Three movers in immersive tech and their impact in commercial verticals
I’ve been involved in the immersive space from the initial growing pains of a veryraw strategy to “get a VR headset in every home”,to more practical applications of real world use cases that enhance business performance. As sophistication around technologies has evolved, successful use cases can be found in almost every vertical, showing definitive ROI and quantifiable results such as reduction inhuman error,greater data retention, and end consumer repeat engagement. These success cases have sparked the vigorous piloting of new ideas and applications, capitalizing on the creativity of those who have sustained long-term vision for these technologies.
I see three primary movers in immersive technology today: 1. Quantifiable ROI; 2. A more sophisticated knowledge around appropriate use cases for each technology offering; and 3. Successes AND failures in business models, better informing operational decisions.
While I often refer to entertainment as the “low hanging fruit” of immersive tech, it is also the gateway to greater adoption. What starts in entertainment doesn’t stay there (all recurring themes if you’ve ever been to one of my presentations). Entertainment platforms are a reliable foundation for proving out industry success, and grounds for new ideas and technologies. After all, entertainment has played this role for decades. It is well known that games (and military applications)drive massive innovation efforts across IT. The most basic starting point: a premium experience with quality content and adequate engagement is required for consumer adoption, whether that engagement leads to greater ticket sales or more successful (in the case of healthcare) patient trials.
Less successful use cases are also invaluable. Where one business model may not ultimately prove viable, careful observers will identify the elements of that model that were productiveand devise a new approach to successfully exploit the positives.
One lesson applied across verticals is that “immersive technology” is more than just virtual or augmented reality. “Immersive” includes all variants of XR—and that’s good for everyone. Companies are learning from successes and mistakes in commercial use of XR and with those lessons, the distinctive value of each type of technology. This paves a path toward smarter investment as corporate decision makers learn how to maximize each platform.
Based on the opportunities within my own business,as well as those shared byother XR thought leaders, I’m most excited about growth in the following three verticals.
Why? Because the scope of use cases alone could prove an industry disruptor. Pain mitigation, relaxation (therapy) and life enhancement content providers have rightly grabbed headlines and sparked interest in VR, specifically. Healthcare providers are working in tandem with care-driven content platforms for a quicker concept to market approach, and easier integration within healthcare systems.
The bigger opportunities lie in the training and education side of immersive knowledge share and imaging—healthcare providers, physician training and patient education. As traction increases, successful pilots will pave the way for broader applications, ultimately raising the bar in doctor/patient interaction.
There is also a very broad market for ancillary healthcare applications including chronic pain treatment, motor skill mobility,meditation, wellness programs, and fitness.
Any process that saves a business time and money is a no brainer for decision makers. From reduction in R&D costs and pre-fab timelines, to a reduction in manufacturing errors, to optimization of assembly time lines, to faster and more accurate remote troubleshooting—immersive technology is at the cusp of providing a new path toward increasing the bottom line. And no investor will think that’s a bad thing.
By now studies indicating a long-term increase in knowledge retention through the use of immersive technology are largely accepted as reliable. This opens a wealth of opportunity to share knowledge in a more effective way, overcoming many language and cultural barriers and allowing for greater real-time interaction that feeds innovation. I look forward to seeing how school systems and higher learning programs maximize this opportunity.
About Blog Writer :
CEO & Co-Founder