Is it worth investing in augmented and virtual reality technologies?
I’m sure you have heard of Pokémon Go… if not, do yourself a favour and look it up. According to Mondo.com, the game showcased the receptiveness of consumers to AR by grossing the highest ever number of downloads of an app in one week. Exceeding expectations, with an astonishing 100 million downloads just a month after its release, AR technology went from being the nerd at the back of the room to the most popular kid in school. Overnight!
Imagine you overlooked a stock valued at $3.8 a share, only to realize shortly thereafter its worth now stands at $16.8. Needless to say, you would be kicking yourself. Now what if specialists are saying, “Hey, don’t worry, this stock is expected to increase to a whopping $160 in the next 4 years”?
According to the IDC.com, the AR/VR market is currently valued at $16.8 billion and is expected to reach $160 billion in 2023. Statista.com states that the AR/VR market was valued at $3.8 in 2017. This may seem too good to be true, however the use of AR and VR technologies is proving itself in many markets:
Education – Enabling employees and students to learn within an immersive and interactive platform, stimulating their senses and leveraging a more practical method of training.
Marketing – Increase audience engagement, allowing your consumers to actively participate in the journey from first point of contact to conversion. Stand out from your competition via a unique method of communicating, let your audience immerse themselves in your product or service offering, and then convert to purchase through seamless integration with your sales platform. For example, a business that uses pamphlets to communicate a property for sale can use AR ready components, such as a QR code, for their audience to scan and view a virtual render of the property. From there, prompt your audience to call one of your agents.
Property – the development industry and property market can be exceptionally tough and unforgiving when looking at selling off plan. Now with AR you can bring your development to your customers wherever they may be in the world. Invite your clients to walk through the house they are about to buy… before it’s even built!
Product design – Imagine designing a new product with a team in China, while based in Australia. The inconvenience this causes leaves you facing a chaotic few months of emails, calls and time consuming travel. With AR and VR technologies, you can view the product as if you were all in the same room, allowing for the product to be designed with efficiency and to its full potential.
Automotive industry – Prototype design and conceptualization is made easier with virtual models for the design team to approve. This even applies to the drivers, who may use VR and AR technologies in order to gain a fully immersed perspective on what it would be like to drive the vehicle. This proves useful in the design phase, as well as the sale of the vehicle.
According to a survey conducted by TheMotleyFool.com, roughly 65% of people saw clear benefits from using AR, with many stating it can help in the medical field, shopping and skills acquisition. And the numbers don’t lie; Deloitte recently conducted a research report, which found that companies that were earning between $100 million and $1 billion per annum were more inclined to use AR in order to stimulate business growth.
We here at ARVIS believe the writing is on the wall. With passion, a focus on partnership and a strong sense of purpose, we can take augmented and virtual reality technologies from a fun idea, to a practical and cost effective solution for your business needs.
Take a bold step forward, profit from first mover advantage in this budding market and see what growths our services can realize for you by getting in touch and starting your journey with ARVIS.