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Overview

Extended reality (XR) is an umbrella term that encompasses virtual reality (VR), augmented reality (AR), mixed reality (MR), and other immersive technologies that create or enhance digital experiences. XR has the potential to transform the learning and development (L&D) of employees in various sectors and industries, by providing immersive, engaging, and personalized training solutions. XR is a powerful tool that can revolutionize the L&D of employees in the 21st century. By leveraging XR, organizations can create immersive, engaging, and personalized training solutions that can improve learning outcomes, reduce costs and risks, enhance collaboration and feedback, and improve accessibility and inclusivity.

Extended Reality

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Source: Interaction Design Foundation

A successful business depends on providing employees with sufficient, effective training, but since the workforce is evolving, organizations must modify their training initiatives. The younger generation is driven by personal development and prefers flexible work schedules, instant and/or in-person feedback. Consequently, businesses are interacting with an increasingly dispersed workforce across geography. For HR and learning and development (L&D) teams attempting to establish uniform and efficient training programs for employees in various locations, age groups, and backgrounds, all of this adds up to a logistical headache. Employers may attract and retain employees of all ages and backgrounds by incorporating Extended Reality (XR) training, which incorporates Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality technologies, into workflows. Employers may enhance onboarding and retention by using XR training to make employee education more participatory and interesting.

The extended reality market has witnessed substantial growth in recent years owing to the increasing integration of XR across the business ecosystem due to its wide applicability across multiple enterprise verticals. Adding to this, high acceptance of advanced systems will further accelerate the growth of the market. According to the Data Bridge Market Research analysis, the extended reality market is projected to grow at a compound annual growth rate (CAGR) of 66.5% from 2021 to 2028.

To learn more about the study, visit: //baronmoving.com/reports/global-extended-reality-market

Businesses everywhere are facing pressure to reskill and upskill their workforces because of the COVID-19 epidemic. Now, top businesses are concentrating on innovative approaches to employee engagement, training, and retention. In practically every business, extended realities (XR) such as augmented reality (AR) and virtual reality (VR) have shown to be useful tools for cutting expenses, removing obstacles caused by distance, enhancing learning, and lowering mistakes.

Some of the benefits of XR for L&D include

To Implement XR for L&D Effectively, Organizations Need to Consider the Following Factors:

Evolution of the Extended Reality (XR)

1800s:

The theory of "stereopsis," also known as "binocular vision," was first presented by scientist Sir Charles Wheatstone in 1838. According to this theory, the brain merges two images to create a single 3D image. As a result, the first stereoscope devices that combined two pictures to create the appearance of a three-dimensional image with depth were created. Modern VR systems employ stereoscopic displays to give digital visuals a sense of depth, which heightens the immersion experience.

Early 1900s:

In 1935, American science fiction author Stanley Weinbaum wrote about the usage of goggles to explore a made-up universe in Pygmalion's Spectacles. This was the initial prediction for virtual reality as it exists now.

1950s to 1970s:

The 1950s, 1960s, and 1970s saw the emergence of early VR and AR technological applications.

1980s to 2000:

New technologies that improved the VR experience were first introduced in the 1980s. The phrase "virtual reality" was originally used in 1987 by Jaron Lanier, one of the founders of VPL Research Inc., which was established in 1985 and was the first company to market VR goggles and gloves. The early 1990s saw the introduction of VR arcade games, such as the SEGA VR-1 motion simulator. Additionally, reasonably priced VR headsets for home usage started to become accessible by the middle of the 1990s. In 1990, Boeing researcher Tom Caudell first used the term "augmented reality."

The augmented reality market has witnessed substantial growth in recent years owing to increasing advancements in sensor technology. Adding to this, increasing R&D investment in the augmented reality field will further accelerate the growth of the market. According to the Data Bridge Market Research analysis, the augmented reality market is projected to grow at a compound annual growth rate (CAGR) of 39.8% from 2023 to 2030.

