The next technological revolution is upon us. Augmented reality is going to completely change our personal lives and business operations in incredible ways. The next 5 to 7 years are going to be very exciting.
You may already know how AR incorporates digital data and 2D images into a highly engaging 3D visual format that’s viewed through devices like smart phones, tablets, and heads up displays. It’s exciting to see real-to-life images rise in front of you. Today, one hears news about consumer-facing applications found in devices like the iPhone 8 and iPhone X. Retailers like Ikea and Ferguson are producing apps so that customers can see how furniture will look in their rooms or how their kitchen projects will look.
What is not as well known is that AR is impacting the business world. Early adopters in the manufacturing, industrial and utility industries are already using augmented reality to make their employees more capable at doing complex physical tasks. Businesses are replacing manuals and lengthy paper-based processes with easy to understand augmented reality programs. They are already seeing results in these areas:
Getting new employees up to speed more quickly
Closing more enterprise sales contracts
Helping executives make data-based decisions with greater speed and confidence
Of course, all of these things will have a positive impact on the bottom line. It’s not hard to see why growth projections for the augmented reality market are off the charts. One recent report projects the industry’s compound annual growth rate at 55.71% between 2017 and 2023 (“Augmented Reality Market,” 2017), while another projection estimates even greater growth. (Hills-Duty, 2017) says AR’s market value will be $61.39 billion by 2023.
Having seen the technology in real-life applications and the excitement it generates, we believe AR for businesses, or enterprise augmented reality, will spark even greater market growth than current projections are anticipating. All industries can benefit from enterprise AR. Most important is that first-adopters will have a distinct advantage over their competition. The risk will be greatly outweighed by the potential rewards.
Augmented reality market growing at a CAGR of 55.71% during 2017 to 2023 – ReportsnReports (2017, July 27). MarketWatch, PR Newswire Europe, 27. Retrieved from www.marketwatch.com/story/augmented-reality-market-growing-at-a-cagr-of-5571-during-2017-to-2023---reportsnreports-2017-07-27-6203123
Hills-Duty, R. (2017, July 24). Latest report has augmented reality market to be worth $61 billion by 2023. VRFocus, Markets and Markets. Retrieved from www.vrfocus.com/2017/07/latest-report-has-augmented-reality-market-to-be-worth-61-billion-by-2023/.