Segmentation

The global augmented reality and virtual reality market is anticipated to exhibit substantial growth in the coming years. This market is an extremely dynamic, exciting, and promising one and is single-handedly fueled by recent technological advancements. While the application of this technology is already established in sectors such as retail, healthcare, and consumer goods, it is predicted that in the near future, many more new and innovative applications will come to the fore.

The global market for augmented reality and virtual reality can be segmented on the basis of technology into augmented and virtual reality technologies. Among these, augmented reality is projected to witness immense growth during the course of the forecast period owing to the rising demand for AR in gaming, media and entertainment, manufacturing, and healthcare.

By way of sensors and components, the market is fragmented into software, hardware, and services. The hardware segment held the dominant share of over 72.0% in 2015 thanks to the high demand for devices such as glasses, head mounted display, sensors, and console.

The market can also be segmented by application into gaming, media and entertainment, e-commerce, medical, military, and education among others. Gaming, media and entertainment, and healthcare are the most promising segments and are expected to contribute considerably over the forecast period. Further, the demand for augmented reality and virtual reality-based head up displays is likely to increase in the automotive sector in the coming years.

Augmented Reality and Virtual Reality Market: Drivers and Restraints

The global market for augmented reality and virtual reality is fueled the soaring demand and usage of smart phones and the growing application of this technology in the healthcare sector. The high Internet connectivity and penetration is also projected to serve as a driving factor for the global augmented reality and virtual reality market.

Some of the major factors restricting the growth of the market world over are privacy issues, lack of awareness, and image latency. The need for hardware also hampers the augmented reality and virtual reality market in terms of capital investment. However, an increase in R&D initiatives and emerging applications will emerge as key opportunities, fuelling the growth of the market.

Augmented Reality and Virtual Reality Market: Regional Outlook

From a geographical standpoint, the worldwide market is classified into North America, Europe, Asia Pacific, and Rest of the world. It has been observed that the augmented reality and virtual reality markets in North America, Asia Pacific, and Europe are immensely lucrative, with North America dominating the international scene. In Europe, media and entertainment accounts for a significant share among all end-use applications.

The Asia Pacific market is extremely promising and is slated to exhibit a staggering CAGR over the course of the forecast period. The hardware and service segments are expected to contribute significantly by 2025. China plays a major role in the expansion of the Asia Pacific augmented and virtual reality market.

The Middle East and Africa (MEA) and South America markets are projected to contribute relatively lower revenue to the global market, at the same time, maintaining a steady pace over the forecast period. Hardware is anticipated to emerge as a prominent segment in MEA as well as South America as compared to the services and software segments.

Augmented Reality and Virtual Reality Market: Vendor Landscape

The key players competing in the augmented reality and virtual reality market include Catchoom, Blippar, Innovega Inc., Metaio Gmbh, Laster Technologies, Vertalis Ltd, Total Immersion, Augmented Pixels Co., Kishino Limited, Kooaba AG, Wikitude Gmbh, and Qualcomm Incorporated.

The global augmented reality and virtual reality market is increasingly dynamic and displays a high degree of competition. It is characterized by the presence of a few small-scale players and several of the world’s largest technology firms.

Chad Moutray, NAM Chief Economist, said “Manufacturers consistently cite the inability to attract and retain talent as their top concern, and as this survey underlines, they are taking strong proactive steps to overcome it.” The Institute’s survey estimates the sector spent more than $26.2 billion on training programs, both for new and existing employees.

69.9% of firms reported they were either creating or expanding internal training programs, and 84.6% reported job-related technical training. The most popular means of encouraging workers to participate in training programs was supervisor encouragement and outreach, at 65.4%, while 63.1% of firms also reported offering tuition assistance. The largest reported obstacle to implementing workforce training was concern over interrupting work hours, at 74.1%.

The survey also reported how companies said training programs effected their employees careers. 74.8% reported increased productivity, 64.9% reported increased employee morale, and 38.9% said that offering training facilitated recruitment efforts—a potentially critical boon.

