Augmented Reality has ruled several businesses and industries. According to a recent report by Markets and Markets, the global augmented reality market is expected to reach $77.0 billion by 2025 and grow at a CAGR of 28.6%.
The rapid growth clearly indicates the increasing adoption of AR technology across multiple industries, such as healthcare, education, retail, and manufacturing. But what exactly is augmented reality, and how can it advantage your businesses and industries?
In simple terms, augmented reality is a technology that signifies digital information and images in the real world, providing users with an enhanced experience. AR has various applications in business and industry, from employee training and customer engagement to product design and visualization.
In this blog, we will discuss 8 benefits of augmented reality in business and industry. We will also provide actionable insights for your businesses and help to leverage AR technology. So, let’s dive in and discover how AR can transform the way you work, learn, and interact with business operations.
8 Benefits of Augmented Reality in Business and Industry
Here are the following 8 benefits that help you gain competitive advantages in various businesses and industries.
1. Enhanced Product Visualization and Design
AR simplifies the design and prototyping process by allowing businesses to create and modify products in real time. With AR, designers can visualize the product in a 3D space, making it easier to identify potential design flaws and make changes before moving to the manufacturing stage. For example, IKEA’s AR app allows customers to visualize furniture in their homes before making a purchase, reducing the chances of returns and improving customer satisfaction.
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2. Improved Customer Engagement
AR helps businesses to create immersive and interactive experiences for their customers, enhancing engagement and boosting sales. For instance, cosmetics brand L’Oreal’s AR app allows users to virtually try on makeup and hair products, increasing the likelihood of making a purchase. Similarly, car manufacturer – Audi’s AR app let customers experience their dream car in a virtual showroom, resulting in high engagement and sales.
3. Boost Employee Training and Development
AR can be used to create simulated environments that can help to train employees in various situations. For example, Walmart uses AR headsets to train their employees in real-world situations, improving retention rates and reducing errors. Similarly, the US Army uses AR for training soldiers in various scenarios, such as battlefield medicine and vehicle maintenance.
4. Improved Maintenance and Repair
AR can provide step-by-step instructions for maintenance and repair tasks, reducing downtime and improving efficiency. For example, aircraft manufacturer Boeing uses AR to provide real-time instructions to mechanics during maintenance tasks, resulting in faster turnaround times and improved safety.
5. Increased Safety
AR can help improve safety in industrial settings by providing workers with real-time safety information and alerts. For example, oil and gas companies use AR headsets to provide workers with real-time information about equipment and safety hazards, reducing the risk of accidents and injuries.
6. Improved Marketing and Advertising
AR can be used to create interactive and engaging marketing campaigns that capture the attention of customers and drive sales. For example, Pepsi’s AR campaign allowed customers to interact with virtual elements, such as a roaring dinosaur, resulting in increased brand awareness and sales.
7. Cost Savings
AR can help businesses reduce costs by streamlining processes and improving efficiency, resulting in lower operational costs. For example, logistics company DHL uses AR glasses to optimize warehouse operations, reducing the time it takes to locate and pick items, resulting in increased efficiency and cost savings.
8. Competitive Advantage
AR can give businesses a competitive advantage by providing them with innovative and unique ways to engage with customers and improve their operations. For example, online retailer Wayfair’s AR app allows customers to visualize furniture in their homes before purchasing it, giving them a competitive edge over traditional retailers.
AR in Various Industries
Healthcare
AR can be used to enhance medical training and education, allowing healthcare professionals to gain hands-on experience in a safe and controlled environment. It can also be used for patient care, such as providing 3D visualizations of the body to aid in diagnosis and treatment.
Manufacturing
AR can help streamline the manufacturing process by providing real-time information and instructions to workers, improving efficiency, and reducing errors. It can also be used for product design and visualization, allowing designers to create and modify products in real time.
Retail
AR can provide customers with immersive and interactive experiences, enhancing engagement and driving sales. For example, AR can be used to visualize products in the customer’s space, try clothes virtually, or provide additional information about products in-store.
Education
AR can be used to create engaging and interactive educational experiences, allowing students to learn in a fun and interactive way. For instance, AR can be used to bring historical events to life or visualize scientific concepts in 3D.
Entertainment
AR can be used to create immersive and interactive entertainment experiences, allowing users to engage with content in new and innovative ways. For example, AR can be used to create games that blend the virtual and real world, providing a unique and exciting gaming experience.
Real Estate
AR can be used to provide virtual property tours, allowing potential buyers to visualize properties in a 3D space. It can also be used to visualize design options for renovations, allowing buyers to see the potential of a property before making a purchase.
As a result, Augmented Reality is an advanced technology that has shaped multiple industries and is keen to enhance it in numerous ways. If you are interested to learn and get into the AR industry, enroll yourself in IIM Nagpur’s Post Graduate Certificate Programme in Digital Strategy And Marketing Analytics. With this programme, you will acquire in-depth knowledge and the reputed IIM Nagpur will help you to enlighten your career in numerous ways.
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