GUIDE TO INVEST IN AR & VR TECHNOLOGY | Augmented and virtual reality technology (AR & VR) is currently one of the hottest talking points in the ever-expanding tech field. As the technology improves and expands, so does the potential for business investments.
The emergence of VR and AR is also something that is beneficial to businesses and can impact the way they operate. Here is everything you need to know about investing in AR & VR technology.
What is AR / VR?
To those of us who are less acquainted with the world of tech, the concept of AR & VR can seem difficult to comprehend. Although the two do not stray far from one another, there are some key differences.
VR for example is a simulation that allows the user to experience and interact in a completely virtual environment – think VR headsets such as the ones seen in that episode of Black Mirror.
AR, on the other hand, enhances ‘real life’ through “digitally produced perceptual overlays”. Notable examples include Snapchat filters, and the gaming app which took the world by storm – Pokémon Go!
The benefits of AR / VR to businesses
The number of industries that will be affected by this technology is abundant, ranging from construction to retail. For example, the provision of AR and VR strategies can help visualise, track and troubleshoot problems in construction through frameworks such as OpenSpace.
This is a perfect example of AR / VR improving performance across multiple areas of the value chain. Here, the technology can be implemented into manufacturing, product development, marketing, and service.
Although the technology is still a work in progress, it is now currently bringing a variety of benefits to businesses industry-wide who choose to invest in it.
Moreover, the technology of AR and VR can be used to create a product in itself. The innovative and ground-breaking technology has the potential to generate huge profits across sectors.
A prime example of this is a ‘Head-up display’ which have traditionally been used in fighter jets but are now becoming integrated into your average automobile, as well as being used in the form of ‘Smart Glasses’. They offer information on a transparent screen so that the user does not have to face away from their direct line of vision.
Must Read: Virtual Reality in Education
Funding to Invest in AR & VR Technology
If you are a business owner, you may be wondering how on earth you are to afford this new technology. However, there are multiple ways in which you can access funding to help you cover extra costs.
You can choose from a variety of options depending on what suits your business the most, such as cash flow finance, invoice finance, property finance, asset funding & construction finance. Do not be afraid to seek out funding, as it can propel your business towards great success.
If you are considering investing in AR and VR technology, seek the help of a specialist advisor and really consider how you will use the technology to reap the most benefits for your business. Watch this space.