Top 10 Virtual Reality & Augmented Reality Applications in Business
Augmented Reality and Virtual Reality are the most emerging technologies in this decade. They provide a new process of connecting with colleagues, customers, and the world around us. Augmented reality is a sibling of virtual reality (VR), but AR blends digital elements with real-life, whereas virtual reality creates a completely digital world.
The growing number of mobile phones, their extending features, and raising Internet speed boosts the expansion of AR technology (Top 15 Emerging Technology Stats That You Must Know )
. As per the Digi-Capital’ report, the installation of AR applications in mobiles can reach 3.5 billion by the year 2022. In this way, more organizations are eying towards using augmented reality in their businesses.
A Virtual Reality experience can take place in a fully replicated isolated reality, which makes it a great medium for 3D films and Gaming. However, VR business ideas are limited to the sky. With the affordable and compelling headsets released into the market, VR technologies are also steadily improving in the use of global consumers.
Forecast Virtual (VR) and Augmented Reality (AR) Market Size Worldwide from 2016 to 2020
Though the sibling technologies are still in the developing stage, they hold enormous promise for organizations now also. Multi-National Companies like Apple, Google, Facebook, Amazon, Samsung, Lenovo, etc., have been investing highly in VR and AR apps. In addition, entrepreneurs those ventures the industry soon increases the chance of achieving success.
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The Best Augmented Reality and Virtual Reality business opportunities
#1 Gaming, Sports and Entertainment
When we think about the Augmented Reality applications, the first thing that comes to most of the people mind is the ‘Pokémon GO’. On the other side, ‘Oculus Quest’ is a foremost all-in-one gaming system that built for VR. The demand for VR gaming is expected to grow enormously in the coming years.
Revenue from the VR gaming will reach $ 22.9 billion by the year 2020. At the same time, many people are experimenting with several methods to build and play social gaming scenarios with both AR and VR. Firms can earn money by selling VR games through stores or by charging brands for digital advertising. If you are running an arcade centre, investing in AR / VR games or VR devices can bring in more consumers and generate more income.
Sports lovers and professionals can find valuable information with AR, for example, the speed and trajectory of the ball, in real-time in the stadium. Virtual reality games allow players to use their whole body are designed to facilitate players to stay fit and healthy.
VR has already entered into some sections of the sports. The VR capabilities and the 360-degree video system can take real-time streaming of games, sports events, shows and concerts and to the next level, providing beautiful experiences for the worldwide sports lovers. A few organizations are currently doing the virtual world business, but the uses of VR applications will increase day by day. Hence, business owners are planning to venture into the industry by helping brands, teams and fans.
#2 E-Commerce and Retail
Augmented Reality applications enable customers to interact with the items and assists in creating personalized experiences to the shoppers. Most of the beauty and fashion brands are predicted to raise their business with AR and VR application software in 2021. If you walk-in to the store with just a Smartphone, you can see the cost, discounts, special offers and other specialization details of the product that you want to buy.
IKEA has started using VR in business with the application called Place app’ in 2017. It allows customers to see how home furniture will fit and look into their interiors. eBay’s launched a new shipping AR tool that makes you select a suitable box as simple as carrying your Smartphone. Many online stores are also planning to use VR AR apps as shoppers prefer to buy clothes without keeping them on. This leads to quick purchasing decisions, reduced product returns, and increased customer satisfaction.
Increasing online purchases are forcing the retail industry to venture into the Virtual Reality world. It is also an opportunity for the online retailers. So that customers can go through a virtual store and buy products as they would in the real world. Multi-National Companies have also introduced VR billing and a payment system where customers can pay money without approaching cashiers.
Read more : Brief About Retail Industry
#3 Education and Training
Augmenting the learning experience for students has achieved with VR applications as educational institutions can create virtual reality to the no of students and their lecturers from several regions around the globe.
If students are learning about the subjects like engineering, history, physics, astronomy, a VR application makes to experience what they are learning about in-depth in details with character, colors, symbols, objects to make them understand so well. Also, VR technology reduces the price and increases training performance and retention.
The best AR apps will make learning more interesting, engaging, and interactive. For example, with AR applications, learners can witness a 3D galaxy on their screen or observe an extinct animal come to real life. These Virtual Reality applications can bring several possibilities for learning and improve the productivity to e-learning institutions.
