Research explores VR, AR and mixed reality as the ‘new realities of business’
In its latest review into global market tech trends, international technology M&A advisory Hampleton Partners has said that manufacturing, retail and healthcare industries are at the forefront of integrating augmented, virtual and mixed reality into the workplace to eradicate some of their complex challenges.
The Hampleton Partners M&A report on AR/VR predicts the global market size of the VR sector to grow at a CAGR of 44.5% to $17.8 billion in 2022. On the other hand, AR is expected to grow at a CAGR of 85.4% to $161 billion in 2020.
Boeing’s introduction of Google Glass to wire assembly process of its 78-7 Freighter is one key example how AR is used in manufacturing. Employees at the airline manufacturing company use AR headsets to see the information right before their eyes, with video streaming and voice commands. This makes the process faster and more comfortable. Usage of AR device helped reduce Boeing’s wire assembly process by 25% and errors lowered to nearly zero.
In healthcare, AR and VR are the hottest trends in 2018. Right from genetic research and ER management to virtual nurses and drug recovery, patient experience can be improved and the cost of care is reduced. Solutions like MindMotion, a MindMaze product, are transforming healthcare. It uses world’s first virtual environment neurorehabilitation system to support early motor rehabilitation and improve patient’s recovery.
In retail, Amazon.com is using AR to fuel a new focus on auto parts. The web-based retailer is already using the tech via its iOS and Android apps, which allows its customers to project renderings of furniture and electronics on their homes.
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