More than Hype: Extended Reality is Transforming Industries in Unexpected Ways

XR has already shown its potential to revolutionise several industries. There are still many ways it can be used to change the world around us. Here are some innovative and unexpected ways in which XR can do things that we might not be thinking about today.

Healthcare

XR can transform healthcare by allowing doctors to perform remote surgeries and enabling medical students to practise in a safe and controlled environment. Additionally, XR can help patients with mental health conditions by creating immersive experiences that aid in therapy. A study conducted by the University of Cambridge found that exposure therapy using VR is an effective treatment for patients with arachnophobia, fear of heights, and claustrophobia.

Education

XR has the potential to transform education by creating immersive and interactive experiences that can't be replicated in a traditional classroom. For example, XR can transport students to historical events, explore the human body in a 3D environment, or visit the solar system. A study by Metaari estimates that the global market for XR-based education products will grow from $0.8 billion in 2016 to $6 billion by 2023. 

Tourism

XR can be used to enhance the tourism industry by creating immersive experiences that allow visitors to explore destinations from their homes. This can help attract tourists to less-known destinations and provide a more comprehensive understanding of a location's cultural significance. According to a report by Grand View Research, the global AR and VR in the tourism market size is expected to reach $11.6 billion by 2025.

Retail

XR can transform the retail industry by providing customers with immersive experiences, such as virtual storefronts or dressing rooms. This can help businesses reach a wider audience by providing a unique shopping experience and by reducing the costs associated with maintaining a physical store.

Real Estate

XR can transform the real estate industry by providing customers with immersive experiences, such as virtual tours or walkthroughs of properties. This can help buyers make informed decisions without physically visiting the property, saving time and money for both buyers and sellers. According to a report by Goldman Sachs, the VR and AR market in real estate is expected to reach $2.6 billion by 2025.

In conclusion, XR has the potential to transform several industries in unexpected ways. By creating immersive experiences, XR can revolutionise healthcare, education, tourism, retail, and real estate. The statistics prove that XR is not just a buzzword but a technology that is changing the world around us. As XR continues to evolve, it's exciting to think about the many innovative ways that it will transform our lives.

The Sales Potential of Extended Reality: How XR is Changing the Consumer Experience

Extended Reality (XR) technology, which includes virtual reality (VR), augmented reality (AR), and mixed reality (MR), has made significant strides in recent years, revolutionising the way businesses operate. XR provides unique opportunities for companies to improve their sales and increase consumer consideration, and here's how.

Immersive Product Visualisation XR allows customers to visualise products in a more immersive way. This means that instead of simply looking at a product on a website or in a store, customers can now experience it in a virtual space. For instance, IKEA has used XR to create an app that lets customers visualise furniture in their homes before they buy it. This led to a 98% customer satisfaction rate and a 2x increase in sales.

Enhanced Consumer Engagement XR can help businesses improve consumer engagement and create unique experiences that can't be replicated in any other way. For example, L'Oreal Paris launched an AR app that lets customers try on makeup virtually. The app has been downloaded over 20 million times and has led to a 49% increase in sales.

Virtual Events XR can also be used to create virtual events that can be attended from anywhere in the world. For example, the Coachella Valley Music and Arts Festival launched a VR app that let users experience the festival as if they were there. This helped the festival reach a wider audience and generate more revenue.

Training and Education XR can also be used to train employees or educate customers. For example, Walmart has used VR to train employees in various tasks, such as handling holiday rushes. This has led to a 70% retention rate and a 10-15% increase in productivity.

The statistics speak for themselves. According to a report by MarketsandMarkets, the XR market is expected to grow from $33.9 billion in 2020 to $125.2 billion by 2025, at a CAGR of 29.4%. Additionally, a study by ARtillery Intelligence found that XR commerce revenue is expected to grow from $6.3 billion in 2020 to $126 billion by 2026.

In conclusion, XR technology has the potential to revolutionise the way businesses operate and interact with customers. By providing immersive product visualisation, enhancing consumer engagement, creating virtual events, and providing training and education, businesses can increase sales and improve consumer consideration.

 With the XR market set to grow exponentially in the coming years, it's time for businesses to start investing in this technology to stay ahead of the competition.