisation of augmented reality offers students the opportunity to engage in immersive digital experiences that greatly enhance their comprehension of various subjects. For instance, students can actively explore 3D representation of the human body, virtually visit historically significant locations, or even embark on a virtual journey through outer space. Additionally, it is worth noting that studies have demonstrated a remarkable 75% increase in memory retention rates when XR technology is integrated into the learning process compared to traditional methods.
Entertainment and gaming
To ensure an enriched user experience, the gaming industry has actively integrated augmented reality functionalities. The Meta Quest 2 is a prime example of how XR (extended reality) technology is revolutionising the gaming industry. By utilising a headset players are able to engage with virtual environments that are exceptionally realistic offering a one of a-kind gaming experience that surpasses traditional methods.
Retail and e-commerce
XR technology enables the incorporation of virtual fitting rooms and virtual try-on experiences. This empowers customers to visualise how products will appear on their bodies prior to finalising a purchase. For instance, YourFit by 3DLOOK, offers a photorealistic try-on experience customised to individual customers. The solution promptly generates a distinct 3D avatar and meticulously measures over 86 points using a quick scan performed on the customer's mobile device.
IKEA, the furniture retailer, currently utilises XR technology with the intent of enhancing their valuable customers' shopping experiences. Furthermore, this company presents a virtual showroom experience that enables customers to leisurely explore over 50 exquisitely furnished spaces or even vacant ones.
In conclusion, extended Reality (XR) is reshaping diverse industries through its ability to offer consumers engrossing encounters. As technology progresses further and adoption rates soar, XR is set to continue transforming procedures, enhancing user experiences, and propelling innovation across a broad range of fields.
As industries continue to embrace XR technology, the integration of XR into business strategies becomes crucial for companies to maintain a competitive edge. This raises the question are you prepared to embrace the future of XR?