The Future of Virtual Reality and Augmented Reality

Aditya Chakurkar | December 17, 2021 | 719 views

The_Future_of
Possibly, Virtual Reality (VR) and Augmented Reality (AR) are the most prominent technologies in the current tech universe. After seeing unprecedented growth in the last couple of years, 2021 is seeing an explosion in the real-time use of virtual and augmented reality, especially by industry giants like Amazon, Microsoft, Apple, Facebook, and Google.

AR and VR have the power to improve everyone’s life with the experiences they offer through the blended and alternative experimental domains. While these experiences are not ‘real’, they sure enhance the way we work, buy, communicate, travel, and more.

Defining AR and VR

Before we dive into the predictions and the future of virtual reality and augmented reality, let’s differentiate the basics of these two often-confused technologies.

What is Augmented Reality?

In layman’s terms, Augmented Reality (AR) is the improved form of the real, physical world. It uses technology to implant sound effects, visual elements, and other factors that stimulate our natural sensors to provide us with an interactive experience of the real world.

What is Virtual Reality?

Virtual Reality (VR) is an artificial world that uses various programs to make us think of it as a real world. Put simply, it is a computer-generated three dimensional stimulation that provides us with a seemingly real physical world environment.

Creating Efficient AR and VR Strategies

Considering the impactful future of virtual reality and augmented reality, companies need to develop effective AR and VR strategies. Failing to consider implementing VR and AR in the future might make them disappear from the marketplace.

So, how to develop AR and VR strategies?

The answer to this question may vary for every industry. While all industries have their own set of specific benefits from implementing AR and VR into the operations, there’s one mantra for winning with VR and AR — Bridge the gap between your strategies, various technologies, and implementational operations.

But before this, companies need to first identify the areas where AR and VR can be used to strengthen business models, company goals, and more. Then, you need to discover or invent ways to do so. Once you know your path, getting right into prototyping and execution is the key.

First of all, this is a launch-and-learn operation that includes three major steps:

● Identify the areas where you can use AR and VR to accelerate business processes
● Build VR and AR-friendly pilot applications
● Test the pilot apps and scale them across the required sectors of your business (if proven)

Today's Augmented Reality and Virtual Reality Outlook

The current trends in augmented and virtual reality today are worth the hype. Virtual and augmented reality innovations are rapidly evolving and they have already begun to take hold of people’s everyday lives.

To start, let’s take a look at some big players from the industry.

Facebook has already announced its rebrand as Meta and expressed its interest in AR and VR. The company has partnered with Oculus to bring AR-powered smart glasses through their initial patents. Following it, several other companies like Microsoft, Hyundai, Nike have decided to jump into Metaverse.

Google and YouTube are also participating in the race for 360 and virtual reality videos. They are the direct competitors to Facebook and are trying to explore more in VR-powered headsets. While Google already has multiple stakes in virtual reality innovations, both Google and YouTube have joined hands with HTC to develop the Daydream VR app.

The following are arguably the most popular, high-end AR and VP-powered products available in the current market:

  • Sony PlayStation VR
  • HTC Vive
  • Oculus Rift
  • HoloLens
  • Google Glass
  • Apple ARKit

AR in the Future

According to Statista, AR and VR currently hold a market worth $30.7 billion, and it is estimated to grow to $300 billion by 2024. However, the road ahead needs many baby steps to make a great deal in terms of developing AR in the future. As more and more companies are estimated to deploy AR in human resources, R&D, marketing, advertising, and more, the need for skilled coders and programmers will dramatically grow.

Before AR reaches its epitome in the future and augmented reality capabilities will be at their best, market experts suggest that it won’t be a mere afterthought for mobile devices. Here’s what a renowned tech industry consultant, Tim Bajarin, claimed in his Time article — “For AR to become truly useful, somebody will have to make a robust platform to undertake a host of apps and services.”

In a nutshell, companies should consider integrating artificial intelligence and machine learning with AR in the future. It will not only enhance their business model but also prove to be a great milestone in terms of user experience.

"I think everyone would basically agree that we do not have the science or technology today to build the AR glasses that we want. We may in five years, or seven years, or something like that. But we’re not likely to be able to deliver the experience that we want right now. “

Mark Zuckerberg, Founder & CEO of Facebook


Future of Virtual Reality

The future of virtual reality revolves around its integration with AI and it is inevitable. This blend has already proven its effectiveness and VR in the future will hold some significant numbers in almost every major sector. You can expect to witness the following VR trends in the future:

  • The rise in remote conferences and events powered by VR
  • Adoption of remote education and training will grow
  • Marketing and advertising will be powered by VR
  • Virtual entertainment will be a common thing


Top 3 Future Trends in AR and VR

AR and VR are far more than just a thing of interest to smartphone users. Their influence is so vast that they have already prompted entrepreneurs around the globe to invest in AR/VR development. Here are the top three future trends in AR and VR to look for.


