Business Reality in the AR / VR Universe

In Frank Baum’s short fiction “The Master Key,” a notion was originally explored 100 years ago. Today’s market for augmented reality (AR) and virtual reality (VR) is worth USD 12 billion. According to Goldman Sachs research, it will reach USD 80 billion by 2025. Even though the two forms are referred to as a single sector, VR, which immerses the user in an alternate reality, presently dominates the market with a 75% share of usage. This is because augmented reality, which enhances existing reality, necessitates more advanced technology. AR is predicted to take the lead once this hurdle is overcome shortly.

Multiple businesses, including video games, live events, video entertainment, healthcare, retail, real estate, education, military services, and engineering, are already feeling the excitement generated by this technology and its ability to revolutionize the way we experience the world. The impact of AR and VR on customer buying is enormous as companies use them to provide customers with a better experience with products and services.

Simplifying Processes & Expanding Reach

AR/VR development has an impact on the customer purchasing journey at numerous phases. When used in marketing initiatives, it greatly increases customer memory and brand awareness. It improves the evaluation process by converting purchasing intent into a sale. Customer loyalty is increased as a result of the intelligent use of AR/VR in the buying process and subsequent customer support.   By 2025, it is expected that 60% of AR/VR usage will be focused on consumers, with the remaining 40% on business and government.   Most businesses have begun to use augmented reality and virtual reality in internal communications, training, and technological development. Communication given using AR/VR is more exciting and impactful. It fosters a more collaborative environment when new employees are introduced and schooled in workplace activities electronically. AR/VR makes it easier to explain complex activities in a store, industrial plant, or warehouse. Customers can gain useful information by participating in immersive experiences during the product design phase.

Final Thought

Today’s business development is disrupted by technology. Though we’ve become accustomed to it, we are aware of a basic truth: if you’re not part of the solution. you know what we mean, right? Do you want to be a part of the evolution and get the benefits of current technology? Consider how virtual reality technologies might benefit your company. Making timely decisions is essential to your company’s success.

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