Extended Reality (XR) failed? Every fifth company uses virtual reality (VR) – use in trade fairs and marketing is on the rise

🚀🔮 Headlines have been popping up lately predicting the failure of extended reality (XR). recently said in an article from August 17, 2024 that it was time to face reality. However, such a general assessment falls short and, in particular, does not adequately take the B2B sector into account.

In fact, VR has had mixed success in the consumer market. Despite impressive technological advances and attractive devices, many end users still seem not to be fully convinced. There are many reasons for this: high acquisition costs, inadequate content and the need for powerful hardware deter many potential users. But to view VR as a failure simply because of these challenges ignores its enormous potential and the various areas of application in which it is already convincing.

A particular bright spot is the use of virtual reality in the business-to-business (B2B) sector. This is where the technology proves to be extremely useful and versatile. A recent study showed that one in five companies uses VR technology. This holds enormous potential for innovation in various business processes and applications.

🎯🌐 XR in marketing and trade fairs

XR is being used more and more, particularly in marketing and at trade fairs. Companies use extended reality to present their products in an immersive environment and offer customers a unique experience. These interactive presentations allow potential customers to experience products in ways not possible through traditional methods. For example, complex machines or architectural designs can be viewed virtually, which is not only fascinating but also enables a deep understanding of the products.

🎓🛠️ Training and further education

Another major area of ​​application for VR is training and further education. Virtual reality allows complex and dangerous situations to be simulated safely and realistically. For example, pilots, doctors or firefighters can train in a VR environment, minimizing the risk of errors in real-world scenarios. In addition, VR enables personalized learning environments tailored to the individual needs of learners. This methodology has been proven to lead to better learning outcomes and greater efficiency in training.

🚀👨‍💼 Training new employees

VR also shows its strengths when training new employees. Virtual induction programs help newcomers to the workplace be integrated more quickly and effectively. You get the opportunity to go through procedures and processes in a virtual environment before operating in the real working world. This reduces training time and helps minimize error rates.

🏗️🔍 Construction and planning

In construction and planning, VR makes the development process much easier. Engineers and architects can view, modify and optimize their designs in a virtual environment before starting construction. This increases accuracy and efficiency and reduces costs through early detection and correction of errors. Thanks to VR, it is possible to visualize and test projects realistically, which improves and accelerates communication and collaboration within the team.

🏠🛒 Sales support

VR also offers exciting opportunities in sales. Sales advisors can virtually introduce products to customers before they make a purchase decision. VR is often used, particularly in the real estate industry, to enable potential buyers to view properties virtually. VR is also increasingly conquering the market in retail. Customers can try out products virtually and get a better feel for their use and quality.

⚙️📈 Extended Reality in industrial development

Extended Reality (XR), which includes Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR), is another important trend that is helping companies evolve. In industry, XR offers a wide range of possible applications, from the maintenance and repair of machines to product development through to training and further education. Technicians can be guided through repair processes using AR glasses while keeping their hands free to carry out necessary work. This technology minimizes downtime and optimizes efficiency.

🧠💊 Psychological and therapeutic applications

Not to be forgotten are the psychological and therapeutic applications of virtual reality. VR has proven to be extremely effective in the treatment of anxiety disorders, phobias and post-traumatic stress disorder (PTSD). Patients can confront their fears in a controlled environment and gradually learn to overcome them. VR is also successfully used in pain therapy to distract patients from chronic pain and improve their quality of life.

🔮🚀 Future prospects and challenges

The future of virtual reality and extended reality appears promising, despite the current challenges. As technology continues to evolve, hardware costs fall, and the variety of content grows, VR and XR are expected to become even more widely used in the coming years. Important developments such as improved ergonomics, higher resolutions and lower latency are helping VR applications become more user-friendly and effective.

However, there are still hurdles to overcome. These include technological challenges, privacy and security concerns, and the need to establish standards and protocols for the use and development of VR and XR. Companies and developers are required to find innovative solutions and integrate these new technologies to realize their full potential.

