Explore the limitless potential of Extended Reality!

With the rise of digital technologies, we’re always hearing of the terms virtual reality, augmented reality and mixed reality. But, have you ever heard of the term extended reality? If we are to put it in simple words, extended reality, aka XR, defines technologies that combine the physical and virtual worlds. In its broader definition, it is a blend between virtual reality, mixed reality and augmented reality. Not clear enough yet? It’s okay. Just keep reading! 

A versatile technology!

Although there is a lot of similarity between the different technologies, XR is best regarded as a spectrum, with VR being the most immersive and AR using technology to improve real-world items and surroundings. The terms XR and Metaverse are frequently used interchangeably.

Extended Reality is a fresh yet fast developing technology. The XR sector is developing so quickly that predicting the scope of this is difficult. However, according to Citi estimate, the market for the Metaverse economy might be worth between $8 trillion and $13 trillion by 2030. In terms of physical equipment, the market for Augmented Reality and Virtual Reality headsets has grown by almost 92% in 2022.

As a result, it's only logical that the number of individuals anticipated to interact with the Metaverse will expand significantly, as will the amount of time spent in the Metaverse. Gartner predicts that by 2026, 25% of individuals will be spending at least one hour each day in the Metaverse.

How companies are already using XR technologies. 

Yes. Many firms have already invested in XR technologies and we’ve got proof. First, and with the widespread of digital presence, many companies shifted to working remotely! For example, and using Microsoft HoloLens device, Sanovo, an egg producing company, managed to receive technical support for their machineries remotely. Sanovo has limited the time it takes to maintain their machines from two days to a few hours. Even when international travel steadily returns to pre-pandemic levels, many businesses continue to use remote assistance solutions owing to the economic, environmental, and timesaving benefits. 

However, it’s not only about support. This technology has also been adopted for training purposes, whether technical education or soft skills trainings. For example, Grundfos, the world's largest pump maker, is adopting virtual reality to provide industrial training. Using this technology, individuals may retake the training as much as they need, compensating for "on-the-job" training but without the hazards connected with it. As a result, employing VR for training has the potential to decrease occupational accidents while also avoiding the need to repair costly equipment. 

Who hasn’t worked remotely these days!?

Yup, nowadays remote working is becoming very popular. Most companies have adopted this form of work permanently. Virtual offices, online meetings, virtual trainings, and more are all part of the deal! Organizations are obliged to recruit and educate staff online in a globalized, post-pandemic environment where remote working has become the standard for many companies.

Here comes the best part. 

This is by far the most common industry to adopt this new technology. As conventional retail stores struggle to adapt to the rising shift toward internet purchasing, the use of XR provides a chance to reinvent the traditional shopping experience. For example, customers no longer need to try on garments to see how they fit using AR. They may utilize a virtual fitting room to find the perfect appearance for them. Timberland is already doing that! 
If we dig even deeper, the e-commerce industry is highly implementing the concept of Extended Reality. Retailers' interest in investing in XR technology has grown in tandem with consumers' desire to visualize items when they are unable to visit the actual store. For example, IKEA debuted its AR IKEA Place app in 2017. The customer was able to select a piece of furniture and imagine how it would appear in their house with only a few clicks.

That’s not it! 

The extent to which XR will be utilized for several industries is still unknown. However, firms that are having the most success are employing this technology to visualize indoor settings, and yes, here we’re talking about interior designing and architectural firms. Another industry familiar with this is the healthcare industry! Extended Reality in the healthcare business has the ability to deliver better training to students, lowering the risk of operations. On another note, educational institutions, fitness entities, and sales companies have all adopted this technology. For example, XR in education is presently being utilized from early childhood education through higher education, as educators experiment with new, innovative and interactive teaching approaches. Furthermore, FitXR, for example, employs immersive VR technology to mimic sports and activities such as boxing and dance in the fitness industry. On another note, and for organizations who have become accustomed to swiftly switching between Zoom conversations for sales, utilizing XR can guarantee that you maintain time and cut travel expenses while providing a dynamic and interesting client experience.

So, it’s quite clear now!

The possibilities for Extended Reality are limitless, endless and have yet to be fully unveiled. Businesses utilize it to secure more optimization purposes, governments to enhance the education system, and research organizations to uncover even more possibilities. Such are the potential with Extended Reality that we think it will be a matter of when, not if, it will arrive in your everyday lives.