#4 Real Estate
Nowadays, renters and buyers are looking for properties online. With VR applications, consumers can see the whole locations of properties without going outside and wasting time.
An estate agent can lead a virtual tour through a property and can also see where the purchaser is looking for and asking quarries in real-time.
For potential investors, Augmented Reality allows finding properties before they turn interactive 3D visualizations from 2D blueprints. Reduced prices and increased revenue and customer satisfaction are the major benefits of using the application of VR.
#5 Tourism and Travel
Virtual Tours for real-life locations is a major benefit of VR application as you can attract the tourists with a virtual experience of museums, locations, festivals, and landscapes to book their travel tickets after realizing how it would be joyful to reach these locations.
Route navigation is handy for everyone to find new locations. As Google Maps has upgraded with AR technology, users can find the location through their camera of Smartphone and get the direction on their screen clearly. Nowadays, shopping malls, Airports, offices, trade shows have become visitor-friendly just because of Augmented Reality technology.
In addition, Resorts and hotels get benefit from the VR apps by creating a video that shows how tourists will be served to attract potential tourists to select your resort/hotel among your competitors. Transport industries can also create a virtual experience about how convenient and safe the journey to be if you pick our vehicle for reaching your destination.
#6 Interior Design, Urban Planning & Landscaping
The interior design and landscaping industry is planning to revamp innovative and trending technologies such as Virtual Reality and Augmented Reality.
The applications like ‘IKEA Place’ not only support in measuring walls and objects, but also in testing colors and ideas, and calculating the cost of required materials. Interior designers can show you images and blueprints to know how your house might look.
Same like this, an AR application will facilitate with landscaping. Virtual ready provides a helping hand to create plans for home construction. It also helps in presenting an interior design concept in a
VR offers a helping hand at creating plans for any construction. It also aids in presenting a design concept in a positive light and visualizing the pertinent information.
#7 Medical and Healthcare
Healthcare is one of the crucial industries that have advantageous from VR and AR technology. Augmented Reality applications have been in use for doing multiple tasks, from aiding patients to finding their problems without making large surgical cuts.
Virtual Reality has proved that it helps in treating, diagnosing, and easing the symptoms of PTSD, depression, autism, dementia, phobias, and other pathologies and psychiatric disorders. Video gaming technology and Ultra high-definition 4K showcases are making ready for hospitals to use VR.
An integration of gaming software, medical imaging procedures, and virtual reality are already using detailed organ maps and simulation capabilities. Specialist specialists will have the option to prepare and maintain a strategic distance from previously unforeseeable problems. That will limit intrusive methods, reduce confusions for the patients, and increases speed recoveries.
Read more about : Brief about Health Care Industry
#8 Advertising & Marketing
Using AR technology in a creative and innovate manner helps increase sales and boosts customer relationships. Eye-catchy content encourages consumers to use the same brand regularly. Fresh and unique augmented reality experiences give an opportunity to awe the competitors and purchasers that don’t do anything like this yet.
#9 Communication and Collaboration
Due to digitization increasing in the world, remote employments are raising day by day, which saves effort and time. Therefore, productivity enhances, but the major obstacle for remote workers is that they effective collaboration and communication rather than the usual voice or video communication methods available to them.
With the help of VR apps, people can happily join meetings and conferences to collaborate and interact adequately in a virtual location with the requirement of travelling and avoiding distractions. Employees across the world can share their Virtual experience there itself, which ensures productive and clear operations.
Augmented Reality (AR) will offer an awesome tool for displaying information by bringing that to real-life or keeping it in a visual context. Eventually, this technology offers great experiences to the users discussing prototypes and data.
#10 Manufacturing and Occupational Safety
AR technology will help and speed up the process at factories. AR apps allow engineers to signified construction sites, prototypes, etc., and show up their imagination. Digital plans and maps can reduce time and enhances understanding.
Augmented reality glasses can give real-time data to the manufacturing and field workers that minimize errors and enhances quality, safely and accurately.
VR mimics reduce the risks of real-life situations. Hence, it is becoming a significant training tool for all workers who need to manage physical peril. This VR technology is useful for all the mining companies to train their employees without moving them to the underground.
Final Words
With the above 20 best examples, we tried explaining how Augmented Reality and Virtual reality applications can improve your business. I hope you enjoyed reading this blog.
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