How AR and VR Can Transform Businesses

CIO Review Europe | Monday, May 03, 2021

Augmented reality and virtual reality is transforming the way companies work and interact with customers, colleagues, and the world.

FREMONT, CA

AR and VR technology has advanced significantly in recent years, and its applications are now extending to a wide range of fields and companies, including retail, e-commerce, education, tourism, engineering & manufacturing, training, healthcare, construction, architecture & interior design, real estate, marketing & advertising, and sports.

AR blends digitally generated data with data gathered from the real world. Existing environments are overlaid with computer-generated imagery for the user to see. One of AR's benefits is that it can be used on smartphones, and it's already finding applications in daily life.

A VR experience occurs in a fully simulated, isolated reality, making it an ideal platform for gaming and 3D films. Virtual reality business concepts are not restricted to those. VR devices are also edging towards more mainstream consumer use due to introducing new efficient and affordable headsets.

This technology can appear to be costly to incorporate, but it can provide many competitive advantages, like minimizing costs, boosting operations, and generating a higher return on investment (ROI) for all the business ventures.

Best Virtual and Augmented Reality Business Opportunities

Games, Leisure, and Entertainment

Companies may make money from virtual reality games by selling them in shops or charging brands for advertisements. If they own an arcade, investing in VR equipment and AR/VR games will boost their sales and attract more customers. Another promising market opportunity is AR/VR escape rooms. Entrepreneurs should use modern technology instead of constructing a real escape room, much less designing many rooms as space stations, haunted mansions, and so on. Customers can find various VR experiences encountered in a single physical space to be equally enjoyable.

E-commerce and Retail

The invention of augmented reality apps is about reshaping both online and offline shopping. AR apps enable customers to connect with products and create more personalized shopping experiences. The customers can consider themselves in a shop with a smartphone in hand. They will see the costs, special deals, and discounts on the screen and the features and any other information they need to know about a product.

Interior Design, Landscaping & Urban Planning

Designers and owners should experiment with different colors and ideas and determining the materials and labor costs. Clients will see how their future homes will look by seeing construction workers bring blueprints and images to life. Likewise, an augmented reality app will assist with landscaping. Virtual reality will assist in the development of construction plans. It also helps in presenting a design idea in a positive way and the visualization of relevant information.

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