What is Extended Reality (XR)? Find out now by reading our latest article which delves into this catch-all term for immersive technology.
What is Extended Reality (XR)?
Extended Reality, also referred to as XR, is a catch-all term for immersive technology, including augmented reality (AR), virtual reality (VR) and mixed reality (MR). Assisted reality (aR), though a lesser-known term, is also considered part of XR, overlaying situational information within the user’s existing field of vision. You can find out more about each of these technologies in our comparison article.
What is the importance of extended reality for business?
Extended reality (XR) is all about new ways of interacting with the digital world, realising the full potential of our online lives by making our experiences richer – essentially immersing ourselves in digitisation. For business this can mean new and improved ways of working, learning, communicating, and providing services.
Digitisation has been accelerated in recent years, as businesses have been forced to find new ways to enable their teams during the pandemic. In turn, this has accelerated the demand for XR technologies in business.
For example, businesses that previously relied on international travel to send experts to sites have adopted assisted reality to enable experts and onsite employees to collaborate remotely. Assisted reality allows the remote expert to see and hear what the frontline worker does, so they can remotely inspect, maintain, and even fix machinery.
Demand is growing.
Mordor Intelligence predicts 57.91% CAGR in the XR market between 2021 and 2026, growing to USD 397.81 Billion. Similarly, Market Research Future have reported an expected market size of USD 393 Billion by 2025 – and many other research reports also predict this same largescale growth.
It is clear XR has a solid place in our lives and businesses both today, and even more so in the future. As immersive hardware and software technologies advance, the possibilities for business will continue to expand and here at Westbase.io we look forward to continuing to help our partners and their customers to realise their potential.