It would therefore be premature and short-sighted to consider virtual reality a failure. While the B2C market still faces some challenges, there is already clear added value and great potential in the B2B sector. The diverse possible uses in marketing, training, construction, sales and therapy make it clear that VR and XR have become an integral part of our modern lives and the business world and have an exciting future ahead of them. The technology is constantly developing and offers innovative solutions for a wide range of industries and areas of application.

📣 Similar topics

• 🔍 The reality of extended reality: A look at the B2B sector
• 📊 VR in Business: Today and Tomorrow
• 🚀 XR in marketing and events
• 🎓 Virtual reality in training and further education
• 🔧 Training new employees with VR
• 🏗️ Construction and planning: Virtual options
• 🛍️ The use of VR in sales
• 🏭 Industry 4.0: Extended Reality in industrial development
• 💼 Psychological and therapeutic applications of VR
• 🌟 Future prospects and challenges of virtual reality

#️⃣ Hashtags: #VirtualReality #ExtendedReality #B2B #Technology #Company

🗒️ Find the right Metaverse agency and planning office such as a consulting firm - search and search for top ten tips for consulting & planning

More about it here:

• Experts in the Metaverse and XR: Find the right partners

🌍👓 In recent years, virtual reality (VR) has evolved from a futuristic idea into a practical application that companies in a wide range of industries use to optimize their processes and open up new possibilities. A recent study clearly shows how VR is becoming increasingly important in the business world, particularly in the areas of construction, training, collaboration and marketing.

🌟 Virtual reality as a key tool in construction and planning

A particularly noticeable trend is the growing importance of VR in construction and planning. In 2024, 74% of companies surveyed said they used or planned to use VR for these purposes. This represents a significant increase from the 65% in 2022. This increase highlights how VR is increasingly being viewed as an essential tool in architecture, construction and product development. The ability to view and edit three-dimensional models in an immersive environment allows planning processes to be made more efficient and errors to be identified at an early stage. This not only reduces costs, but also shortens development times significantly.

📚 Training, education and further training: VR as an educational revolution

Another area where VR plays a crucial role is training, education and training. 69% of companies see VR as an important tool for these applications in 2024, compared to 61% in 2022. This development shows that VR not only brings a new dimension of immersion to learning environments, but also the way knowledge taught and skills learned is revolutionized.

Particularly in safety-critical professions such as aviation, medicine or industrial production, VR enables risk-free training in realistic scenarios. In this way, employees can be better prepared for complex or dangerous situations without taking real risks. At the same time, the interactivity of VR promotes active learning and increases retention rates compared to traditional training methods.

🤝 Collaboration in virtual spaces: Work together more efficiently

With the increase in remote work and distributed teams, digital collaboration tools are becoming increasingly important. This shows that VR is increasingly valued as a platform for collaboration. 46% of companies surveyed plan to use VR for collaboration, compared to 53% in 2022. This may seem like a decline at first glance, but it could indicate that the market is saturated and many companies have already integrated VR into their collaboration strategies.

VR allows teams, regardless of their physical location, to collaborate in a shared, virtual environment. This not only promotes creativity, but also increases productivity as meetings and workshops can be made more immersive and interactive. Virtual reality also offers the possibility of visualizing complex data or models in three dimensions and editing them together, which is difficult to achieve in traditional video conferences.

📈 Marketing and trade fairs: New ways of approaching customers

It is also evident that VR is increasingly being used in the areas of marketing and trade fairs. The study data shows that 37% of companies plan to use VR for these purposes in 2024, compared to only 29% in 2022. This development suggests that companies are increasingly relying on immersive experiences to present their products and services and differentiate themselves from the competition.

