Digital tools, devices and platforms have given our world-class creative talent the opportunity to develop not just new content, but entirely new markets and industries. One of the most exciting of these is immersive media and the ability to create new experiences for users with augmented or enhanced environments. From flight simulations, innovation displays in shops to new forms of surgical training techniques, the possibilities are endless. We have used 2-dimensional media for centuries to access content and knowledge – pages in books and newspapers, screens in cinemas, televisions, computers and smartphones.
Immersive technologies such as virtual reality, augmented reality and mixed reality (XR) take us further by placing us right inside incredible virtual environments. They enhance the world around us with useful, usable information. Immersive seems about to realize the dreams of science-fiction writers and futurists, transforming how we communicate, work and play.
So, what is the immersive economy? We use the term ‘immersive economy’ to refer to the group of organisations (including businesses, university researchers and communities of developers and practitioners) developing or applying immersive technologies to create economic, social and cultural value. These technologies transcend traditional formats for interacting with digital information (screens), immersing users in digitally generated or enhanced realities, and include:
- virtual reality: ‘computer-generated simulation of a 3-dimensional image or environment that can be interacted with in a seemingly real or physical way by a person using special electronic equipment’ such as headsets and motion-control interfaces (Oxford Living Dictionary)
- augmented reality: ‘a type of interactive, reality-based display environment that takes the capabilities of computer-generated display, sound, text and effects to enhance the user’s real-world experience’ (Techopedia)
- mixed reality: ‘merging of real and virtual worlds to produce new environments and visualizations where physical and digital objects co-exist and interact in real time’ (Foundry)
- haptics communication: ‘recreates the sense of touch by applying forces, vibrations, or motions to the user’ (Wikipedia)
Immersive belongs to what economists call ‘general purpose technologies’ such as electricity or information and communication technologies. General purpose technologies can be broadly applied in many different areas, accelerating innovations across the economy. In our digitally mediated society, it is hard to think of a sector that immersive will not impact in some way.
The sector’s growth prospects reflect its potential to reshape the way we communicate, work and play. Goldman Sachs forecasts that the market could be worth as much as $95 billion in 2025, while TechCrunch estimates the combined virtual reality/augmented reality market will reach $108 billion in 2021. Citi are even more optimistic, forecasting a $569 billion market in 2025. The stakes are clearly high.
These are some of the detail observations of these findings:
- Immersive is already an economic reality.
- It is a young, growing, dynamic and confident sector. Global forecasts based on market research predict explosive growth in the immersive market.
- Immersive is creating value for creative industries and beyond.
- Immersive technology is a high-export business.
- There has been a rapid expansion in the levels of public support for research and development in immersive technologies.
In accordance with these findings, we have introduced AbilitàXR, the place where you can discover XR. And it’s for everyone. It’s a powerful yet simple tool to create your experiences, share it and re-experience it. To ease the creation process even further, we are giving our users jaw-dropping templates. You can edit, enhance and personalize these templates to make it your personal experience. We believe, these simple yet powerful tools will help across the industry. Teachers can use it to create their next generation study material. A salesperson can create an immersive and engaging pitch for products in XR. An architect can showcase the building design to her client effectively. A fashion retail owner can wow their customers with amazing 360-videos of their retail stores. An ad campaigner can make next generation ads using the state-of-the art AR technology. Real estate, healthcare, defense, eCommerce, travel and sports, every sector can use this platform to grow their business.
And we are not stopping here. In case you need personal assistance to create a masterpiece for your business, we are here to help you. We are very excited to launch this platform and we cannot wait to learn how this can enhance your life.