Most companies are struggling to see viable uses of Virtual Reality (VR) and Augmented Reality (AR) within their business. According to new research from Prophet, VR and AR can pose more questions than answers. What are the advantages of VR and AR? How can they be incorporated into a company’s business strategy? Which technology should companies invest in?

In March we examined how immersive technologies can impact the customer experience and the type of opportunities it can present. A wide range of organisations in a variety of industries has been trialing AR applications. According to Rupert Deans, AR enables a brand to create a new narrative and engage customer customers with rich content and experiences that bring together the virtual and physical worlds.

Many organisations struggle when trying to envision the type of content and experiences they may create and the value it’ll bring to the business. The research from Prophet Altimeter have identified 5 areas that companies should look at when assessing the potential of AR and VR technology:

Brand Awareness – for companies looking to create a buzz and appear new as well as innovative the technology is still new enough to appear cutting edge. It can add novelty and a wow effect at events, product launches, and advertising campaigns.
Train Employees – Immersive technology has proven to be effective when training employees on new products, interacting with customers and responding to situations,
Test and Learn Customer Needs and Preferences –Immersive technology allows companies to trial products and concepts without the need to fully develop and build the actual product.
Build Customer Trust and Confidence in the Product – Try before you buy scenarios have become a popular application in retail and e-commerce
Collaboration – teams working across diverse and remote locations can be brought together via an immersive environment

The combined VR and AR market is predicted to grow from $18 Billion to over $215 billion in 2021. This rapid growth in application development and deployment means immersive technology will become very widespread very soon. Companies cannot afford to ignore the impact of these technologies. At this stage they may appear to be a novelty. In the next few years, however, they will become ubiquitous.