To learn more about the study, visit: //baronmoving.com/reports/global-augmented-reality-market

2010 to 2020:

XR technologies started to take off in 2010 and beyond. Here are a few of the decade's major highlights:

The fact that XR is already being used for more than simply entertainment and gaming indicates that this expansion of its uses is essential to its continued development

Facts and Figures

The article published by Roundtable Learning highlights few facts and figures related to usage of extended reality in learning and development of employees working in different industries. Some of the facts and figures are unveiled below:

According to an article published by YORD, the size of the worldwide market for virtual training and simulation was estimated at USD 296,632.11 million in 2022 and is projected to grow at a CAGR of 12.02% throughout the forecast period, reaching USD 586,244.18 million by 2028.

Benefits of Workforce Training in Virtual Reality

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Source: ArborXR

VirtualSpeech Ltd. published facts and figures related to virtual reality in the Training and Education Industry. Some of them are mentioned below:

The virtual reality market has witnessed substantial growth in recent years owing to increasing awareness about the benefits of virtual reality. Adding to this, the growing adoption and deployment of virtual workforce training courses will further accelerate the growth of the market. According to the Data Bridge Market Research analysis, the virtual reality market is projected to grow at a compound annual growth rate (CAGR) of 30.86% from 2022 to 2029.

To learn more about the study, visit: //baronmoving.com/reports/global-virtual-reality-market

Benefits of Extended Reality in Learning and Development

One of the best teaching techniques now available is extended reality, which can produce incredibly immersive experiences. Candidate engagement has a significant impact on training outcomes. With its immersive teaching environment, XR can increase this level of involvement. The interactive feature makes the course materials come to life and makes for an interesting way to teach. By utilizing integrated gamification, learners can acquire crucial activities in an enjoyable and engaging manner. Improved information retention is also a result of trainee engagement and interest.

Increased retention rates are usually the result of increased engagement levels. By using extended reality, learners focus more intently on what they are learning, which helps them retain the information better. Compared to watching films or reading text-based learning materials, memory retention is higher following an extended reality encounter. This is because extended reality provides its users with more emotional and multisensory input.

Employees must frequently go to training places to receive their training. Instead of needing to travel outside of their surroundings, trainees can train in their surroundings by utilizing extended reality. Nevertheless, equipment must travel to the training site in addition to learners. Employing an extended reality system for training might minimize the need to transport bulky, heavy equipment. In addition to the removal of travel and transportation expenses, trainer fees can be decreased. One way to lower faculty costs is by allowing trainers to be a part of the XR program rather than needing to be recruited for each training session.

It is necessary for trainees to become familiar with the materials to acquire new knowledge or skills. It frequently takes several training sessions to recover accustomedness. It is possible to train as frequently as needed in extended reality and still keep costs down. In addition, employees can experience, learn, and make mistakes through repetition when interactive training methods are used in place of manuals and films. In the real world, this is frequently not possible because it would be an expensive or even dangerous procedure. Employee experimentation with new procedures and systems prior to their implementation is facilitated by technology, resulting in ongoing innovation

Trainees can experience a realistic and secure training environment with extended reality. It is possible to eliminate the expenditures associated with technology, injury hazards, and expensive equipment damages. Trainees receive safe scenario experiences through Extended Reality training. The trainees can also rehearse these scenarios as often as necessary to gain the necessary preparation and self-assurance to carry out the work in real life. With the interactive training approach, learners can make mistakes without worrying about damaging actual equipment.

Recent Developments

Conclusion

In conclusion, extended reality (XR) solutions, such as augmented reality (AR) and virtual reality (VR), are transforming the way companies deliver learning and development (L&D) programs to their employees. XR solutions offer immersive, interactive, and engaging experiences that can enhance the effectiveness, efficiency, and accessibility of L&D initiatives. XR solutions can also provide personalized, adaptive, and data-driven feedback that can improve the learning outcomes and performance of the learners. Therefore, it is evident that XR solutions are revolutionizing the L&D landscape by providing innovative and effective ways to enhance the learning experience and outcomes of the learners. Companies that adopt and deploy XR solutions for their L&D programs can gain a competitive edge in the market by developing a skilled, knowledgeable, and productive workforce.


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