Fundamentally, in this day and age, there’s a disconnect between the amount of digital data available and the real world where we can or do apply it. Reality is three-dimensional. And the digital data impacting decisions remains etched into the two-dimensional pages or screens.
This divide between the digital and the real world keeps us from taking advantage of the tide of information created by billions of smart, connected products worldwide.
But in the wake of such a divide, AR can bring them together—placing virtual overlays or 3D objects for headset-wearers, or injecting digitally created add-ons into a video captured via smartphone or other devices.
Slowly but gradually and surely, AR and VR are becoming a crucial component for emerging businesses and startups these days. And the fun part is that these emerging businesses and startups are seeing great improvements due to AR and VR.
The development of products like Google Glass has brought renewed attention to augmented reality, which has been a hot topic in the software development community for a number of years.
While AR has aided in the creation of incredibly addictive games like Pokémon Go and entertaining activities using Snapchat and Instagram filters, these uses of the technology are only the tip of the iceberg.
According to Statista, by 2028, the combined market for augmented reality (AR), virtual reality (VR), and mixed reality (MR) will be worth more than 250 billion dollars.
Augmented Reality in Business
AR adds value to businesses in two main ways: first, by becoming a component of products, and second, by enhancing performance throughout the entire value chain, including in the areas of product development, manufacturing, marketing, service, and a variety of other areas.
According to predictions, “68.7 million people will use augmented reality (AR) at least once per month within the U.S.,” and by 2025, the global AR market is expected to reach about 198 billion dollars.
AR technology has made inroads into a variety of industry sectors and has the potential to fundamentally alter the e-commerce and marketing landscape.
It has proven to be a great differentiator in the current cutthroat market.
Research has recently been done to determine the elements of augmented reality business models that benefit a company via the business aspect, the user aspect, and the technological aspect.
One of the best applications for immersive augmented reality was thought to be in the field of music and live events. In a 2019 global survey, it was discovered that these two areas were highlighted by 55% of respondents.
Following that, with about 50% of the vote, were sports and movies.
But Why Exactly AR?
Augmented Reality benefits start-ups, their brands, and the organization in several ways.
In addition to being used for gaming, storytelling, and other forms of entertainment, augmented reality and virtual reality also present a number of business opportunities. How we create products, conduct meetings, interact with customers, and other things are already changing thanks to technology.
There are numerous ways that AR/VR can be applied to boost businesses.
Retail: Augmented reality will help your business cross the gaps between physical and digital commerce, which are becoming more and more blurred. Your physical retail store will be replaced by a virtual showroom where customers can review items before purchase.
Tourism and Travel: Hotel bookings, hospitality, tours, sightseeing, and local experiences are great opportunities to showcase via AR.
A new version of Google Maps incorporates augmented reality. The most obvious application is navigation, and when users scan the streets with their smartphone’s camera, the directions appear on the screen.
GPS apps with augmented reality capabilities may display tourist routes, translate street signs, and offer travel guidance. With AR combined with Wi-Fi, beacons, or ultra-wideband, indoor navigation will become more practical.
Manufacturing: The number of jobs available will change as AR is implemented in the manufacturing industry. As a technician in the manufacturing sector, you’ll use virtual assistance from distant staff members or equipment. By making it easier for you to spot mistakes and markings, manual labor will require less guesswork.
Here are some benefits that will come along your way with the use of AR for your emerging business or startup:
Since there are no additional devices required, it draws a larger audience.
Brands can understand their audience thanks to detailed analytics at their disposal.
It can be accessed using a mobile device, making it extremely accessible to the quickly expanding smartphone market.
It is a noteworthy technology that generates buzz.
Its application makes the user experience memorable.
It offers a richer user experience and boosts interaction and engagement.
To increase user engagement, it produces personalized content.
According to research, AR raises the perceived value of our products.
AR makes your products more scalable where you can’t physically send out/share them with your audience.
An AR campaign properly demonstrates the creativity and responsiveness of forward-thinking brands.
Since no particular media needs to be purchased, it is a less expensive option than other media platforms.
The digital revolution is releasing productivity and releasing value across the economy thanks to the explosion of data. Lack of information and knowledge is no longer as much of a barrier as the ability to assimilate and act on it, or the interface with humans.
AR is quickly becoming a key remedy for this issue.
Making it simple for users to share content on social media is crucial, and planning how clients can do so is a game-changer. You draw in new clients who want to try it too when they can post images of their augmented experiences, such as changing their hairstyles or interacting with dragons.
The key to any AR is the “You’ve got to try this!” reaction for customers.
It appears that now is the right time for a wide range of business professionals, including product designers, strategists, IT professionals, and more, to grasp the transformative potential of digital reality and apply technology where it matters most.
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At Confetti Design Studio, we believe in empowering the best ideas through thoughtful design. Get in touch with us, check out our services, and case studies, and get started on the journey towards a more relevant and profitable pursuit for your brand with our AR VR development company!