“Space” is definitely one of the most popular words this year. In my opinion, Collins Dictionary is likely to include it at least on its shortlist for 2024. Spatial computing is an innovative technology that is changing the way we interact with digital content. And I want to emphasize that it is not just a new technology, but a new philosophy about how we interact with the digital world.

In this article, I want to discuss how spatial content will affect businesses around the world and how its consumption is changing the global business agenda. We used to think of flat photos and videos as necessarily tied to the devices that streamed them. Now we need a new kind of thinking – spatial. The surface for transmitting information is literally the air around us.

Related: How can space computing make industrial development more intuitive and seamless?

The future of space technologies

My article aims to provide entrepreneurs with basic knowledge and understanding of the potential of immersive technologies and generative AI in business. Specifically, I would like to focus on augmented reality technologyas this is the type of immersive technology that is most available now. In fact, any smartphone can work with web AR technology now (to interact with AR content, you need internet access and any web browser on your smartphone – you don't need to install any apps).

Imagine that in three to five years, users will replace mobile phones with XR glasses. There are already many factors behind this shift in consumption patterns. Apple Vision Pro is a pioneer in creating a fashion for the consumption of immersive technology in everyday life.

In addition, more than 50 companies around the world are working on their own versions of XR glasses. All the tech giants are using augmented reality as part of their global strategy. The AR software market is predicted to surpass 140 billion dollars in 2025, which will show a 12-fold increase. Estimated consumer spending on physical goods with AR will reach 255 billion dollars in three years, and there are already billions in sales today.

in 2020, 83.7 million people used AR at least once a month in the US (and this is data from before Apple Vision Pro was released). This trend is accompanied by the evolutionary development of the impression economy, where customer experience is increasingly becoming a decisive factor in purchasing decisions. There is no doubt that AR is becoming mainstream, as is generative AI, but with less PR support for now.

The transformative impact of spatial computing

There is no doubt that the launch of the Apple Vision Pro has had an impact on the market. But beyond the hardware itself, it's important to understand what software we need and, in my opinion, even more importantly, what content will work to achieve business goals.

The development of Generative AI the creation of visual, video and spatial content through augmented reality technology has already helped in an important step in the creation of such content. In the rapidly changing world of artificial intelligence, entrepreneurs are actively integrating generative AI technologies into their business processes. With the growing interest in these technologies, the a16z foundation has estimated a threefold increase in budgets for the implementation of generative AI in businesses in 2024. These costs are shifting from innovation budgets to ongoing software budgets.

Now, we'll explore the key concepts, benefits, and challenges businesses may face in implementing these technologies, as well as examples of how to use them effectively to drive growth and innovation across industries.

Related: All about Apple's spatial computing

Steps to integrate AR and generative AI into your business

• Understanding market needs: Knowing your target audience and how spatial computing can meet their needs or solve existing problems is the first step to successful implementation.

• Spatial thinking: Now is the time when bold application of new technologies can set trends for your business for years to come. The market is completely fresh – there are no established rules and traditions. Boldly use your imagination and think outside the box and change your traditional content into spatial content.

• Team training: It is important that your team is aware of the possibilities of AR and AI. Investment in training and skills development is key to innovation.

• Pilot projects: Start small by launching pilot projects to gauge the impact of AR on your business and get feedback from users.

• Use off-the-shelf platforms: No-code platforms provide tools to create Content AR without the need for deep programming knowledge, making the technology accessible to a wide range of entrepreneurs.

• Adapt and repeat: The AR market is evolving rapidly, so it's important to constantly adapt and improve your content based on user feedback and changes in technology.

Business benefits

• Improving customer engagement: AR offers unique opportunities to create an engaged and interactive user experience.

• Increase in sales: Interactive AR product demos can increase conversion and average checkout.

• Differentiation: Innovative use of AR and AI can set your brand apart from the competition.

• Process optimization: AR can simplify and speed up various business processes such as staff training or product demonstrations.

Overcoming challenges

• Acquisition of talents: Implementing and scaling generative AI and immersive technologies requires the right talent, which many companies currently lack.

• User customization: Businesses need to help users get used to a new way of interacting with their brand.

• Broad Thought: without innovative thinkingprojects run the risk of becoming uniform.

• Lack of long-term experience: Lack of accumulated experience can be a hindrance.

• Being a pioneer: Experimentation and startups can be difficult for many corporations, but it is essential for innovation.

Related: Hesitating to use AR technology? Here's why you should jump on it now.

Spatial thinking and consumption of spatial content are changing business agendas around the world. Generative AI and AR are powerful tools for business transformation, opening new horizons for innovation and growth. By understanding the basics of their application and the importance of these technologies, even entrepreneurs who have not encountered them before can benefit greatly.

Set your sails today to be at the right point in your business at the right time.