XR in Industry - Digital Era 2023
My Personal Experience with Extended Reality
I was looking for something new in my career since I have been working as a Business Development Rep for 5+ years, I don't want to sell typical software, I wanted something to learn and grow along with my career on my technical knowledge aspect as well. I am an enthusiast of 3D modeling, games, etc.
That's when XR caught my eye, as one of the emerging technology in the market with global growth of US $42.8 Billion and expects a market reach and value of US $465.26 Billion by 2027 exhibiting a CAGR of 46.20% during 2022-2027. I have been enthralled by the various use cases that XR can provide across verticals.
Intro
What is XR? XR(Extended Reality) is an umbrella term for AR/VR and MR(mixed reality) and all have distinct and combined use cases, the combined application known as Metaverse.
Why XR? Virtual reality is used in aviation and architecture for viewing the final product. Users have tremendous experience in using virtual reality. The VR technology makes users feel that they experience real locations and hear real sounds and see real things.
XR has revolutionized how we connect and interact with a product. Today, you can view and purchase a product anywhere, without being physically present at the premises or in the store.
A quick example, when covid hit the automotive market went down drastically, but not for the ones who invested in XR, with Augmented reality people were able to visualize, customize and buy Cars from their homes, visit showrooms virtually,
The below-given link is a certain use case that provided tangible benefits on the leveraging XR,
https://xrlabs.co/works/petromin-saudi-ar-marketing-experience-for-nissan-dealership/
Virtual Reality in Training
As per my current experience working in XR, I see people got more traction and tangible benefits in Learning & Development & EHS by implementing virtual reality-based training for their employees,
This is could be divided into,
Inspection and Quality Based Training Simulators
Health & Safety Based Training Simulators
Assembly & Operations based learning Simulators
1. Softskil Learning Simulators: Learn basic office etiquette do's and don't for office IT security and compliance. This has been leveraged by HR people and process transformation to train their employees on certain etiquette, and as a part of the learning and development department as well,
2. Health & Safety Based Training: The EHS simulator was designed to be highly immersive to convey the fatal consequences of any error in compliance with safety protocols. Several fortunes 500's like Michelin, Schneider, and Hyundai, are leveraging this to help employees showcase how fatal a small mistake in the manufacturing area can be,
In a simulated environment, the weight of the message conveyed is high and employees have performed well and the workplace accidents gradually decreased to zero, find the example for certain use cases below,
3. Assembly & Operations-based learning Simulators: The solution and pain point that we worked on for our automotive client is to assemble an entire bike in Virtual Reality, thus we have helped them improve their employee performance by 40% and workplace incidents by 60%
AR/VR in Marketing
Customer commitment and satisfaction with your product/brand are essential in this digital era, with competitive brands who are neck and neck to present their product in an innovative way,
1. AR-Based Product Visualizers: Do you know that you can visualize, customize and purchase a car from your home Just with your smartphone, don't think you see for yourself,
We have come a long way, to win the hearts of millions storytelling in a fun way is the way,
Even a Cookie pack can be fun with AR-based packaging, as given below,
2. Interactive ads: AR-based Billboards, interactive Ads, and Interactive Magazines are new ways of enticing customers to engage with their brand, whether it's retail, fashion, or cosmetic, Telling brand stories becomes hard day after day, every attention grabber needs to be fresh and innovative. Old-school storytelling methods no longer work for 21st-century viewers.
3. AR Enabled Infographics are the best way to transmit any business transition or growth pathway, even a success story. Infographics work well with both print and online media, enabling augmented reality to your infographics images can create a powerful impact within a short period.
Metaverse
Metaverse is a place where hybrid space and digital space go hand in hand. In simple terms, Metaverse is a 3-D web space based on AR (Augmented Reality) and VR (Virtual Reality). Users in Metaverse can come together in a digital universe and perform any given activity available. It's like a virtual interconnected space consisting of digital objects, TNT, avatars, and much more.
And with the recent Development in technology also advocates that it can bring IOT, AI, and Holographic avatars to its arena,
While these technologies already lead enterprises to success, the real question is, what does Metaverse mean for enterprises? Let’s check it out!
1. Business Use Cases: Metaverse can replicate the real world using AR&VR, and it's the next iteration of web social media, it offers various opportunities for businesses to leverage it in terms of marketing, branding & customer engagement
Industries like Automotive, Pharma, and Retail Brands are already investing in metaverse to tell stories innovatively for their brand and customer engagement,
2. Virtual Events, Product launches are conducted in the metaverse, this is mainly true for telecom and smartphone manufacturers, Oppo release their product back in 2021 in the web-based metaverse and is still active this day you can visit the website and play around for the experience,
3. Sell and showcase Brands and e-commerce companies actively use Metaverse to enable their customers to try clothes, glasses, furniture, and everything else with a better experience. Businesses can also set up stores and showcase their products and services virtually with the opportunity for many new customers to be added to the target.
Conclusion
With time XR will be a part of day-to-day life, and at this pace, we are going probably to the next generation for day-to-day use, But various sectors are researching and experimenting with prototypes in the metaverse. It’s time for enterprises to take a step ahead and implement XR technology at a pace for their business.
For my next topic, I will talk about XR in day-to-day life! stay tuned!!
How XR Labs can help you leverage XR?
XR Labs is an AR/VR with the motto of Taking the first step toward an immersive future. We help many industries embrace XR across verticals like Education, Tourism, EHS, Manufacturing, Marketing, etc. Our R&D consistently works on use cases that are proven to provide tangible benefits and ROI. You can advance your core business goals and keep yourself on the cutting edge of the competition
Talk to me and see if I can help you achieve your business objectives and goals!