The Rise of AR and VR: Why Brands Need to Jump on Board

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In the ever-rapidly evolving technological landscape we are seeing today, businesses will have to adapt to maintain relevancy. With the widespread adoption of immersive technologies like AR and VR on the rise, companies must rethink their strategies to take advantage of this direction.

According to a report by Statista, AR and VR market revenue is projected to reach $31.12 billion in 2023. This projection showcases a growing demand for immersive experiences—and presents a significant opportunity for businesses to gain a competitive advantage.

AR and VR can completely transform the experiences customers have with businesses. For instance, makeup brands like NYX and L'Oréal have created AR experiences that allow customers to try on virtual cosmetics and hair products before making a purchase, increasing customer satisfaction and sales. Similarly, IKEA's AR app lets customers preview furniture in their homes before purchasing, creating a more personalized shopping experience and reducing the likelihood of returns.

But AR and VR also offer tremendous potential for innovation across industries. For example, CES 2023 featured a seemingly endless collection of use cases for AR and VR ranging from TEGWAY Co. Ltd.'s ThermoReal® VR firefighter training simulations to ARpedia's children's book augmented experiences for learning and entertainment. From healthcare to education and beyond, the possibilities are truly endless.

As AR and VR continue their journey to the mainstream, businesses that fail to adopt these technologies risk falling behind their competitors. To avoid such a disadvantageous pitfall, companies must prioritize exploring how they can creatively and effectively leverage AR and VR to enhance customer experiences, streamline operations, and drive growth.

The last few years have proved that AR and VR are more than gaming and entertainment technologies. They are transformative tools that can revolutionize businesses across industries. With the potential to create immersive experiences and drive innovation, our team at Dreamspace firmly believes that AR and VR must be a top consideration for companies looking to stay ahead.

Dreamspace is ready for AR and VR to go mainstream. If your company is not, it is crucial to start learning about these technologies, working with partners who understand the potential of AR and VR, and getting ahead of the curve—rather than falling behind.

What steps will you take to advance your company into the future?