8 key reasons why VR and AR will impact businesses this year

With revenue of $5.2 billion in 2016 and projections of $150 billion by 2020, everyone will be impacted by AR and VR to some degree

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The rapid expansion of technology is opening new opportunities for savvy small and large businesses that get in on the ground floor. Just like those who embraced the web, social media and mobile, early adopters of virtual reality and augmented reality are set to be rewarded.

With revenue of $5.2 billion in 2016 and projections of $150 billion by 2020, everyone will be impacted by AR and VR to some degree. Embracing it early is the wise thing to do.

There’s no doubt that gaming and film industry will be revolutionized by the application of augmented and virtual reality. Pokémon Go and 360 video demonstrates that the public are ready to accept the technology. However AR and VR are also poised to change the wider business world as a whole – here’s how:

Virtual and Augmented Meetings

We are long past the days of sitting at boardroom tables with notepads – video conferencing is the norm and at the least those physically attending the meeting will make use of screen to display their facts, figures and presentations. However, with virtual reality nobody will need to be in the office at all and the meeting can theoretically take place anywhere or in a completely made up location.

Augmented reality also means those in-office presentations get a lot more immersive, with the ability to manipulate data and ideas in a 3D space.

Virtual Design and Prototypes

VR and AR also advance the area of Computer-Aided Design (CAD). Prototypes can be created within the virtual space, giving designers an accurate idea of how the product will function long before the resources are acquired to build it. Testing won’t require physical presence and you can ‘go back to the drawing board’ without wasting time and money.

Perfect Planning

VR and AR also improve the ability for businesses to assess and plan their future. Looking to open a new factory at a certain location? VR can not only create a mock-up of what the factory will look like and how it will function, but with the right data you might also be able to predict its success.

On a much smaller scale the emerging technology can help both businesses and consumers ‘try before they buy’ by applying products to lifelike virtual spaces. Does this desk suit my office? I’ll have a look in the virtual world.

Here’s am infographic created by Skilled.co to further elaborate on it further:

VR AR businesses

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