The past two decades have been an evolution for technological advancements in various businesses. There are multiple technologies which are disrupting the way businesses are operating and bringing numerous benefits.
The increased usage of the internet, personal computers, and smartphones have launched us into a digital era beyond what we could have imagined. Consider your imaginations are becoming true and viewing everything in real-time is now possible!
Augmented Reality and Virtual Reality are a couple of technologies which are here to make this possible. Virtual Reality (VR) and Augmented Reality (AR) are the growing technologies which are set to add $1.5 trillion to the global GDP by the year 2030. Moreover, they have already generated $46.4 billion till the date to the global economy.
Augmented Reality makes use of technology to superimpose information such as sounds, images, and text on the global world we view. It adds to the reality we usually view rather than replacing it. The best possible examples are smart glasses such as Google glass, mobile games like Pokemon go which have reached more than one billion downloads in recent years.
On the other hand, when speaking about Virtual Reality, it refers to a computer-generated simulation in which a person can interact and be immersed in an artificial 3D environment by using an electronic device such as special goggles or gloves fitted with sensors.
While distinguishing these technologies, Augmented Reality can enhance both real and virtual worlds while Virtual Reality can enhance only the Virtual world. AR can partially immerse the user in action while VR can fully immerse it.
With AR, users will have a sense of presence in the real world while with VR, visual senses are under the control of the system. AR doesn’t require Headsets while VR needs it. AR involves 25% Virtual and 75% real world while VR involves 25% real world and 25% Virtual world.
These technologies are the recent buzz in the industry. Let’s explore them to know more about their role in drastically changing business processes and how they can benefit these sectors.
Importance of Augmented Reality and Virtual Reality in various businesses:
In the beginning, Virtual Reality was just correlated with hardware and then it entered the software industry and became a popular player in the Gaming and Entertainment industry in recent years. This has been captured by most companies of the present era with different industrial applications.
Similar to VR, Augmented Reality has made everyone interested in exploring the benefits for different sectors. There are AR and VR experts all over the globe who are good at handling various business requirements and making them true!
Let’s have a look at the role of VR and AR in multiple business areas:
- Role of AR and VR in Healthcare
These couple of technologies are patching up the healthcare industry by fulfilling the present needs of these services and their purposes autonomously. With the combination of these two high-end technologies, we can expect a great boom in the healthcare market without any doubt!
On implementing them from now onwards, healthcare and medical professionals will be given an option to ‘swipe’ between these couple of technologies for their activities. This will encourage them to experience a task with higher proficiency, profitability, productivity which can, in turn, enhance their profits as well.
Already, they are being used to help patients to identify their symptoms and even demonstrate how medical devices work! In addition to this, the convergence of VR, gaming technologies, and medical imaging methods provide physicians with the ability to look at a digital twin of a patient’s organs in a non-invasive manner.
Here are the major benefits the Healthcare industry can enjoy with AR or VR implementation:
- Enhanced Patient Experience: Patient experience is one of the desirable factors that get a huge benefit with AR and VR leveraging. Immersion and engagement matter a lot for a successful treatment. However, it has got limited attention due to the relatively inconsequential influence in the grand scheme of things. AR and VR applications can significantly improve the patient experience by coming up with a huge set of features.
- Data Visualization/Body Mapping: The easiest way in which AR can fit into the Healthcare industry is through visualizing data. Relevant Patient information is one of the crucial elements that facilitate better treatment. Augmented Reality can show the stats directly on the patient’s body by pointing out the problematic areas and showing relevant statistics. Though it may sound complicated, the entire thing fits into a pair of smart glasses and can be accessed through smartphones. Yet another way of fitting AR and VR into the examination process is through Body Mapping. A full recreation of the patient’s body comes in handy when the case is complicated or when a doctor is physically not available.
- Advanced Diagnostics: Diagnostics is one of the critical areas in Healthcare which requires precise results and a close assessment of various symptoms. However, it is a tedious task where every single detail matters and can potentially break the diagnosis in different directions. The role of AR here is to bring to more efficient detecting, preventing, and treating many diseases. With AR, doctors can look into the layers of the patients such as checking the vein, organs, lesions, and other parts without penetrating. All these factors can increase the precision of diagnosis.
- Role of AR and VR in Gaming and Entertainment
With the introduction of user-focused technology, every aspect of our life seems to change at a greater pace for every single moment. Incredibly, AR and VR have brought a revolution in the Gaming world which was once considered an impossible factor!
The Gaming industry has displayed fast growth in recent years. Its growth is predominantly by smartphone users who spend an ample amount of time playing the game over phones or new gaming technologies. Globally, it has been assumed that smartphones and the latest technologies have caused a total transformation in the Gaming experience.
VR and AR have reached the mark of sophistication to really engage its gamer. Manufacturers have introduced an innovation that is beyond imagination to offer smooth and immense experience with the right equipment to its users. Here are a few factors associated with the Gaming industry:
- The revival of 3D: The concept of the 3D film is not new for the world. But, it has not found its appeal from the viewers because of its exorbitant expense. With the enhanced usage of Augmented Reality and Virtual Reality, the gaming industry will come up with benefits.
- Captive experience: With the changing time, the Gaming sector has come into demand and this user demand have increased its captive experience. This experience will not allow the user to distinguish between the real and virtual world which is acting as a key feature of success for this sector.
- Real-time interaction: AR technology is best known to bring together the real and virtual that causes the creation of dreamlike mid-path for the users. The capacity to add digital information and real-time in one will turn up to be the game changers for game manufacturers.
- Role of AR and VR in Education
It is important to admit that Education is one of the foundational elements of our society. While education is treated with utmost seriousness, it also comes with issues which need to be rectified. This is where Augmented Reality and Virtual Reality can be helpful.
