Wendy Gonzalez is the CEO of Same, the provider of accurate data for ambitious AI.
Recent innovations have allowed everyday people to exist in multiple different realities, media, and forms. As a result, it is natural that the technologies of tomorrow will help bridge the gaps created between these physical and virtual spaces. Enter augmented and virtual reality (AR / VR).
Recognizing the growing potential of the space, investors have accelerated their interest in the AR / VR industry, even amid a global pandemic and subsequent economic uncertainty. Thanks to this interest, researchers predict that the industry will grow by more than $ 125 billion by 2024.
Often associated with gaming, AR / VR has the potential to revolutionize operations in all industries. During the Covid-19 pandemic, in particular, we have witnessed companies and organizations around the world taking advantage of artificial intelligence to offer national citizens several new experiences.
But how could these technologies be really transform industries? Let’s take a look:
Travel and tourism
When national closures and restrictions pushed us all into our homes last year, the only respite from our own space was a quick trip to the grocery store, neighborhood walk, or visit to the doctor’s office. Despite these inhibitory circumstances, AR / VR technology has allowed people around the world to experience new countries, cities, museums and restaurants from the comfort of their own homes.
For companies and organizations, AR / VR has allowed them to offer unique consumer experiences. Highlights such as the Louvre Museum in France, Giant’s Causeway in Northern Ireland and Bryce Canyon in the United States have launched immersive virtual tours. Oculus found that the most popular experience with its Quest 2 headphones in October 2020 was National Geographic VR, which takes viewers to different parts of the world.
As vaccination rates improve, people travel again, but I think AR / VR experiences like these are here to stay. In addition to its convenience, virtual tourism offers travelers a more sustainable, affordable and time-sensitive alternative to traditional travel and is redefining what it means to explore.
Retail and shopping
Pre-pandemic, retailers were already finding ways to integrate technology into their in-store experiences. Now, however, after a year of accelerated e-commerce growth, digitalization is an essential part of achieving success within the industry.
Reflecting this shift toward hybrid shopping experiences, retailers have bolstered AR / VR tools to offer consumers new ways to buy a pandemic. These include Ulta’s GLAMlab, which allows shoppers to try on makeup virtually from anywhere. As a result of its convenience, the tool recorded an increase in use during the pandemic, with an involvement multiplied by seven, so that more than 50 million nuances of fundamentals were digitally analyzed with the application. Similarly, luxury retailer Gucci has launched The Gucci Virtual 25 with an exclusive design of digital sneakers for an affordable price of $ 12.99. The shoes can be used by virtual avatars in applications such as Roblox and VRChat.
In addition to creating new and exciting opportunities for consumers, AR / VR technology offers retailers real benefits for their end result. In fact, Shopify data showed that products with RA content had a 94% higher conversion rate than products without RA. This information, along with a social shift toward e-commerce adoption, has created opportunities for AR / VR across the commercial space. As brands continue to explore these opportunities, AR / VR may be a key differentiator within the industry.
Medicine and health care
I have previously written about the important and growing role that AI technologies will play in the future of medicine and health. I anticipate that AR / VR will also be critical to the industry’s long-term advances.
We have already begun to see entrepreneurs harness the power of AR / VR to provide life-saving tools and solutions in medicine and health, especially within medical education. These companies have created RV solutions for surgical planning, training and education and are building tools that will help doctors and surgeons create good results.
In addition, RA / VR tools have allowed physicians and other health care providers to continue to offer personalized care experiences to their patients throughout the Covid-19 pandemic. As a result, the industry’s investment in space is growing rapidly, with estimates predicting that the healthy AR / VR market will reach a significant $ 2.4 billion by 2026.
Adding AR / VR to your business
Once a foreign and futuristic sound technology was limited to the realm of gaming and entertainment, AR / VR is now used in all industries to not only improve business performance, but also create a positive social impact. That, however, does not mean that he is without his challenges.
High quality data and AI are needed to create efficient AR / VR results. And, according to the Mckinsey Global Institute, 1 in 3 use cases for recycling artificial intelligence systems needs a model update at least monthly and sometimes daily. Given this necessary diverse and well-trained database, industry leaders need to create plans and strategies to ensure that their AR / VR technology integrates effectively for a future of mixed reality.
Which AR / VR app are you most excited to test for your company?
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