Driven by XR advances (eXtended Reality with AR, VR, MR) and a CAGR of 20.4%, this significant growth is mainly due to improvements in hardware and software as well as greater adoption in many sectors.
With numerous companies contributing to the creation, expansion and commercialization of spatial computing technologies to extend real world experiences with virtual and immersive capabilities, this provides a rich environment and new experiences to fast-track people engaging, learning, understanding and making good decisions. Further, with augmented reality overlapping digital information and the real world and complimenting AI capabilities (ie: ChatGPT, Gemini, Co-Pilots, etc.), this increases applications appeal, value, stickiness and interactions with users.
Because of this, there are a growing number of use cases of organizations improving outcomes in manufacturing, retail, healthcare, real estate, finance, energy, distribution, gaming, etc. – providing quicker more effective training, better and more responsive Customer support, increasing safety in hazardous environments, scenario planning, etc. And with numerous XR software development kits and use with smartphones, the opportunities to realize important benefits and competitive advantage are significant – especially for organizations able to Innovate for Impact – to meaningfully grow and expand revenue streams, evolve their business model, be better positioned to attract and retain top talent, etc.
XR includes Mixed Reality (MR) to combine elements of both VR (Virtual Reality) and AR (Augmented Reality) so people can interact and intermingle with virtual objects while having a connection with the real world to expand In Real Life (IRL) experiences. In conjunction with this, XR is becoming increasingly important in industrial applications for facility and product design, indicating manufacturing processes, performing production machine maintenance, etc. with improved visualization and system intelligence. And with the progressions in software and hardware (ie: more powerful and capable processors, better-quality displays, compact sensors, etc.) – are further improving the user experience and increasing the benefits to organizations.
March 26, 2024 CAIL Innovation commentary info@cail.com www.cail.com 905-940-9000