Extended Reality is an emerging technology and has the potential to benefit businesses. Read on to know more about it…
It was not long back since Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR) changed the way we experience the techno reality. But now a new technology has emerged; known as Extended Reality (XR). The concept of Extended Reality combines the three phenomena of VR, AR and MR and their proliferation and convergence are the reason why XR has emerged. These technologies blend the real and virtual world to create an immersive experience as XR connects and engages customers at deeper, more meaningful levels.
According to the extended reality definition, it incorporates real and virtual environments and concerns technologically powered interactions between humans and machines. Since XR depends on each of the underlying technologies, innovations that bring about changes also create new XR experiences.
By 2022, the market size of Augmented Reality and Virtual Reality is expected to surge and it is expected to increase eightfold as compared to 2018, amounting to $209 billion. Extended Reality is gaining steam, affecting numerous processes and events and transforming a number of Industries.
Numerous companies from the gaming Industry, healthcare, engineering, entertainment industry, real estate, retail and the military sector around the world are already making the most of Extended Reality technology.
Here are its few applications and business value it has…
Healthcare: Medical imaging is a crucial area that benefits from Extended Reality, and modern MRIs and CT scan make extensive use of this technology. XR enables the 3D representation of human bodies instead of the traditional 2D imaging, which improves the efficiency of diagnosing.
Training: People who work in high-risk conditions like military, healthcare professionals, and pilots can train and learn in a more safe and secure environment.
Remote Work: With Extended Reality technology, distance does not stay as a barrier and professionals can easily access data from anywhere.
Real Estate: It would be extremely convenient for property buyers to view and experience properties virtually. The Extended Reality technology will also help interior designers and architects to experiment with their designs.
Marketing: Extended Reality has opened new avenues for brands to engage with customers, introducing new immersive ways to interact with products.
Entertainment: Extended Reality is changing the way consumers experience movies, sports events by making entertainment more immersive. Video games are the main consumer of extended reality technology as their share accounts for 34%.
Although Extended Reality brings many opportunities, it has its own challenges. Extended Reality technologies rely on the data that they gather and this means that the privacy of consumers could be compromised. As with any other technology, XR is prone to cyber-attacks, in particular, to data hacks. It can result in serious damage, since XR-related solutions have access to tons of private information.
The development and implementation of XR solutions and devices that support this technology are extremely expensive, which is why it may come at a high cost. This discourages organizations from investing in it.