Increased Use of Remote Assistance

VR and AR in the future will benefit remote assistance the most. It will help technicians to take care of on-site problems in real-time using their laptops or mobile phones. Students will be able to learn from home and employees will be able to examine and share information without any hurdles.


AR-Powered Automobiles

The future will be more favorable for autonomous vehicles thanks to augmented reality innovations. Automakers will incorporate AR into their cars so that the world can embrace self-driving vehicles. Your travels in the future will be accompanied by AR-sourced trends like in-car AR, voice assistance, and more.


Rise in AR Avatars

Have you heard of virtual celebs like Activ8’s Kizuna AI and Brud’s Lil Miquela? These fictional characters have significantly impressed the consumers and encouraged budding entrepreneurs to develop more such avatars.

AR in the future will empower fictional avatars that can attract users, take them on a ride through a virtual store, help them select the right product, and more.


Conclusion

AR and VR will cause a momentous change in the entire business world and the most exciting time for AR and VR developers is NOW. The market is moving rapidly in the direction of emerging (and also interconnected) technologies like AI, ML, AR, VR, IoT, etc., and we can expect enormous growth in the next few years.

"Looking to the future, the next big step will be for the very concept of the ‘device’ to fade away”

Sundar Pichai, CEO of Google


Frequently Asked Questions


How will 5G affect VR and AR in the future?

VR and AR will need high-speed internet to function in the best way. 5G will result in the brighter future of virtual reality and augmented reality and it will also uplift the AR/VR use cases and potential in the marketplace.


Is AR and AI the same thing?

No. AR and AI are different technologies. AI enables devices or machines to react, think, or respond like us while AR implants virtual 3D elements in the real physical world in real-time.


What are the applications of AR in healthcare?

Healthcare professionals can use AR to educate, communicate and engage with their patients. The following are the applications of AR in the healthcare sector:

  • A better description of the symptoms
  • Providing drug information
  • Preparation for surgery
  • Simplified vein finding
  • Medical imaging
  • Medical training

Spotlight

Ultima Business Solutions

"Ultima: Trusted IT Solutions Partner For businesses that need to increase productivity by doing more with less, or want to support business growth, we provide business IT services that make technology a positive asset for your organisation. Unlike many traditional resellers, we make IT work harder by better aligning it with the overall goals of your business. As an end-to-end IT service and solution provider, we have existing relationships with hundreds of vendors and can act as your single point of contact. Through our Strategy and Planning Services, our highly skilled technical consultants will design and implement a flexible, tailored solution, which our Technical Support Centre will manage and keep optimised."

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Mindtickle | December 07, 2022

Mindtickle, the global leader in sales enablement and training technology, today announced a strategic partnership with Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services & solutions. The collaboration will provide clients with a unified, tech-enabled platform to enhance sales effectiveness. Tapping the unique expertise of both companies, the strategic relationship will offer clients a solution for end-to-end sales enablement challenges such as sales onboarding, new product launches, competency benchmarking, upskilling and more. This partnership will aim to ensure increased revenue, customer satisfaction, employee productivity, and retention across every customer-facing function including contact center and support operations. “In partnership with Mindtickle, Tech Mahindra will deliver innovative sales readiness managed services to enhance sales effectiveness. We are helping customers solve problems with sales onboarding, product launches, competency gauging, upskilling, and more. All of these things will have a positive effect on call revenue, net promoter scores, and client service costs. Under Tech Mahindra’s NXT.NOW™ framework, this partnership will focus on leveraging next-generation technologies to deliver disruptive solutions today, further enable digital transformation, and meet the evolving and dynamic needs of our customers.” Birendra Sen, Head of Business Process Services at Tech Mahindra Mindtickle’s sales enablement, conversational intelligence, content management, and sales coaching solutions, coupled with Tech Mahindra’s track record of success in delivering best-in-class connected customer-centric information technology experience, will help clients achieve differentiated business outcomes. The joint solution will modernize sales enablement, leveraging conversational AI, gamification, and skills-based learning to improve efficiency and drive results for sales leaders, enablement, and revenue operations teams as well as other functions across the enterprise. The joint solution is expected to be of considerable value to companies in industries such as high tech, life sciences, financial services, communication, media, and entertainment. Gopkiran Rao, Chief Strategy Officer, Mindtickle, said, “We're pleased to partner with Tech Mahindra and are confident its formidable portfolio of integrated solutions, analytics, process consulting, and outsourced operations will be of significant value to our global customers across industry verticals. The Mindtickle team is excited to create a significant impact on front-office effectiveness in these organizations.” Together, Mindtickle and Tech Mahindra will provide organizations with industry blueprints for different functional areas and powerful capabilities that span change management, technology, and process management, business analytics, and reporting. Joint solutions will include rapid-start program templates for onboarding, training, and AI-driven field coaching. Collectively, these capabilities will accelerate the speed to competency for employees, reducing expenses and boosting the bottom line. About Tech Mahindra Tech Mahindra offers innovative and customer-centric digital experiences, enabling enterprises, associates and the society to Rise. We are a USD 6 billion organization with 163,000+ professionals across 90 countries helping 1279 global customers, including Fortune 500 companies. We are focused on leveraging next-generation technologies including 5G, Blockchain, Metaverse, Quantum Computing, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers. Tech Mahindra is the only Indian company in the world to receive the HRH The Prince of Wales’ Terra Carta Seal for its commitment to creating a sustainable future. We are the fastest growing brand in ‘brand strength’ and amongst the top 7 IT brands globally. With the NXT.NOW™ framework, Tech Mahindra aims to enhance ‘Human Centric Experience’ for our ecosystem and drive collaborative disruption with synergies arising from a robust portfolio of companies. Tech Mahindra aims at delivering tomorrow’s experiences today and believes that the ‘Future is Now’. We are part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise. About Mindtickle Mindtickle is the market-leading sales readiness platform, helping revenue leaders at world-class companies like Johnson & Johnson, Splunk, and Wipro be ready to grow revenue by increasing knowledge, understanding ideal sales behaviors, and adapting to change. Dozens of Fortune 500 and Forbes Global 2000 companies use Mindtickle to define excellence, build knowledge, align content, analyze performance and optimize behavior throughout their sales organizations. Mindtickle is recognized as a market leader by top industry analysts and is ranked by G2 as both the #2 enterprise software product and #5 sales software product.

