EFFECTS OF IMMERSIVE TECHNOLOGIES ON THE GLOBAL ECONOMY
Keywords:
immersive technologies, global economy, consumers, competitive advantage
Abstract
Augmented (AR), virtual (VR), and mixed reality (MR) are types of immersive technologies that create different experiences by merging the physical world with digital or simulated reality. In recent years, these technologies have increasingly found their application in modern society in simulating a wide range of activities in a virtual environment. They are applied in business, health, education, military, but also in the field of culture and entertainment. From the point of view of the global economy, immersive technologies are becoming relevant at the world level, they are increasingly used as a way of learning, training or performance in almost all areas and thus directly contribute to global development.
Immersive technologies can create an illusion by adding virtual content to real life, while the user's awareness of not being part of the real environment is minimized. In a business context, these technologies can enable unique and pleasant experiences for consumers, who in an environment beyond reality can communicate with merchants, have multi-sensory interaction with brands, or the opportunity to be directly involved in product design. These experiences have an impact on consumer engagement and on their final purchase decision. Companies that decide to implement such technologies will be positioned in the minds of consumers as innovative, which can provide them with a competitive advantage in the market and higher revenues. However, the introduction of immersive technologies also carries certain risks. It is necessary to precisely determine the forms of technology that are adapted to a certain area or target market and to be informed about all the barriers they carry with them, such as the necessity of acquiring additional equipment (haptic gloves or headsets in the case of virtual reality). Immersive technologies are still in development, additional devices are expensive and there is uncertainty as to how widespread and accessible they will be to the public. However, their positive impact on the global economy is undeniable, and by reaching their full potential in the near future, these technologies will become an inseparable part of modern society.
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and behavioural responses to augmented reality applications.” Journal of Marketing
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Film-Type Vibrotactile Actuator for Hand-Held Devices”, in Haptic and Audio Interaction Design, 7989. I. Oakley, S. Brewster, editors. LNCS, Berlin: Springer, 109–116.
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“Technological innovations transforming the consumer retail experience: A review of literature.” In Augmented reality and virtual reality, pages 133–143. Springer.
Ogden-Bames, Barclay 2015: Stephen Ogren–Bames, Danielle Barclay. “Store Sense
Reclaiming the Four Walls with Sensory.” https://www.yumpu.com/en/document/read/8414928/store-sense-reclaiming-the-four-walls-with-deakin-university (Приступљено: 23.11.2023).
Olsson, Lagerstam, Kärkkäinen, Väänänen-Vainio-Mattila 2011: Thomas Olsson, Else
Lagerstam, Tuula Kärkkäinen, Kaisa Väänänen-Vainio-Mattila. “Expected user experience of mobile augmented reality services: A user study in the context of shopping centres.” Personal and Ubiquitous Computing. 17, 287–304.
Pantano, Di Pietro 2012: Eleonora Pantano, Loredana Di Pietro.Understanding Consumer’s
Acceptance of Technology-Based Innovations in Retailing. Journal of Technology Management and Innovation. 7(4), 1–19.
Papakonstantinidis, Kwiatek, Baltezarević 2021: Stavros Papakonstantinidis, Piotr Kwiatek,
Radoslav Baltezarević. “The impact of relationship quality and self- service technology on company performance“. Polish Journal of Management Studies, 23(1): 315-326.
Perkins Coie 2020: Perkins Coie. “2020 Augmented and Virtual Reality Survey Results.”
https://www.perkinscoie.com/en/news-insights/2020-augmented-and-virtual-reality-survey-results.html (Приступљено: 27.11.2023).
Petrescu, Aversa, Akash, Corchado, Apicella, Petrescu 2017: Relly Victoria Virgil Petrescu,
Raffaella Aversa, Bilal Akash, Juan Corchado, Antonio Apicella, Florian Ion Tiberiu Petrescu. “Home at airbus.” Journal of Aircraft and Spacecraft Technology, 1(2), 97-118.
Precedence Research 2022: Precedence Research. “Immersive Technology Market.”
https://www.precedenceresearch.com/immersive-technology-market (Приступљено: 27.11.2023).
Rauschnabel, Rossmann, tom Dieck 2017: Philipp Rauschnabel, Alexander Rossmann, Claudia
tom Deck. “An adoption framework for mobile augmented reality games: The case of Pokémon Go.” Computers in Human Behavior. 76, 276–286.
Riva, Mantovani, Capideville, Preziosa, Morganti, Villani, Gaggioli, Botella, Alcañiz 2007:
Giuseppe Riva, Fabrizia Mantovani, Claret Samantha Capideville, Alessandra Preziosa, Francesca Morganti, Daniela Villani, Andrea Gaggioli, Cristina Botella, Mariano Alcañiz. “Affective interactions using virtual reality: The link between presence and emotions.” Cyberpsychol Behav. 10(1):45-56.
Rocketmakers 2022: Rocketmakers. “Five Benefits Of Immersive Technology For Business.”
https://rocketmakers.com/blog/five-benefits-of-immersive-technology-for-business/
(Приступљено: 23.11.2023).
Slater, Wilbur 1997: Mel Slater, Sylvia Wilbur. “A Framework for Immersive Virtual
Environments (FIVE): Speculations on the Role of Presence in Virtual Environments.” Presence: Teleoperators & Virtual Environments, 6, 603-616.
Sprigg 2022: Sam Sprigg. “OVR Technology releases its ‘INHALE 3’ Virtual Reality scent
platform for mental health and wellbeing.” https://www.auganix.org/ovr-technology-releases-its-inhale-3-virtual-reality-scent-platform-for-mental-health-and-wellbeing/ (Приступљено: 22.11.2023).
Statista 2023а: Statista. “Which of the following technologies, when combined with immersive
technologies, will allow immersive technologies to reach mainstream adoption in businesses in the next five years?” https://www.statista.com/statistics/1185347/improvements-immersive-technology-business-adoption/ (Приступљено: 24.11.2023).
Statista 2023б: Statista. “Global virtual fitting room market size in 2021, with a forecast from
2022 to 2028”. https://www.statista.com/statistics/1232251/virtual-fitting-room-market-size/ (Приступљено: 24.11.2023).
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