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XR—extended reality—is essentially an umbrella term given to computer-generated environments that either merge the physical and virtual worlds or create an immersive experience for users. It represents the convergence of AR, VR and MR in which the best elements of each aspect are utilized and optimized. While they have their distinct differences, all XR technologies blend the real world with a virtual world to create an immersive experience for the user.

XR has immense potential to transform the way we experience our world today. The XR market includes significant contributions to create transformative products and applications borrowing from the existing worlds of gaming, movies, live events, healthcare and marketing and advertising—all which fall under the immersive industry domain.

Research by Visual Capitalist projects that the XR market will be worth $209 billion by 2022, and 63% of shareholders in XR technology companies believe the technology will be mainstream by 2024.

But how can this technology benefit your business? Here are a few ways . . .

Brings Customer Experience to a New Level

With XR, customers can visualize products and interact with them to get a practical and emotional feel for what it would be like to have them. It engages people on a deeper level—more than a 2D image or even a 3D model can—allowing brands to connect with customers to establish trust and brand loyalty.

Enhances Communications and Collaboration

Imagine development teams being able to collaborate on projects—when they are miles away from each other. Immersive tools that function in real-time, gives teams the ability to work together on complex visual data sets. This level of interconnectivity streamlines communications and improves efficiency to projects.

Drives Productivity

XR technology can pave the path for greater efficiency in companies—leading to increased productivity. As XR can be visual—bringing data and information to a physical space or situation—it makes information easier for users to absorb in real time. It allows immersive, 3D experience that facilitate on-the-spot solutions.

Boosts Training

XR technology is an impactful training tool. With immersive XR experience people can train in dangerous or critical scenarios without risk.  Today, this technology is already in use in many sectors, including the military and critical infrastructure environments.

Advances Data Visualization

Today, we live in a data-driven age. And businesses that embrace data are those that will thrive. But it can be overwhelming and challenging to bring visual context to hard figures through charts and graphs. Imagine being able to use data in real time in a live environment with a visual “walk-through” of that environment by wearing AR glasses. The data you once saw on paper is transformed into the actual environment or situation you are testing or monitoring.

With XR incorporated into your business, you can create a culture of transformation—using immersive technologies in your training, design and development, testing and marketing programs and processes. And you will be able to connect with your customers in new and impactful ways.  I leave you with one last thought. Today, people just do not want or purchase products. They purchase and want experiences.