How AR & VR are transforming the future of Business?

The entire world is heading towards a virtual world. Blame it on the pandemic as in the coming years, Augmented Reality (AR), Virtual Reality (VR), Extended Reality (ER), and Mixed Reality (MR) technologies are poised to lead a business revolution. Everyone in the business circle, big companies, startups, and customers, aligns themselves to a tech-driven virtual world. These exponential technologies are poised to expand across major regions, industries, and sectors for the greater good. 


Paradigm Shift: Digital to Virtual 

The ongoing COVID-19 crisis has accelerated the transformation from digital to virtual. The Virtual world of tomorrow, magnified by exponential technologies like Artificial Intelligence (AI), AR, and (VR), would transform the way people- customers, companies, startups, investors act, behave and operate. The pandemic has only accelerated the process of adoption. People have started understanding the benefits that virtual offers over physical. 


These virtual technologies can bring in a truly immersive experience for all stakeholders. In sports, for example, Australian or US Open or an IPL Cricket match is being played on empty stands. But virtual technologies enhance not only the number of spectators but experience as well. Viewers can watch the game from numerous perspectives using real-time VR and AR overlays. This provides sports fans with fresh air on each shot, allowing them to feel more immersed in the event. Fans in the stands do not have access to these attractions. So, it is not only in sports, but these technologies are transforming business models and resolving problems such as accessibility and affordability.  

Global Market Size 

In 2021, the global market for augmented reality, virtual reality, extended reality, and mixed stood at $ 30.7 billion, and according to Statista, this 'realities' market is expected to reach $300 billion by 2024. Virtualization has become an essential and integral part of operations across sectors, and startups have taken the lead in this direction. Similarly, given the growth potential, Business funding for startups is also determined by the adoption of these exponential technologies. Investors for startups canada  closely assess and watch the potential of these technologies to add value in their return on investment. Companies and Startups in sectors like gaming, entertainment, retail, realty, manufacturing, tourism & travel, education, among others, have adopted AR and VR Tech-enabled business model innovations. The adoption, in the future, will act as a force multiplier.   

Business funding for startups

Tech-enabled Applications 

Tech-enabled applications are transformative. Google Maps uses an augmented reality update. Tourist routes, street sign translation, and sightseeing recommendations may all be available through AR-enabled GPS apps. AR combined with Wi-Fi, beacons, or ultra-wideband will make navigation more accessible and easy. Days are not far when people, in virtual meetings, will be able to feel some fantastic aspects of the natural or physical world, like shaking hands. Brining some physical elements to virtual meetings would be revolutionary! 

Healthcare: Business funding for Startups Up 

Business funding for startups has witnessed a surge, and healthcare, with massive potential for AR, VR, and AI, has already taken a giant leap forward. Digital or virtual health startups were able to get the desired seed funding from investors by showcasing the adoption and benefits of these exponential technologies to investors. Virtual health integrates consultancy, remote diagnosis, teleradiology, telepathology, and home healthcare. A recent McKinsey report states that India could save up to ₹70,000 crores ($ 1 billion) as virtual consultancy will replace at least 30% of OPD. By 2025, it is expected that 50 million homes will use virtual consults as part of a subscription model. It will have a significant effect on the current hospital business model. 

Overall, the healthcare industry offers business prospects for augmented and virtual reality. AR apps are already being used for various purposes, such as supporting patients in detecting their symptoms and letting surgeons observe a patient's body without having to make large incisions. In healthcare, AR and VR would impact patient care significantly.  

digital or virtual world

The Way Forward

The entire world is experiencing the first stage of the digital or virtual world that is solving issues related to time and space. In the future, the next wave of the virtual world will completely be dominated by exponential technologies like VR, AR, and AI. These virtual disruptions are all set to create a new experience for all. 

 

Location: Ontario, Canada

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