Harnessing immersive technologies responsibly
As India experiences significant market growth for extended reality (XR) technologies, organizations are now realizing the value of virtual in redesigning the way we work and live especially during unprecedented times.
XR is an umbrella term for virtual reality (VR), augmented reality (AR), mixed reality (MR) technologies. Globally, it is poised to be a US$160 billion industry by 2023. In India, XR spending will exceed US$6.5 billion by 2022 from under US$2 billion in 2020. The key driving factor comes from a growing smartphone penetration, which is expected to double during the same timeframe.
This growth could lead to more critical use cases such as remote surgery and even field monitoring across a myriad of industries including hospitality, education and retail. To get XR’s potential off the ground, business leaders and policymakers should share a common vision in responsibly designing, building and deploying these solutions.
How are companies in India harnessing the power of XR technologies?
A leading infrastructure player in India, uses XR to educate its laborers on safety measures.
An online furniture player has pioneered the use of AR in helping customers to virtually place the selected furniture in their rooms to check if it meets their requirements.
A popular hotel chain in India is experimenting with XR to help guests experience staying in a room even before booking it.
India’s top education app offers an AR device that enables children to learn while playing games.
XR is helping an established real estate player in India provide customers with a view of the actual progress made on the project.
Oil and gas
An oil and gas giant has set up an XR facility to provide an interactive and simulated environment to practice field situations.
As XR enables the collection of personal information, exposure to unauthorized access of data can pose as a security risk.
Fake experiences generated through XR could lead to misinformation that harms individuals and society.
With personal data available, security concerns such as data breaches could damage trust and reputation of businesses.
As children’s use of technology rises, immersive environments with virtual characters could amplify cyberbullying and carry mental health risks.
Business leaders must work with various sectors to address ethical, social and regulatory risks that could come into play in virtual settings.
To reap the benefits of XR technologies, policymakers should support infrastructure investment for high-speed and reliable internet connection.
Policymakers can also help accelerate adoption of XR technologies through measures that encourage innovation for the benefit the general public.