Why XR Technology Is Here to Stay and How It Can Help Your Business

A merge between the physical and virtual worlds is now possible thanks to immersive technologies. XR, also known as extended reality, is the umbrella term for all technology that combines the virtual and real-world or creates a fully immersive experience. By 2022, the XR market is expected to reach $209 billion.¹ This incredible growth is something no business can ignore.

Types of XR

1. Virtual Reality (VR)

2. Augmented Reality (AR)

3. Mixed Reality (MR)

Virtual Reality

VR requires the user to wear a headset which covers the eyes, creating the illusion of being in a different reality. By using a 360° image, a whole new type of experience is available to the user.

VR has so far made the biggest impact on the entertainment industry,²  most significantly impacting the gaming world. However, there is also a significant opportunity for companies to use VR to educate and train people and sell products. It allows potential customers to look at products at the most convenient time and requires no travel or physical items.

Augmented Reality

AR uses a device like a mobile phone or AR glasses to display digital content in real-life settings to create an immersive experience for the user.

One of the most popular examples of this technology is the well-known game, Pokémon GO, or filters on Instagram and Snapchat. AR is being used by businesses to show how products would look in customers’ homes and as a training tool. AR can be easily implemented by businesses as it doesn’t require their potential customers to use a headset and the only tools they need they most likely already have.

Mixed Reality

MR creates what’s known as hybrid reality. It requires a headset and more processing power than AR or VR. However, it allows the user to interact with the digital object placed in reality in more complex ways. It is still very much a work in progress but companies are quickly finding ways that they can use MR to solve problems and enhance their customers' experiences.

Customer Interaction

XR immersive experiences allow companies to form memorable interactions with their followers and customers. It simplifies the purchasing decision-making process by allowing potential customers to view products in proportion without having to leave their home. Nowadays, you can see how your kitchen would look in a different colour using AR and your smartphone.

Employee Engagement

XR technology offers training opportunities in any remote setting, saving time on travel. It provides a safe environment to train in, especially in industries such as the armed forces, oil and gas businesses, or emergency services. XR technologies can simulate these extreme environments without putting employees at risk.

Furthermore, employees can work together on projects that they would normally need to be in the same room for. 

Marketing

The ability to deliver experiences that create emotional connections and bring brands and their consumers closer is possibly XR’s biggest potential for marketing.³ It offers a new way of interacting with followers and customers. 

Immersive technologies already have a profound impact on businesses, allowing them to interact with their customers in new ways and connect with their followers more effectively. As XR technologies increase in availability, there will be an increase in businesses that will use them to educate, train and entertain. As a result, these businesses will widen their opportunities for growth and brand recognition.