Did you know that by 2028, the global XR market is projected to reach $604.3 billion emphasizing the growing importance of immersive experiences? Navigating the swiftly changing digital terrain, Extended Reality (XR) is emerging as a game-changer for brands seeking increased efficiency, cost, and time reduction, increased user engagement, and improved training outcomes. This technology, which includes Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR), is transforming the way businesses operate and engage with their customers.
Key Insight:
With technologies such as WebXR and CloudXR, XR experiences are now more accessible on various devices, including VR headsets, mobile phones, and web browsers. This cross-device compatibility is vital for businesses aiming to engage a broader audience with immersive experiences.
What is an XR experience? An introductory overview
Extended Reality (XR) is an umbrella term for any technology that alters reality by adding digital elements to the physical or real-world environment to any extent. This includes, but is not limited to, Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR). Any new technology that blends the physical and virtual worlds will also be categorized as XR. The “X” in XR stands for any variable – any letter of the alphabet – that may be used in the future for such technologies.
Top 5 Global XR Business Trends and Real-world XR Technology Examples
According to Gartner's forecast, by 2025, approximately 10% of the workforce is expected to engage in activities like sales, customer engagement, remote collaboration, and onboarding within virtual spaces. This shift is driven by the transformative impact of XR technology, revolutionizing both business and customer experiences. The world of Extended Reality (XR) is rapidly evolving, with several key trends shaping its future:
XR in The Metaverse:
XR in the metaverse, or Web 3.0 is predicted to accelerate. Global companies like Qualcomm with its $100 m Snapdragon metaverse fund, Microsoft and its Activision acquisition, Nvidia with its Omniverse expansions, and many others are investing billions into the building blocks(hardware, software, and infrastructure) of the metaverse. Tech giant, AppleInc, has already invested in one of the largest AR platforms in the world, with Samsung and HTC also working on building new XR experiences.
Digi-Twin Market:
The Digi-Twin market is predicted to accelerate to $16 billion by 2023. As XR is becoming more commonly used, the demand for this level of realism requires businesses and brands to create more complex environments, experiences, and interactions. For instance, Expo 2020 Dubai, utilized this innovative technology to create an Expo twin covering over 200 buildings across a huge 4.38km² location. The Dubai Municipality has also revealed plans to work with private sector companies and investors to create a digital twin of the city in the metaverse. Other companies playing in this field include Siemens, IBM, Microsoft, Amazon, and Oracle.
Photo-Realistic XR Experiences:
Advancements in XR hardware and software, coupled with growing development capabilities, are paving the way for the creation of increasingly photo-realistic XR experiences. With tools like NVIDIA Holodeck, Unreal Studio, and Varjo XR-3 hardware already pushing boundaries, the trajectory toward photo-realism in XR is certainly set to continue. The ultimate goal is to achieve a level of visual quality in XR experiences where texture, lighting, and depth perception are virtually indistinguishable from real-life counterparts, marking a significant leap in visual fidelity for XR technology.
Avatars:
The trend of developing hyper-realistic avatars and non-playable characters (NPCs) mimicking real-human features, including complexion, emotions, and responses, is gaining traction. The hyper-realistic avatars market is projected to exceed $528 billion by 2030, with continued growth in 2023 driven by the rising demand for photo-realistic XR experiences.
Holoportation:
XR Holoportation is another rising XR trend wherein high-quality 3D models of individuals are reconstructed, compressed, and transmitted globally in real-time. When integrated with mixed reality displays like HoloLens, this technology enables users to perceive and engage with remote participants in 3D, creating a lifelike presence as if they were physically present in the same space. Microsoft has been working on its HoloLens for quite some time to bring in mixed reality for businesses and gaming platforms.
