New Realities of Business: Augmented, Virtual and Mixed (Hampleton Partners)
Manufacturing, healthcare and retail are at the forefront of integrating Augmented, Virtual and Mixed Reality into the workplace to help solve some of their most complex challenges, says Hampleton Partners, the international technology M&A advisory, in its latest review into global market tech trends.
AR and VR in healthcare is the hottest new sector for 2018. From genetic research and emergency room management to virtual nurses and drug discovery, patient experience can be improved and the cost of care lowered. Companies such as MindMaze are transforming healthcare, with products such as MindMotion™ which uses the world’s first virtual environment neurorehabilitation system to support early motor rehabilitation and improve patients’ recovery potential.
In manufacturing, one key example is Boeing’s introduction of Google Glass to the wire assembly process of its 78-7 Freighter. Using AR headsets, the company’s employees see the information right before their eyes, with video streaming and voice commands, making the process faster and more comfortable. Boeing’s wire assembly process was reduced by 25 percent and errors lowered to nearly zero. Importantly, employee satisfaction increased as well as efficiency.
As for retail, e-commerce giant Amazon is pursuing augmented reality tech to fuel a new focus on auto parts. Amazon already uses AR tech via its iOS and Android apps, allowing customers to project renderings of furniture and electronics on their homes.
The Hampleton Partners M&A Market Report on AR/VR details how the global market size of the Virtual Reality sector is estimated to reach $17.8bn in 2022, up from a base of $2bn in 2016 a 44.5% CAGR. As for Augmented Reality, its projected growth is even more impressive, reaching $161 bn in 2020 up from $4 bn in 2016 a CAGR of 85.4%.
Heiko Garrelfs, sector principal, Hampleton Partners, says: “The new reality for many businesses will involve augmented, virtual and mixed reality technologies to increase efficiency and improve customer service and employee engagement.
“With AR and VR’s technical roots in the gaming industry, it’s transfer to the entertainment industry was always the next likely step, but what we’re finding exciting and what we believe will fuel the major growth in this sector is its take-up by in industry and manufacturing processes. Progress is slower than the optimists had hoped, yet it seems to be stronger and more sustainable than the pessimists predicted. The reality is that many businesses now need to have a full AR/VR strategy to ensure they are not left behind.”
The full report and analysis can be read here.