Virtual and Augmented Reality Business Innovations

virtual and augmented reality man with tablet in factory

According to a recent market analysis, the virtual and augmented reality markets are expected to grow by 23.7% annually, reaching USD 219.4 billion by 2030.

Why the growth? Innovators have found many new ways to serve business in many sectors. Consequently, VR and AR improvements are very beneficial to most forward thinking organisations.

Hardware & Modelling Have Improved Significantly

VR and AR headsets are no longer cumbersome and expensive. Companies can easily use them to provide immersive and realistic experiences.

Additionally, 3D modelling has improved drastically. AR and VR applications now create more realistic and engaging environments.

Increased Productivity

Large scale AR and VR implementation yields operational benefits of over 10% for three quarters of companies. Employees equipped with headsets follow simple instructions superimposed over a live view. As a result, they can complete tasks more efficiently and with fewer errors. Additionally, AR and VR software is often available in multiple languages.

Greater Integration with Emerging Technologies

VR and AR innovations now seamlessly integrate with existing technologies such as Artificial Intelligence, Machine Learning, and the Internet of Things. This makes AR and VR innovations less expensive and less complicated to implement.

More Use Cases For Business

Virtual and Augmented Reality now have many more applications for business. Companies can use these technologies to enhance their business and pioneer new opportunities.

Training

VR and AR training are now widely used in many industries, because they offer a realistic immersive environment and opportunities for knowledge development. Both are much less resource-intensive than in-person training, since they do not require a traditional tutor.

Furthermore, a study conducted by Stanford University and the Technical University of Denmark found learning effectiveness increased by as much as 76% in a virtual classroom when compared to in-person.

Education

Education also uses virtual AR and VR classrooms. VR allows students to experience virtual field trips and simulations, while AR provides digital overlays for additional information.

Healthcare

VR and AR have already proven themselves in the healthcare sector. Promising surgeons participate in simulated operations, rehabilitation therapists clearly demonstrate exercises to patients, and psychiatrists expose patients to their fears in safe virtual environments.

Manufacturing

Manufacturing has also embraced Virtual and Augmented Reality innovations. Businesses can verify their equipment and facilitate remote audits. They can also offer stakeholders and clients virtual tours of their factory floor, without disrupting operations. Virtual and Augmented Reality also help business spot and resolve on-site issues quickly and efficiently.

Safety

Virtual and Augmented Reality also make it possible for companies to reduce danger in the workplace. Remote health and safety audits allow inspectors to “see” facilities without their physical presence. They can also direct on-site employees in corrective actions to improve compliance and safety.

Logistics & Supply Chain

VR and AR can also help business better manage their inventory management, warehouse layout, and logistics operation. By experiencing processes, the company can easily assess the efficiency of their facility. Managers can also monitor operations and manage physical spaces remotely, including scheduling maintenance.

Retail

The retail market has also seen how VR can help their business. According to a Valuates report, the global retail VR market will continue to grow at a CAGR of 13.82% through 2028.

The primary use to date is virtual showrooms where customers can experience products virtually. Retailers can track user eye movements to better merchandise their online stores too. VR based advertising has also grown immensely due to the strong emotional response the technology evokes.

Tap Into Virtual and Augmented Reality Innovations

These are just a few examples of how business can harness the power of VR and AR innovations. Let us help you delve into the transformative world of Virtual and Augmented Reality, systematically and logically.

We offer four pathways towards successful innovation to suit your organisation and the following benefits:

  • Reduced cost of innovation
  • Quick increases in innovation capability, when required
  • Connections to the best Subject Matter Experts and innovators available
  • Simple process

EarlyBirds Innovation Ecosystem

Our award-winning Innovation Ecosystem earned us the title of Global Open Innovation Platform of the Year 2023 and 2024. It allows both innovation and strategic thinking in all areas of a business, whatever the technical or business challenge or potential opportunity your organisation wants to explore.

We unite Innovators, Early Adopters, and Subject Matter Experts (SMEs) to fuel rapid innovative adoption and business evolution. Early Adopters are leaders eager to identify new and disruptive technologies. They want to seize opportunities, solve business challenges, or create new products and services.

Our Ecosystem has a data pool of over 5.0 million global innovations across many industries with solutions that may already address your organisation’s challenges. Alternatively, organisations can list their challenges and request solutions from innovators.

EarlyBirds Ecosystem Maps

EarlyBirds’ offers Ecosystem Maps to help organizations address pressing issues. Each contains startups, scaleups, and mature companies involved in specific themes and sub-themes so organisations can plot a path towards innovation. The maps also track numerous daily and historical news and media articles from across the world.

EarlyBirds Explorer Program

The Explorer Program is tailored towards those who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required. It is designed to speed up the process of technological innovation for the organisation as a service.

The Explorer program includes several features including quarterly and monthly innovation days; regular webinars to help stimulate innovation in the organisation; a focus on types of innovations; a platform enterprise license; and a nominated SME for the business.

EarlyBirds Challenger Program

The Challenger Program focuses on a single organisational or technical challenge. It looks for the most relevant innovators that meet your organisational, technical, and risk requirements.

The program is run by an EarlyBirds Subject Matter Expert who identifies your key issues. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and the SME drafts a roadmap of next steps, POC, trial, or implementation.

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EarlyBirds can help your organisation find appropriate Virtual and Augmented Reality innovations to grow your business. We’ve helped those in the Public Sector, Food Industry, Retail, Healthcare, Operations & Maintenance, Manufacturing, Finance & Insurance, Energy, Education, Cybersecurity, and many other industries. Incorporate VR and AR technologies into your operations and seize the future.

Organisations can register independently at https://earlybirds.io/. Alternatively, those unsure of which option best suits their needs can schedule a consultation. We use an individualized approach to ensure you find the best possible solutions.