An earlier study conducted by the Manufacturing Institute in partnership with Deloitte said that 2.4 million manufacturing jobs could go unfilled by 2028 if the skills gap persists.

There is much evidence to show that Augmented Reality and Virtual Reality can aid with training in the workplace particularly in industrial organizations such as manufacturing.  See our case studies and work of the AREA Research Committee for further information.

The article starts with a little background of Magic Leap’s history to date and moves forward to explain why their new products represent Augmented Reality For a New Crowd:

“The upcoming products for the Magic Leap Enterprise Suite will specifically target the business landscape, including the healthcare vertical. We’ve already seen some evidence that the health industry could be one of the top adopters of new virtual and augmented reality tools, particularly as telehealth becomes more popular.

The enterprise suite from Magic Leap will enable modern employees to use things like spatial computing to learn new skills, manage data, and collaborate in a new environment, with 3D visualisation. Magic Leap believes that focusing on the business environment, rather than the consumer industry will help it to recover from the poor reception to the Magic Leap One Creator Edition of entertainment equipment. The CEO of Magic Leap, Rony Abovitz, expected that the entertainment headsets would sell around one million units in the first year.

It wasn’t just wishful thinking either – the Florida-based company raised $3.13 billion in venture capital to get its idea of the ground. Unfortunately, the company only managed to sell a total of 6,000 of the futuristic headsets within the first six months.

A New Chapter in Spatial Computing

Though comfortable, immersive, and unique, the Magic Leap technology just didn’t vibe with customers as well as the company had hoped. Fortunately, Chief Product Officer, Omar Khan, says that there are still opportunities for Magic Leap to get the jump on the VR/AR competition. The move into the business landscape will signal the arrival of a new chapter for Magic Leap and the spatial computing industry. Magic Leap even believes that the new strategy will lead to significant new business opportunities for its stakeholders.

While the decision to focus on the business market could lead to exciting opportunities for Magic Leap, it’s also worth noting that it puts the company in direct competition with some major brands. Leading companies like Microsoft and Google are already building their own AR applications in the business world. However, there may still be room for a competitor like Magic Leap to sweep in and take a piece of the market. Industries from banking and healthcare to investment services have begun to show that they’re more responsive to AR than consumers in search of entertainment.

Additionally, worldwide spending in the AR environment and virtual reality spaces are expected to increase to $160 billion in 2023. That’s a considerable increase compared to the estimated $16.8 billion spent in 2019, according to IDC.

More Opportunity Outside of the Entertainment Space?

Like many other companies, Magic Leap is just another example of a business that has learned the hard way how hard it is to make AR stick in the entertainment landscape. There are still a lot of hardware issues to think about when it comes to things like battery life, the field of view, and even power performance. It could be years before we see the rise of wearables for computing experiences in the consumer landscape. Apple isn’t even thinking about unveiling AR glasses until 2023, for instance.

On the other hand, there seems to be more opportunity for businesses who can bring new realities to the data management, communication, and collaboration experiences. For instance, Google Glass might have failed as a product for everyday customers, but a later version did catch on in the business market. Similarly, Microsoft has seen some success with the arrival of the HoloLens 2.

Magic Leap has recruited various companies to help build the applications and services that will be available in the upcoming Enterprise Suite. PTC was one of the brands contributing to the solution. They claim that users of Magic Leap will be able to access the AR capabilities of the Vuforia Engine via Magic Leap products.”

Magic Leap 1 Enterprise Suite includes:

• Magic Leap 1, an updated version of the Magic Leap One Creator Edition
• Two-year access to dedicated omni-channel support
• Two-year access to Device Manager with enterprise-level support from Magic Leap. Device Manager lets authorised administrators control important aspects of working with Magic Leap 1, enabling them to configure and set up devices, view usage metrics, remotely distribute apps and updates, and remotely lock or wipe devices if needed
• Two-year access to a RapidReplace program, so you can get a new device quickly if you need one
• A two-year extended warranty to guarantee Magic Leap 1 always works as it should

We are looking for businesses to take our short survey relating to their current state of immersive adoption, to directly improve the framework, research and software solution and maximising the benefit to your business.