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INNOVATION,SOFTWARE,FUTURE TECH

EY announces alliance with Software AG to help organizations digitize and transform using business process management, IoT and integration platforms

EY | December 06, 2022

The EY organization today announces an alliance between Ernst & Young LLP and Software AG, a leading enterprise software and technology company with a suite of products across business process management (BPM), integration and application programming interface (API) management and Internet of Things (IoT). The EY-Software AG Alliance helps organizations improve growth through digital transformation. The alliance is also active in Germany, where Software AG is headquartered, with further global expansion planned. "Organizations are rapidly transforming to accelerate growth, remain competitive and adapt to the ever-changing digital landscape. The EY-Software AG Alliance combines the deep industry knowledge of EY teams with Software AG's leading-edge technology to bring a unified experience to clients, helping them truly integrate processes, technologies and people, and drive deeper data-driven insights to accelerate transformation." Aman Dutta, EY Global Software AG Alliance Leader Enterprises navigating transformation often deal with fragmented business processes and a lack of real-time data and insights due to legacy internal systems that cloud their visibility of the overall organizational picture. This can result in repercussions to business outcomes, costing organizations time, effort, profitability and delays in transformation. Software AG's enterprise-ready platforms, such as webMethods, ARIS and Cumulocity IoT, simplify the integration of applications, devices, data and clouds, empower streamlined processes and connect "things" like sensors, machines and robots. The ARIS and Alfabet platforms are agile, cloud-based enterprise software for BPM and enterprise architecture (EA). The ARIS platform offers process mapping and analysis; process mining; governance, risk and compliance (GRC) management; environmental, social and governance (ESG) management and insights for automation. Its robust features unite business and information technology into an integrated platform to help organizations understand and improve their operations, reduce costs, support change and transform at pace. EY teams have deep experience in implementing ARIS, Alfabet, Cumulocity IoT and webMethods platforms. These platforms leverage common standards to support numerous clients for BPM, process mining, IoT, analytics and integration across the globe. EY teams also extensively use the ARIS platform to efficiently roll out large-scale S/4HANA implementations. Through the EY-Software AG Alliance, organizations will have access to seamless and integrated leading-class products, deep industry insights and effective implementation services, helping them achieve their transformation goals. The EY organization is establishing a centre of excellence exclusively for Software AG products and capabilities that will have more than 200 members based out of Bengaluru, India, to create a differentiated client experience. "As the EY relationship with Software AG continues to grow, it is extremely exciting to envision the new opportunities that this expanded collaboration will help provide. The alliance will strengthen how EY teams provide end-to-end digital transformation solutions, while aiming to drive material impact for clients." Netta Nyholm, EY EMEIA Enterprise Risk Leader "We know that our customers are facing more challenges right now than they ever have before. Our goal is to help them overcome these challenges, become more resilient and ultimately grow. We can do this by simplifying the world of connected technology, people and data for them and finding new ways — large or small — to make day-to-day operations a little bit easier, more efficient or more profitable. There's no better way to extend this mission we're on than by joining forces with the EY organization and we look forward to helping more customers together." Joshua Husk, Chief Revenue Officer, Software AG About EY EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

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