How and Why Businesses Are Adopting Augmented Reality and Virtual Reality

At the 2018 Consumer Electronics show, robots, voice assistants, connected cars, and even connected cities created buzz. Augmented reality and virtual reality – not so much, with the exception of augmented reality applications in the automotive industry.

But proponents of augmented reality (AR) and virtual reality (VR) should take heart: the real action with AR and VR isn’t happening with consumer products, anyway. The compelling stories about AR and VR are happening on the enterprise side.

Throughout 2017, companies such as Audi, Ford, IKEA, Sephora, and Walmart shared examples of how they’re using AR and VR to run their businesses more effectively. For example:

  • Augmented reality simplifies the purchase decision for IKEA customers: IKEA released Place, an app that makes it possible for shoppers to see how IKEA furniture might look in their living spaces.

With augmented reality, users overlay simpler forms of content on to their physical spaces, usually by using their mobile phones. Niantic’s Pokémon GO and forthcoming Harry Potter games are examples. With Place, users overlay 3D models of furniture into their physical spaces to test for fit, which takes reduces the risk of buying a sofa or bookshelf before carting it home. Continue reading

Three Predictions for Virtual Reality in 2018

In the United States, only 9.6 million people use virtual reality (VR) at least once a month, and by 2019, VR will penetrate 5.2 percent of the population, according to eMarketer. And yet, the VR industry has already become a complex ecosystem. As the VR Fund’s VR Industry Landscape illustrates, the ecosystem encompasses a multitude of companies spanning applications/content, tools/platforms, and infrastructure:

When I recently did a Google search for VR, my top 20 search results revealed diverse uses of VR spanning architecture, entertainment, healthcare, pornography, retail, sports, and travel/hospitality. Why has VR spawned such a complex ecosystem touching many industries when so few consumers actually use it? A few reasons stand out:

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Jeff Bezos and Mark Zuckerberg Want to Change How We Live

Recently Amazon and Facebook announced new products that will extend their reach into the corporate world:

  • Amazon’s Alexa for Business, unveiled November 30, is a platform for a business’s employees to use the Amazon Alexa voice assistant (in Amazon Echo speakers) to manage everyday tasks such as scheduling conference calls and managing calendars. Amazon believes that with Echo smart speakers embedded in corporate conference rooms and offices to manage the mundane things, people will be freed up to focus on more productive work.

  • Facebook’s Oculus for Business, announced October 11, is a bundled set of Oculus products designed to help businesses apply virtual reality (VR) to do everything from train employees to design cars. In fact, although VR has experienced slow adoption among consumers, the corporate world is a different story, where VR is penetrating industries including entertainment, financial services, healthcare, manufacturing, and retail. Facebook believes that by making it easy to purchase hardware, accessories, and associated services needed to employ VR in the workforce, more companies will adopt Oculus over competing products.

These announcements are more than landmark moments for Amazon and Facebook. Alexa for Business and Oculus for Business are also manifestations of something else: the ambitions of Jeff Bezos and Mark Zuckerberg to be market makers with artificial intelligence-based voice assistants and virtual reality.

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