Top 5 Business Benefits of Extended Reality Experiences
XR technology presents a myriad of advantages tailored to specific industry needs, ranging from heightened efficiency and reduced costs and time to advancements in acquisition and retention strategies. Universally, across all sectors, the top five business benefits of XR include:
Enhanced Customer Engagement: XR has the power to craft immersive and interactive experiences, surpassing the capabilities of traditional media, thus fostering deeper engagement with customers. A great example of this is cosmetics and beauty powerhouse, L’Oréal’s AR-powered virtual try-on feature enabling customers to virtually test makeup products before buying. They have also ventured into VR experiences, organizing virtual beauty tutorials and make-up classes offering customers a convenient way to improve their beauty skills.
Improved Communication and Collaboration: According to Forbes, 12.7% of full-time employees work remotely while 28.2% work on a hybrid model. Particularly beneficial in remote work scenarios, XR facilitates enhanced communication and collaboration by offering a shared virtual space where teams can interact seamlessly, overcoming geographical barriers.
Better Data Analysis: XR excels at intuitively visualizing complex data, leading to improved insights and more informed decision-making processes for businesses. For instance, in the healthcare sector, XR enables medical professionals to view patient data from multiple angles and observe it in 3D. This can lead to faster diagnosis and better treatment plans.
Safe Training Environments: XR creates realistic, risk-free training environments, particularly valuable in industries where real-world training can pose dangers or incur significant costs. It also significantly reduces training hours resulting in further cost savings. The global technology leader, Aptiv, for instance, reduced in-person training time from 2 days to 4 hours using VR training.
Improved Customer Experience: By providing personalized and immersive experiences, XR elevates the customer experience, contributing to increased satisfaction and loyalty among customers. Consumers are, for instance, welcoming artificial intelligence (AI) with open arms: 69% say they are open to the use of AI to improve their experiences. Furthermore, 65% of customers expect at least part of their customer journey to be automated. XR technologies, which often incorporate elements of AI and automation, can play a key role in meeting these consumer expectations.
Bridging The Gap: XR experiences and accessibility across devices
WebXR revolutionizes the creation and deployment of augmented, virtual, and mixed reality experiences by enabling instant access through the web, eliminating the need for dedicated apps or downloads. What sets WebXR apart is its compatibility with various headsets and devices, often requiring minimal modification to access content. This flexibility ensures users can effortlessly engage with robust, high-quality immersive experiences from any location worldwide, liberating them from the constraints of physical connections to workstations.
Whether it is product designers examining intricate 3D models or For instance, WebXR can be used to create immersive learning experiences in various fields. In the medical field, for example, a WebXR application was developed to provide standard operating procedures for performing intramuscular injections. This platform is accessible using various devices, including mobile VR devices, Android, Magic Leap1, and Hololens 2. In the retail sector, IKEA’s use of AR to allow customers to see how furniture will look in their homes virtually is another example of WebXR in action.
For first responders undergoing realistic training simulations, the accessibility of CloudXR on Windows and Android devices extends the benefits of immersive experiences to a diverse range of users.
For instance, WebXR can be used to create immersive learning experiences in various fields. In the medical field, for example, a WebXR application was developed to provide standard operating procedures for performing intramuscular injections. This platform is accessible using various devices, including mobile VR devices, Android, Magic Leap1, and Hololens 2. In the retail sector, IKEA’s use of AR to allow customers to see how furniture will look in their homes virtually is another example of WebXR in action.
Conclusion
XR technology is transforming the way we interact with the world around us. It’s providing businesses with new ways to engage with their customers, train their employees, and improve their operations. As this technology continues to evolve and become more accessible, we can expect to see even more innovative and immersive XR experiences in the future.
Choose SpaceTo for your XR journey
Do you aspire to lead, innovate, and captivate your audience in ways previously unimaginable through the power of Extended Reality (XR)? To embark on this transformative journey, it's crucial to partner with experts who not only understand the metaverse but also harness the potential of XR across all industries. SpaceTo, a division of the Dubai-based Eventagrate Group, comprises seasoned professionals deeply immersed in both the metaverse and XR technologies. Join the metaverse revolution and propel your brand to new heights! Get in touch with our XR and metaverse experts today.
FAQ
