A new shiny technology is penetrating the tech market called XR which is an umbrella term encompassing augmented, virtual, and mixed reality technologies. It’s the industry's new favorite word.
Extended reality is about virtual reality and augmented reality coming together to change the way that people experience information, places in each other. So, I think we already know what virtual reality is, where you wear a headset and you can see certain things. Augmented reality is a new technology where people use things like smart glasses to be able to project information onto physical items, in other words, we would have a combination of physical and digital. Taking these two things together can really fundamentally change the way that people work.
Qualcomm, in a recent presentation from Hawaii about its new Snapdragon chip, called XR the “third pillar of entertainment,” showing a graphic of a smartphone-powered “XR viewer” as well as standalone “XR glasses.” Last year Microsoft opened up “makerspaces” for people to visit and learn about the latest in XR tech.
It’s a real but also, not real. Depending on your point of view, XR can either include a couple of 3D video that provides an intensified media experience or just serve as a catchall phrase for AR and VR—marketing speak, really.
According to Jim Malcolm, general manager of HumanEyes, “XR is a bucket for all realities”, meaning that AR (augmented reality), VR (virtual reality) and MR (Mixed reality) all in one.
Extended reality is changing the landscape in a number of industries. It’s expected to grow eightfold, reaching an estimated market size of more than $209 billion by 2022.
Here’s a couple of things that shows the potential for XR across industries:
Entertainment
XR brings an revelionary experiences to the entertainment world, and offers consumers an opportunity to virtually experience live music and sporting events from the comfort of their VR headset. While a majority of market share leans heavily towards entertainment, it’s not the only one gearing up for a virtual expansion.
Virtual realities have opened new ways for brands to engage with consumers, offering immersive ways to interact with new products.
Extended reality also can create new ways for education and training. People who work in high-risk conditions can train in safety from a more conventional classroom setting.
Property managers can streamline the rental process by allowing potential tenants to view properties virtually, while architects and interior designers can leverage XR to bring their designs to life.
XR removes distance barriers, allowing remote employees to seamlessly access data from anywhere in the world, anytime.
Extended Reality gives us a peek into the future. It transforms data and information into memorable experiences, and we can take that data and give it meaning but it comes with its challenges. But even these challenges can’t slow the progress of XR, and the question remains: how will businesses define reality five years from now?
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