AR/VR business trends

Augmented and virtual realities are on the precipice of rapid expansion as global revenues for the AR/VR market are projected to increase by at least 100% over the next four years, according to a recent report from IDC.

Increasing demand for the nascent technology could have rippling effects across numerous industries. AR/VR overlap with many other technology categories, like biotech, video and gaming, for example. And, that cross-pollination category list is expected to grow in the coming years, expanding business opportunities across technology.

Virtual offices

Nick works in a spacious office in a building that looks like one of the seven marvels of the world. Walls are made of blue marble, thick carpets cover the floors, and from the window he can enjoy the view of golden beaches and calm ocean surface… The only “but” is that in fact Nick lives a small suburban town in Canada. But thanks to VR technologies he and his colleagues can meet every day in the office they wish to work in.

With VR and/or AR headsets or displays, you’ll find it easy to interact person-to-person, no matter where those other persons are on the planet. Their virtual presence makes Skype and video conferencing a thing of the past.

Virtual offices will provide better communication and help to avoid small misunderstandings, which sometimes can cause huge problems. Then, it certainly will reduce expenditures, as a company will get rid of rental and other related costs. The last but not the least, nice and attractive office will create a friendly and pleasant atmosphere, thus retaining employees and improving efficiency. In a nutshell: no extra costs, no geographical barriers, no more troubles with finding a suitable office! And interior designers open a whole new world of opportunities and let go of their imagination: they create various sample images of virtual offices, located in a Renaissance palace, cozy house or busy city of the future.

Tourism

A study conducted by Greenlight VR in the US in 2015 revealed that gaming and travel are the two VR activities Americans see the highest potential in. More than 70% of the respondents were interested in travel content.

Augmented and virtual reality is gradually gaining solid footing in the tourism industry. The Smithsonian Institution in the US was one of the first to introduce an AR app for tourists. For example, the National Museum of Natural History tried to use AR for an exposition that has been left unchanged for years. The exposition is called Bones, and it was complemented with Skin and Bones smartphone app, which showed how an animal looked when it was alive.

Today the travelling industry applies AR/VR tools and apps for various purposes. Hotels use 360-degree images and videos for better ranking in Google Images. Some museums implement technologies like Hololens to show large virtual objects in the halls, such as ships or planes.

Travel agencies help customers to choose a perfect place for vacations by demonstrating virtual tours in different countries. In the near future, we are sure to meet an app for AR glasses that will serve as a perfect guide in every popular city. Just imagine individualized tours: you choose, say, a tour in Paris that contains 40% of historical sightseeing, 35% of romance and 25% of cuisine adventures. Et voilà — the app builds a perfect route and provides extensive information on chosen objects.

Use case

A travel agency decides to promote most popular or new destinations. It is projected to cover about 100 tours in a year. These tours are issued in a form of magazines with QR code that enables a user to watch an immersive video with a VR headset. And now the agency needs 360-degree videos from different countries or cities. It joins the Cappasity Ecosystem to place calls for a tender for such videos on different topics. Content makers from different corners of the globe send their proposals and links to their portfolios to negotiate the terms. The bidding party is ready to license the rights for commercial use from the content makers. Once the content makers are selected, the money is frozen on the customer account and sent to the makers when the task is submitted. The customer evaluates the video quality, and then uses videos for the magazines. The users enjoy never before-seen content with a VR headset.