Even though the marketplace is still in its formative stages, we already know XR tech is going to have a huge impact on the future of business…
In a recent VRX study, a massive 98.6% of enterprise users confirmed they were at least considering investing more into XR in the next few years. Meanwhile, the market for XR technology is growing by the day, with projections for 2023 valuing it at over USD 18 billion.
Along with AI, machine learning, and 5G, XR technology offers one of the best opportunities in the modern era for enterprises to prosper, grow, and gain a massive advantage over their competition.
In recent posts, we’ve already discussed the many opportunities XR brings into the enterprise and given proof of how AR, VR, and MR technologies will change countless industries across the world. What we haven’t yet done, however, is discussed who’s responsible for bringing those XR technologies into businesses.
So, who buys XR in the enterprise? To answer that question, we’ve created a detailed list of the people most likely responsible for investing in XR over the next 12 months.
The Bottom Liners
Director
At the top of the stack, you have the director, or board of directors. This is the person or group of people responsible for the strategic management of a business/organization. It’s unlikely they’ll be the first point of contact when initiating an XR sale, but you can be sure they’ll have the last word.
CEOs
Next, you have the Chief Executive Officer (CEO). The CEO is the highest-ranking executive within a company/organization responsible for making important business decisions, managing overall operations, and acting as a bridge between the business/organization and its directors/investors. Once they have reviewed all the information on how and why an investment in XR could improve the business/organization as a whole, they will then make their decision on whether or not to pitch it to the director/directors.
COOs
The Chief Operating Officer, widely regarded as the second in command of any business/organization, decides how valuable an XR investment is to all operational and administrative areas of the business. They will be looking for how XR can improve overall efficiency within the company, how it can reduce cost, and how it can improve employee training and business processes.
CTOs
From the technology side of things, the Chief Technology Officer will be responsible for reviewing how an investment in XR can improve business performance from the back end. When making their decision, they’ll look at how XR affects efficiency, how easy it is to implement and maintain, and how it improves performance and collaboration in the technology department as a whole
CMOs
The Chief Marketing Officer will decide how an investment in XR can improve the sales and marketing areas of the business/organization. They’ll make their decision based on how much XR increases conversion rates, how much it widens brand recognition and reach, and how it helps the business/organization provide a better customer experience. They’ll also be looking for how it reduces the cost of all marketing efforts and how it helps add differentiation to their product offering.
Departmental Management
IT Managers
IT managers will be responsible for determining what areas of the business are suffering at the back end and deciding whether or not XR could help resolve and improve those issues. They’ll also have a clear understanding of how simple it would be to implement new XR tech across all areas of the business and will report their data to the CTO.
Business Development /Marketing Managers
Business development and marketing managers will be looking for ways in which XR can directly increase their bottom line. Vendors and sellers will need to demonstrate how XR improves efficiency and productivity, collaboration, and customer engagement. They’ll also need to show how XR reduces costs while driving up conversions rates.
HR, Operations Managers
HR and Operations managers are responsible for overseeing day-to-day operations like administration, hiring and interviewing new staff, and overseeing training procedures. When deciding on an XR investment, they’ll want to know how the technology will improve these areas of the business, with training being a huge point of interest.
Creative Managers
XR offers many benefits for creatives in the enterprise space. Designers, advertisers, web developers, etc. are all responsible for the creative output of a business/organization, and the creative manager is responsible for deciding how much an investment in XR would improve their performance in the workplace.
End Users
Designers
Designers will likely want demos or a trial of the XR hardware/software to test its capabilities for UX design and prototyping. They’ll be looking for use case examples and an explanation of how simple it is to implement in their day-to-day objectives.
XR features of interest include 3D product visualization and effects, collaboration, immersive experience.
Developers
Developers want to know how they can leverage XR technologies into their existing product offerings. They’ll want to know how flexible it is, how easy it is to build on, and what potential it has for the future.
XR features of interest include 3D visualization and effects, compatibility, spatial audio.
Engineers
Engineers will be keen to learn how XR can improve their technical skills and ability to collaborate with other engineers in their department. Essentially, they want to know how tools like VR and AR can make their lives easier and enable them to work faster and smarter than before.
XR features of interest include data visualization and collaboration.
Sales/Marketing Professionals
Sales and Marketing professionals will want to know how XR improves their abilities to attract new customers and retain existing ones. Every day, they face the pressures of meeting set targets and ensuring the business continues to grow, and XR must provide valuable support in helping them do this.
XR features of interest include Immersive experience, 3D showrooms/demonstrations, and collaboration.
Medical Professionals
XR is forecasted to make a huge impact on the healthcare sector, and medical professionals considering using these technologies must know why. Patient care is their number one priority, and they will be looking for how XR enables them to deliver better service to the people who need it most.
XR features of interest include augmented data visualization, education, advanced learning, and remote care.
Trainers/Educators
Students now learn in different ways, and teachers/trainers must adapt to meet these demands and engage with their students. When buying XR technology, trainers/educators will want to know how it will help them overcome those issues so they can get the results they need.
XR features of interest include immersive experience, data visualization, virtual learning, and student engagement.
When can we expect to see more businesses buying VR?
While the XR space is still dominated by the consumer right now, the number of enterprises implementing XR tech in training, healthcare, collaboration, design, and manufacturing is already gaining huge momentum.
As the marketplace continues to grow, and the number of positive use cases across multiple industries become available, we can expect to see much bigger investments in XR across the board…and all the people mentioned in the list above are the ones responsible for making those investments in future.
