How Extended Reality Is Transforming Business Environments?
Picture yourself diving into crystal-clear Grecian waters or taking a walk on the moon, all the while sitting in the comfort of your home. As fantastical as this may seem now, Extended Reality is making this possible as we speak. What is Extended reality and what are its powerful real-world applications? Let’s check.
Understanding What Extended Reality Is
Extended Reality is a blanket term that encompasses all virtual and real environments generated by computer technology. This includes components such as Virtual Reality, Augmented Reality, and Mixed Reality. Extended Reality is poised to completely revamp the way businesses interact with the media and has the potential to allow seamless interaction between the real and virtual worlds allowing its users to have a completely immersive experience.
Three Remarkable Components of Extended Reality
These components fall under the category of immersive technologies that can affect our perceptions. Here is a little bit about them:
Virtual reality: Virtual reality transposes its users to a different setting through a simulated digital experience. It makes use of a head-mounted display (HMD) to create an immersive experience by simulating as many experiences as possible. Industries such as healthcare and real estate have started using virtual reality significantly.
Augmented reality: As the word suggests, augmented reality takes the existing reality and overlays it with various types of information, enhancing the digital experience. It could be categorized as marker-based, marker-less, and location-based. It has proven useful in medical training, design, modeling and numerous other areas.
Mixed reality: Being the most recent advancement among reality technologies, mixed reality is experienced through mixed reality glasses or headsets where you can interact with physical and digital objects in real-time.
Related Reading: Augmented Reality Vs. Virtual Reality – The Future Technology
The implementation of these technologies through extended reality is enabling businesses to create innovative solutions and increase customer engagement, reduce human error and improve time efficiency.
5 Powerful Real-World Applications
“The market for Extended Reality is expected to have a compound annual growth rate of more than 65% during the forecast period of 2019-2024,” says Mordor Intelligence.
Check out these five real-world applications of extended reality:
1. Entertainment and Gaming
The entertainment and video games industries are the foremost users of Extended Reality. Camera tracking and real-time rendering are combined to create an immersive virtual environment, allowing actors to get the real feel of the scene, thereby improving their performance. The extended reality also allows for multipurpose studio environments, thus reducing the cost of an elaborate movie set.
Video gaming is enhanced by the ability of Extended Reality to create a comprehensive participation effect. This allows users to dive into a completely different reality. Other entertainment events such as exhibitions and live music can also be enhanced by the capabilities of Extended Reality.
2. Employees and Consumers
- Training: Extended Reality allows employees to be trained and educated in low-risk, virtual environments. Medical students, surgeons, firefighters, pilots, and chemists can closely simulate risky scenarios with minimal risk and less expense. The experience they gain will prove invaluable when they handle real-life situations.
- Information: Replacing physical manuals, Extended Reality can enable technicians to focus on the task without having to flip the pages of a manual. It can even connect an expert remotely to the real-time issue for his expert advice. This would save organizations a whole lot of money, and more importantly save them valuable downtime as they wouldn’t need to wait for experts.
- Improve customer perspective: Simulating virtual experience brought on by specific diseases and impairments can help doctors and caregivers receive empathy training.
Extended Reality is improving healthcare by streamlining medical procedures while enhancing patient care. Allowing surgeons to visualize the complexities of the organs in 3D, it is enabling them to plan each step of a complicated surgery well in advance. Essentially, it is ensuring that surgeons can perform surgeries in a more safe, effective and precise way.
4. Real Estate
Extended Reality makes it easier for real estate agents and managers to close a deal by enabling prospective homebuyers to get a real feel of the property. The layout scenarios that are enabled by Extended Reality enhance customer experience while providing strong business opportunities.
Related Reading: AR and VR- Game Changers of Real Estate Industry
Extended Reality enables marketers to give their consumers a ‘try before you buy’ experience. It allows consumers to be transported to a place, immerses them in that world and motivates them to explore it. As an example, Cathay Pacific used a 360◦ video with hotspots to help potential customers experience the brand firsthand. That increased customer awareness by 29% and brand favorability by 25%.
Face the Future with Extended Reality
There are many more advancements and applications to be discovered with Extended Reality, and it is soon going to be imperative to competitive advantage. Make sure your business isn’t left behind. Talk to our expert today.