Consumers will increasingly live and work in a three-dimensional (3D), immersive environment during the next ten years. They will interact and transact in this 3D realm known as spatial computing via Extended Reality (XR), employing sophisticated augmented reality (AR) and virtual reality (VR) devices that will bring the space to life through visuals, audio, and even olfactory and haptic cues, guided by users’ behavioural data.Read more here regarding the same.
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This will result in a new form of marketplace, which will open up a slew of new options for consumer-facing companies and other ecosystem actors.The value of just one segment of this industry, global mobile AR revenue, is expected to rise from $3.98 billion in 2019 to $21 billion in 2024, representing a 39 percent compound annual growth rate (CAGR). Consider utilising your high-end XR glasses to see and interact with a location-based app store that floats in mid-air. The dynamic apps and deals alter as you go by retail businesses or eateries, based on your requirements and tastes. Consider having a 3D digital map of your kitchen and connecting with your equipment using simple motions. If your toaster stops working, you can browse the user manual and purchase a replacement part using the XR glasses.
Reaching consumers in this completely different world, where any consumer activity that leads to a sale is powered by XR, will necessitate brands developing a new business and technology strategy, supported by progressive security for cloud platforms and XR devices, as well as data privacy safeties for individuals.
Reason customer loves to interact
Converting consumer-facing interactions to VR or augmenting mobile apps with AR graphic overlays will not suffice. Instead, in order to become trusted brands in an experiential realm where immersion is the norm, businesses must innovate with XR at a rapid and large scale. Retailers, hospitality and entertainment providers, CPG firms, and other brands must begin planning for this future now. The same goes for ecosystem companies who provide the XR world’s network infrastructure, hardware devices, apps/software applications, or advertising.
Furthermore, the worldwide epidemic has raised the urgency: for consumer-facing firms, XR innovation must now become a C-level business priority. People’s behaviours and commercial interactions profoundly transformed almost overnight in terms of how they purchase, communicate, consume entertainment, collaborate, and seek medical advice. According to a recent Accenture survey, 60 percent of patients want to continue using virtual care, and nine out of ten patients feel the quality of care is as good as or better than previously.
To flourish in an XR-powered future, brands and ecosystem actors must address a number of issues:How will the consumer market alter in the coming decade as a result of XR? How will XR devices be used by users in their daily lives? What is the best way for brands to enter the market and collaborate with ecosystem players? What kind of consumer data will be required to give these personalised worlds to each individual? What are the implications for security and privacy?
The evolution of the XR market
In recent years, the spectrum of XR-enabled experiences has gained traction, transitioning from a young technology primarily dedicated to gaming and amusement to a corporate tool for productivity and now an appealing way for companies to engage with consumers experientially.
From the early days of virtual reality (VR) games to today’s more complex VR movies and immersive sales experiences, the market has evolved. From beta versions of augmented reality eyewear to augmented reality (AR) on mobile phones that enable location-based marketing or product configuration, the possibilities are endless. It is now shifting toward mixed reality (MR), which combines computer-generated and real-world material to let users engage with the actual world. In addition, the first generation of full-fledged XR glasses will be available as early as 2021, opening u new potential for businesses to develop and implement XR applications and digital advertising.