The Education sector requires new technologies in order to stay relevant in the ever-changing world and be effective at realizing its mission. These couple of technologies could be the next logical step in the evolution of the Education sector.
From a business point of view, AR and VR solutions for Education have easily applicable business models, which is always a great selling point. When AR or VR meets the Education industry, it has the potential to be a win-win situation.
So, here are the possible benefits the industry can experience by implementing AR and VR:
- Expanded Teaching Possibilities: One of the issues with the modern education system is the limited ability to describe & exemplify the complicated concepts and explain them in a more practical and easier manner. AR and VR educational apps can make the process of explaining these complex concepts less challenging by adding an interactive audio video factor.
- Increased Engagement or Immersion through Interactivity: To be honest, most of the students consider Education to be a chore and hence teachers are facing multiple challenges due to the lack of students engagement. This evergreen problem can be dealt with with AR and VR which can add a bit of interactivity to the mix. Interactivity is the key factor why AR and VR are so attractive for Education purposes. Since today’s education requires a lot of listening, taking notes frequently, while a few taking time for imagination which is now resolved with them.
- Fewer Distractions: One of the toughest factors of teaching is keeping the attention of the classroom and also dealing with distractions happening there. Moreover, with the increased usage of mobile phones, it has become additionally challenging. A well-orchestrated VR experience can completely shut off a student’s attention from any distracting factors and help them in coping up with concentration on their subjects. Things can get better due to the Immersion and ability to interact within the environment.
- Role of AR and VR in Manufacturing
In addition to the above industries, Augmented Reality and Virtual Reality have found their places in the Manufacturing industry as well! Right from design and prototyping to the final production and assembly process, these couple of technologies play a major role!
In the Manufacturing industry, the transformative potential of reality technology is seamlessly tied to the demand for continuous production and non-disruptive performance! By implementing the combination of Augmented Reality and Virtual Reality in the Manufacturing industry, it can create a virtual simulation of every process in this industry.
Here are the major benefits of making use of AR and VR in the Manufacturing industry:
- No Downtimes or Disruptions: In a complex enterprise, the Manufacturing line is expected to work 24/7 and should afford zero downtime. By simulating key processes and performing virtual tests of production lines and equipment, AR and VR technology can help in figuring out mistakes which could result in potential disruptions and eliminate them before they stall operations. Making use of Virtual Reality for instructing employees in real-time helps avoid downtime caused by unexpected illness or absence of a worker in the enterprise.
- Reduced Expenses: When looking from a business perspective, implementing AR and VR will reduce expenses by eliminating the costly trial and error phase. By offering guidance and instructions in real-time, VR solutions can help reduce training and coaching expenses. Added, they are also helpful for organizations in reallocation of resources by allowing the experienced workers to focus on the areas of expertise and attention.
- Increased security and Better quality: Enhanced predictability of production processes also requires increased security. AR and VR technology assists in finding out and eliminating threats, instructing employees, and thereby reducing accidents. Additionally, AR and VR offer higher precision to every factor of the industrial manufacturing process by ensuring both faster time to the market and better quality of manufacturing goods.
|TOP INDUSTRIES BENEFITING FROM AR AND VR |
ECommerce Automotive Fashion Gaming and Entertainment Hospitality Tourism Renovations Higher education Retail and Manufacturing Banking and Financial services
- Role of AR and VR in Finance
The emergence of business applications with AR and VR has been accepted by many industries which also includes the Financial industry. A report by global investment bank Goldman Sachs has estimated Augmented Reality and Virtual Reality to become an $80 billion market by the year 2025.
The key use cases that financial institutions are experimenting with focus on the increased value propositions that can be derived by making the experience more personalized and accessible to core banking systems. These use cases can vary from basic applications which use location services that help to deliver updates about the nearby ATM and bank branches to dynamic 3D solutions promoting investment advice and banking solutions.
Here are the major benefits of making use of Augmented Reality and Virtual Reality in the Finance industry:
- Virtual Trading: With advanced AR or VR backed stock trading and investing has enabled participants to track and visualize financial markets with higher depth. One can experience a drastic change from flat images and charts to holographic visualizations, 3D figures, and intuitive heatmaps in terms of market data analysis. This technology has also paved the way for “workplace anytime anywhere” by allowing employees to work from anywhere anytime on laptops and mobiles as well as switch to Virtual rooms to get advice from Virtual agents.
- Virtual retail banking: With the increased shift happening towards the digital ecosystem in recent years, the idea of Virtual retail banking is already in place. By making use of Chatbots and Virtual agents, the experience of banking is becoming more personalized and immersive to enhance the customer satisfaction. Providing face to face interaction from anywhere anytime is a key factor for which banks are implementing these technologies which also facilitates better interaction and trust in the advice.
- Increased Security: With a great rise in the use of data security management systems, many institutions are looking for technical options to boost core systems. By integrating Biometrics as a part of Financial Services, the process becomes more secure and sustainable protection against data breaches and identity theft. It includes various factors such as Iris detection, facial gestures, voice recognition along with fingerprints for higher security. Axis Bank was the first Indian bank to adopt AR integrated with Iris scan for Aadhar scan authentication for micro ATM apps. Real-time detection of the nearest branch and ATMs are made feasible with AR view features.
There is no denying that the Augmented Reality and Virtual Reality revolution will change the way industries are operating. Millennials, the generation expected to drive business partners with the implementation of technology, will play a great role in the adaptation of such tech and drive decisions for tech-driven inclusion of solutions in every industry.
We at Coitor are aware of this fact and help all kinds of businesses in addition to the above stated ones in implementing Augmented Reality and Virtual Reality solutions as per their budget and preferences. You can get in touch with us if you are looking to leverage these couple of technologies and profit your business!