Extended reality, or XR, is an emerging term used to define the concept of “extending” or transforming reality with the use of breakthrough technologies to create unique environments, experiences, and interactions. XR is an overarching umbrella for immersive technologies, such as augmented reality (AR), virtual reality (VR), and mixed reality (MR).
Driven by the accelerated interest in virtual experiences for retail, work, and collaboration, XR was valued at $26 billion in 2020 and is expected to represent a $464 billion opportunity in 2026 with a striking growth rate of 63%. i
Discovering New Realities
Hybrid reality experiences that blend in-person and digital elements have seen adoption surge. XR is evolving fast, transforming how enterprises operate and deliver services to customers. Enterprises across industries are harnessing the power of XR to deliver greater business value.
Leading retail brands have been integrating XR technology to enhance shopping experiences, allowing customers to try products before they buy. For online and physical stores alike, XR creates an engaging environment that reduces costly returns.
Travel and Hospitality
XR is proving to greatly improve customer satisfaction with wayfinding, providing a turn-by-turn navigation and information on wide selection of facilities and services in airports, hotels, shopping malls and other complex establishments.
XR is mainly utilised during the design process such as 3D modelling and simulating digital mock-ups which can reduce time-consuming practises and ultimately optimise product development.
Deploying immersive technologies empower users to visualise necessary information from a field workers’ view, allowing them to assist remotely, diagnose complicated systems accurately and devise real-time solutions to resolve issues.
Training and Education
XR-based training provides a safe and cost-effective solution that contributes to increased engagement and knowledge retention levels. Pilots in medical education and mechanical training provide multisensory engagement that enrich learnings and reduce associated costs.
The XR Promise
Immersive technologies are leading incredible transformations in employee and customer experience. Companies applying XR solutions to interact with products reported a 94% higher conversion rate ii, 46% faster in service completion iii, and 73% increase in customer satisfaction. iv
While XR continues to mature, demand for more advanced engagement use cases across industries will expand. Responding to the dynamic business environment with best-in-class XR adoption strategies will fundamentally boost efficiency within operations and achieve customer expectations.
i Extended Reality (XR) Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026), https://www.mordorintelligence.com/industry-reports/extended-reality-xr-market
ii How AR Is Redefining Retail in the Pandemic, https://hbr.org/2020/10/how-ar-is-redefining-retail-in-the-pandemic?registration=success
iii Augmented Reality Is Already Improving Worker Performance, https://hbr.org/2017/03/augmented-reality-is-already-improving-worker-performance
iv 20 Augmented Reality Statistics You Should Know in 2021, https://www.threekit.com/20-augmented-reality-statistics-you-should-know-in-2020
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