The global extended reality (XR) market size reached US$ 64.5 Billion in 2022 with an expectation to reach US$ 604.3 Billion by 2028, exhibiting a growth rate (CAGR) of 43.5% between 2023-2028.
That said, early adopters of this revolutionary technology can expand their reach tremendously while improving productivity, reducing costs, enhancing operational efficiency, and generating revenues.
The Taylor’s Virtual Online Future Technology & Extended Reality (VORTEX) XR Lab equipped with augmented, virtual, and extended reality software and hardware for one allows marketers to accomplish their objectives by providing clients with an unparalleled immersive experience that they will not soon forget.
Enhanced client experience and service
Increasing the relationship with clients is one of the finest uses of XR in marketing. Any advertising campaign’s main goal should be establishing a stronger bond with your target market, giving rise to fresh possibilities for rising sales and brand loyalty.
Businesses may utilise virtual reality (VR) to show customers what a product looks like in person from every conceivable angle.
For example, the Sephora Virtual Artist feature enables clients to “test and compare” an extensive collection of eyeshadows, lip colours, etc., before making a purchase. More significantly, it allows clients to access these experiences from anywhere.
By offering more immersive training and instructions on how to utilise items, XR may even assist with later phases of the customer experience, translating to better customer satisfaction and favourable word-of-mouth marketing about a company.
Ease of training
Inadequate proper training could result in employee errors that may have catastrophic consequences in several high-impact fields, including manufacturing, healthcare, and construction.
Through simulated environments, scenarios, and interactions, XR training engages employees in experiential learning, arguably the best way to learn new skills or practice existing ones.
Businesses have jumped on board, spending US$216 million on VR training alone, with a projected US$6.3 billion market by the end of the year. XR training is more productive and cost-effective than traditional delivery methods, and it also requires less time done at safer environments.
While learning retention in a classroom environment is possible, most students gain 70% of the skills they need through the experiential learning that XR training offers.
XR may enhance “on-the-job training” and assist businesses in achieving quantifiable as well as significant increase in productivity.
According to a study in the Harvard Business Review, Newport News Shipbuilding, which creates U.S. Navy aircraft carriers, employs augmented reality (AR) to evaluate ships towards the tail end of the construction process.
They can now view the finished design overlaid on the ship thanks to AR, which cuts the inspection time by 96%—from 36 hours to only 90 minutes.
Other businesses and institutions are also experimenting with XR and reporting increases in productivity, namely General Electric with enhanced productivity of 34% while assisting factory workers with difficult wiring tasks in wind turbines . Intel was able to reduce warehouse picking times by 29% , and Xerox helped its industry’s first-time fix rate rise by 67% .
In other sectors, XR has significantly increased the effectiveness of routine medical procedures like blood draws while reducing training durations because of its capacity to superimpose 3D over 2D instructions.
Comprehensive Customer Insights
Effective marketing initiatives depend on data. You may tailor your ad campaigns to gain more knowledge about your target audience, their tastes, and the kind of material they engage with.
Using XR can be a great method to learn more insights about consumers.
For instance, eye-tracking technology might help businesses identify the areas of their VR experience that users were most interested in.
However, businesses in the developing ad market will need to be cautious about how they handle compliance issues related to things like collecting user information.
Southeast Asia’s World-Class Future of Extended Reality (XR) Learning Centre
Taylor’s VORTEX XR Lab integrates augmented reality (AR), virtual reality (VR), and mixed reality (MR) with an investment of more than RM1.2 million, for its academics, students, and mass.
The XR facility provides the exposure needed for future marketers to meet the demands of the booming XR job market as it has access to the latest real-life extended reality equipment and specialised skills. This comes in useful for teaching and learning content creation as well as for ideation, designing, and prototyping immersive experiences.
It is in line with the varsity’s ongoing XR efforts to transform its curriculum and pedagogy by embedding tech skills and modules into degrees, and the overall growth of immersive technologies.
Apart from creating immersive educational content, the lab will also function as an XR Incubation Centre: –
- XR Services – Provides technical support and training for academics
- XR Action – Facilitates XR projects and also seeks funding for XR products, as well as commercialisation
- XR Advocacy and Research – Conducts research and awareness relating to XR technologies
The institution has the structure and intellectual focus necessary to meet the demands of the business, as demonstrated by the launch of the VORTEX XR Lab and the new Interactive Spatial Design curriculum – a first-of-its-kind facility and programme offering in Malaysia.
As a premier private institution of higher learning in the academic field, Taylor’s recognises the importance of human resources talent for success across a variety of industries and understands the need to embrace XR technology in order to give its brand a competitive edge tomorrow.
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