There were times, when being a king of one domain including Sensors, Networks, Artificial Intelligence, Machine Learning, Blockchain, Robotics, AR, VR, 3D Printing, made you masters of the market. But today, for a business model to be successful, there has to be a combination of two or three of these technologies running hand in hand.
After years of R & D, Virtual Reality (VR) and Augmented Reality (AR) are finally coming to the mainstream. These brain-computer interface technologies are estimated to have a market revenue of billions in the near future.
First, let’s dig into the understanding of these technologies and then we’ll see how they can be a genie to your business.
What is Virtual reality and Augmented Reality?
Virtual Reality refers to a computer-generated simulation of the real-life environment, wherein the user can interact using electronic devices such as headsets or goggles. VR can be used to give your clients a virtual tour of your services or a 3D simulation of how your product functions, thus helping you persuade clients faster.
The multi-billion-dollar Gaming industry is using VR for immersive gaming experiences. But it is not limited to that sector. It has a wide range of applications throughout domains including Healthcare, Business, Real estate, Design, Architecture, Travel and others.
Augmented Reality is the technology that projects computer-generated augmentations on top of our reality, in a fixed area. AR helps to bring products to life and provides an excellent tool for showcasing data. Rather than analysing data on files and computers, a common AR space can be made, where data can be brought to life and data analysts all over the company can use it.
How can VR/AR help Businesses?
- Sales personals can have a hands-on training experience on products, without the risk of costly real-world mistakes.
- Employees can be trained, not just with recorded lectures, but with a one-on-one experience without the physical presence of the trainers.
2. Sales and Marketing
- Companies can just give a virtual tour of the product and services as opposed to a traditional product launch, which would be cost-effective.
- A client’s gaze in a presentation on a VR headset can be tracked and a detailed pattern of which areas or products attract their attention can be provided. This will help in testing and refining particular areas of the product.
3. Data Visualization
- Understanding the piles of data can be a daunting task, let alone analysing and sharing with the right department. VR can help in the collaborative analyzation process.
- Data analysts can now visualize data as 3D models instead of pie charts. Offices can build a common workspace built using AI, Big Data and Mixed Reality where they can collaboratively work using VR headsets.
4. Product Prototyping
- Prototype of products can be made in a virtual environment using 3D models. This will affect not just the analysis, functionality and designing of products but a modification of the areas that need improvement will be much easier.
- By erasing the need for a physical prototype, the time needed for prototyping; including modification, will reduce drastically.
5. Reducing Business Travel
- Travelling for a business meeting can be reduced to nearly zero by creating a virtual meeting room for teams spread across the globe.
- The translation barrier can now be easily removed with the help of AR. In a common space for international clients, there will thus be a free flow of ideas and ease of communication.
Just like desktop computers and then smartphones, VR and AR are going to take the market by the storm and become a battlefield for marketers and brands. Implementation of these technologies can really help, not just in attracting customers but enhancing customer retention by improving customer experience.
These technologies are surely going to be a trend in the future. The question is will you be a follower of the trend or the trendsetter of the market?