Virtual Reality and Augmented Reality
Technology to enable new dimensions of connection. Are you ready to connect in new and innovative ways?
Augmented reality (AR) and virtual reality (VR) have the potential to revolutionize how businesses operate and transform how we work, learn and connect. It’s not just about putting on a headset. From immersive training and development to creating new customer experiences and speeding up product development, the application of AR and VR in business provides an opportunity to connect in immersive, realistic ways, regardless of physical boundaries.
Over the next several years, experts anticipate significant growth in the AR/VR market. According to Statista, it will generate revenue of US $38.6 billion in 2024 and grow at an annual rate of 10.77%, resulting in a projected market volume of US $58.1 billion by 2028. Meanwhile, Harvard Business Review predicts that “AR will affect companies in every industry and many other types of organizations, from universities to social enterprises. In the coming months and years, it will transform how we learn, make decisions, and interact with the physical world. It will also change how enterprises serve customers, train employees, design and create products, and manage their value chains, and, ultimately, how they compete.”
Now is the time to consider how you can integrate these technologies into your business. Doing so not only has the potential to help you reduce costs and improve productivity but can also help customers view your business as innovative and ready for the future.
Augmented reality and virtual reality defined
Augmented reality overlays digital information onto a real-world environment, enhancing the user’s perception of reality.
Virtual reality is a computer-generated simulation of a three-dimensional environment that can be interacted with using special equipment, such as a headset.
The potential of augmented reality and virtual reality
Various business sectors are already implementing AR and VR. For example:
- A large business used VR to onboard new employees, reducing travel expenses while enhancing collaboration and engagement.
- A prominent furniture brand successfully harnessed technology to empower customers to visualize products in 3-D through AR. The application allows users to virtually place furniture items within their apartments before purchasing, providing a comprehensive understanding of how the pieces integrate into their living spaces.
- A well-known makeup brand developed an app incorporating AI and AR that allows users to quickly identify subtle signs of aging, including wrinkles, under-eye conditions, and skin tone and texture variations with a single scan.
- A prominent chocolate company uses AR and VR to deliver an elevated customer experience through improved visual aids. By leveraging these technologies for merchandise visualization and product performance tracking, the company empowers its retail workforce to make data-informed decisions, ultimately contributing to enhanced sales strategies and outcomes.
How BPM can help you utilize AR and VR technologies
From virtual onboarding to immersive retail experiences, BPM has the augmented reality and virtual reality experience to help you understand how to best utilize these technologies to enhance operations, collaboration and engagement, which can lead to improved productivity and reduced costs. We can guide you as you seamlessly transition from traditional methods to innovative technological solutions. We cut through the hype and give you a realistic view of what new technology may mean for your industry or business and how it could help you create a competitive edge. Contact us today to find out more.
