XR stands for “extended reality.” This includes a variety of technologies like virtual reality or VR, augmented reality or AR, and mixed reality or MR technologies. VR creates a completely immersive, computer-generated experience, while AR overlays digital information onto the real world, and MR combines elements of both VR and AR to create a blend of real and virtual worlds.
These technologies are used in a variety of industries, such as gaming, education, healthcare, and more. This industry is expected to surpass $252 billion by 2028, according to Statista, up from $ 27.96 billion in 2021.
This article discusses 5 emerging trends in Extended Reality that are going to shape this technology domain in 2023. Read on to know what are the ways in which XR tech will influence businesses and individuals in the coming year.
1. Higher Demand for XR Headsets
Companies and investors realize the potential of AR technology in improving efficiency and productivity in various industries, such as manufacturing, healthcare, and construction, which has led to an increase in demand for AR headsets. The influx of venture capital funding has also resulted in an increase in their availability and affordability.
As Meta has taken many steps to integrate the AR experience with physical devices and software interfaces, Oculus has been considered as an option while deciding to source XR headsets. In fact, Quest 2 has been at 84% market share in this segment for the majority of 2022 due to its attractive pricing, according to IDC’s latest data.
However, experts have found there may be a few challenges in using this device in the business context. If you are planning to invest in XR headsets for employees in your company, check detailed and unbiased reviews of Oculus quest 2 enterprise by Meta before finalizing anything.
AR technology has improved significantly in recent years, making AR headsets more reliable and user-friendly, which has increased the demand for them. The demand for augmented reality (AR) headsets like the Oculus by Meta has increased significantly in recent years. As AR technology is more widely adopted, more people are becoming aware of its capabilities and potential uses, increasing demand for AR headsets.
2. Immersive Consumer Experiences in Metaverse
XR technology can help businesses explore the metaverse by providing new and innovative ways to engage with customers, employees, and other businesses and creating new growth and revenue opportunities. Here are a few examples.
- Businesses can create virtual storefronts in the metaverse, allowing customers to browse and purchase products in a fully immersive digital environment.
- They can host virtual events, such as conferences, trade shows, and product launches, in the metaverse, reaching a global audience and allowing attendees to interact with each other and with the brand in a highly engaging way.
- Businesses can use XR technology to create virtual marketplaces to connect with other businesses, suppliers, and customers to share information, collaborate and conduct commerce.
3. Adoption of XR Tech in Training
To allow virtual tours, remote operations, and management, businesses can use XR technology to create virtual representations of physical spaces such as factories, stores, and warehouses.
Businesses can use XR technology to create virtual training environments for employees, allowing them to practice and hone their skills in a safe and controlled setting.
XR technology can be used to provide simulations for training and therapy for individuals with cognitive or developmental disabilities.
4. Drive Inclusiveness
Augmented reality (AR) can help mobility-challenged individuals experience the world in new ways by overlaying digital information with the real world. This can include visual cues and navigation aids to help individuals navigate unfamiliar environments, such as arrows pointing to exits or landmarks.
AR can also provide audio descriptions of the environment, such as the names of buildings or points of interest, for visually impaired individuals.
AR can also provide simulations of environments inaccessible to mobility-challenged individuals, such as hiking trails or historical sites. This can allow them to experience these places virtually, without the physical limitations imposed by their mobility challenges.
AR can also assist with daily tasks, such as cooking or dressing, by displaying instructions and visual aids on the physical objects in the environment.
Overall, AR technology can provide a more inclusive experience to mobility-challenged individuals by making the world more accessible, allowing them to explore and interact with their environment in new ways.
5. Continued Disruption of Gaming
Augmented reality (AR) has disrupted the gaming industry by creating new and innovative ways to play. AR technology allows games to be played in the real world, using the player’s surroundings as the game environment. This has led to the development of new game genres, such as location-based and mixed-reality games.
Location-based games, such as Pokemon Go, use the player’s GPS location to create a game environment that is specific to their location. This allows players to explore their local area and discover new places while playing the game.
Mixed reality games use AR technology to overlay digital elements in the real world, creating a more immersive gaming experience. This has led to the development of new types of games, such as first-person shooter games that use real-world environments as the game’s setting.
XR technology has also allowed for new ways of playing games, such as using hand gestures, facial expressions, and voice commands to control the game. The Fantasy Sports industry is expected to grow by $6 billion between 2021 and 2026, with a CAGR of 6.5%, according to market research firm Technavio. The same report also predicts that 41% of this growth will come from North America.
XR technology, which includes virtual reality (VR), augmented reality (AR), and mixed reality (MR), has the potential to revolutionize the way businesses operate. From improving training and education to increasing productivity and efficiency, XR technology can provide a wide range of benefits to businesses across industries.
The ability to simulate real-world scenarios in a virtual environment allows for cost-effective and safe training for employees. In retail, XR can create immersive shopping experiences, increasing customer engagement and sales. As technology continues to advance and become more accessible, businesses that invest in XR technology will be well-positioned to stay competitive in the years to come.