Especially at trade fairs, VR offers the opportunity to take potential customers on a virtual journey where they can experience products in an interactive and engaging way. This not only creates a memorable experience, but also makes it possible to present complex products or services in a simple and understandable way. In addition, by using VR in marketing, companies can better reach their target groups and open up new, innovative ways of customer loyalty.

🛒 A sales tool with potential: VR in sales

Another interesting development is the use of VR in sales. While only 14% of companies are currently using VR for this purpose, the increase from 9% in 2022 to 14% in 2024 shows growing interest. This could indicate that companies are starting to realize the potential of VR to improve the shopping experience.

Especially in e-commerce, VR opens up new opportunities to present products and optimize the purchasing process. Customers can view products virtually and even customize them before making a purchasing decision. This not only reduces returns but also increases customer satisfaction. In the future, VR-based sales strategies could complement traditional retail and fundamentally change the way we shop.

🏢 Training new employees: A field that is still underused

Finally, the study shows that VR also plays a role in the training of new employees, albeit to a small extent. Only 5% of companies use VR for this purpose, but this represents a slight increase compared to 2022. There is great potential here that many companies have not yet exploited.

However, training new employees using VR could become more important in the future, as this technology enables an immersive and practical introduction to the working environment. For example, new employees can learn production processes or safety guidelines in a realistic environment, shortening training time and increasing efficiency.

🌟 Challenges and future prospects

Despite the many benefits, there are also challenges that companies must overcome when implementing VR. These include the high acquisition costs for VR hardware and software as well as the need for specialist expertise to develop and maintain VR applications. Companies also need to ensure that the use of VR offers real added value and is not just seen as a gimmick.

However, in the future, it is expected that the cost of VR technology will continue to fall and the ease of use will increase. This will also allow smaller companies to benefit from the benefits of this technology. At the same time, advances in artificial intelligence and machine learning could further advance the development of VR applications, making them even more powerful and adaptable.

🔮 Importance of VR in the business world

The study impressively shows how VR is becoming increasingly important in the business world. VR is increasingly seen as an indispensable tool, particularly in the areas of construction, training, collaboration and marketing. The increasing number of users and the diverse areas of application underline the potential of this technology to fundamentally change the way companies work and interact.

For companies that want to remain competitive in an increasingly digital and connected world, it is crucial to recognize and use the possibilities of VR at an early stage. The technology is still in its early stages of development, and the coming years will show just how far-reaching the impact of VR on the business world will actually be. The opportunities are great, and companies that seize them in good time can secure a decisive competitive advantage in the long term.

📣 Similar topics

• 🏗️ Virtual reality as a key tool in construction and planning
• 🎓 Training, education and further training: VR as an educational revolution
• 🤝 Collaboration in virtual spaces: Work together more efficiently
• 🛍️ Marketing and trade fairs: New ways of approaching customers
• 🛒 A sales tool with potential: VR in sales
• 🧑‍💼 Training new employees: A field that is still underused
• 🚀 Challenges and future prospects of VR
• 👓 Virtual reality in architecture and construction
• 💼 VR based training programs for companies
• 🌐 The role of VR in the modern business world

#️⃣ Hashtags: #VirtualReality #BusinessInnovation #DigitalTransformation #BusinessGrowth #FutureTechnology

Xpert.Digital - Pioneer Business Development

If you have any questions, further information or need advice on the topic of Consumer Metaverse or Metaverse in general, please feel free to contact me at any time.

I would be happy to serve as your personal advisor.

You can contact me by filling out the contact form below or simply call me on +49 89 89 674 804 (Munich) .

I'm looking forward to our joint project.

 

 

Xpert.Digital is a hub for industry with a focus on digitalization, mechanical engineering, logistics/intralogistics and photovoltaics.

With our 360° business development solution, we support well-known companies from new business to after sales.

Market intelligence, smarketing, marketing automation, content development, PR, mail campaigns, personalized social media and lead nurturing are part of our digital tools.

You can find out more at: www.xpert.digital - www.xpert.solar - www.xpert.plus