Take the survey – Complete the survey.

AR and VR will also have a significant impact on employment in the UAE, helping to create more than 42,000 jobs in the country over the next ten years.

“AR and VR technologies will improve how organisations in the country operate, make for a seamless transition to more effective processes… educate people more effectively and generate incredible user experiences,” said Ali Al Hosseini, chief digital officer at PwC Middle East.

Globally, AR and VR are expected to contribute $1.5 trillion to the economy by 2030, PwC said.

Finland ($7.8bn), Germany ($103.6bn) and the UK ($69.3bn) are set to see the biggest impact from AR and VR on their economies, with the technology adding 2.64 per cent, 2.46 per cent and 2.44 per cent respectively to their GDP by 2030.

The UAE will see a 0.95 per cent increase in GDP from AR and VR by 2030, the study said.

AR enhances real world situations using digital capabilities. It also lets users interact with other people while accessing digital information, such as reading text messages and operating navigation apps.

In VR, users wear headsets with high-resolution lenses. It is currently used for gaming and immersive video, offering users an experience that is different from the real or physical world.

Tech companies are investing heavily in these sectors. Apple has about 1,000 engineers developing products based on these technologies and aims to release a combined AR and VR headset with a focus on gaming, video and virtual meetings within the next couple of years.

“AR and VR are transforming the world we live in and we have only seen a fraction of what is possible,” said Richard Boxshall, senior economist at PwC Middle East.

In the UAE, these technologies can deliver experiences “unlike any other and will make businesses thrive with the right adoption”, said Mr Boxshall.

Taken from the post advertisement on LinkedIn:

Position remote or in Cambridge, MA.

Are you passionate about technology education? We are MIT Horizon, a new initiative within MIT Open Learning committed to supporting MIT’s mission to advance knowledge and educate students in science, technology, and other areas of scholarship that will best serve the nation and the world in the 21st century. Our vision is to educate the global workforce on emerging technologies with MIT’s expert, impartial, update-to-date online library. For more information about MIT Horizon, please visit horizon.mit.edu.

MIT Horizon is seeking experts in Augmented and Virtual Reality to help support the development of educational articles and content for working professionals. The expert should have specific and deep knowledge in one or more area of software and hardware development in AR/VR, of AR/VR usage in education, engineering, manufacturing, entertainment, or travel.

Work with MIT Horizon senior editor and researchers to:

•       Provide subject matter expertise and answer questions via interviews, meetings, and emails.
•       Draft notes on various AR/VR topics.
•       Review and fact check copy on AR/VR articles for accuracy and completeness.
•       Help make connections to knowledgeable members of the AR/VR communities.

Requirements:

•       Proven expertise in the AR/VR industry.
•        2 – 20 hours a week for three months.
•       Does not have to be based in Boston, open to remote.

See LinkedIn page where you can apply online.

• Just as employees led the “bring your own device to work” trend, they also may be ahead of their companies in accepting augmented reality (AR) and virtual reality (VR) in the next wave of office technology, according to a Dec. 5 Mojo Vision report.
• Among the report’s findings, 78% of workers surveyed would be open to wearing extended reality headsets (the broad term for AR and VR tech, also seen as XR) at their employer’s request, and 48% think XR headsets and related devices could help them learn new skills at work. More than half of surveyed respondents (55%) said these headsets and devices will be as commonplace as smartphones. And under half of respondents think technology will be less visible, operating in the background so that they can focus on their work.
• The report also identified ways XR can help workers’ performance, including allowing them immediate access to such information as forecasts, sales figures and other key data; aiding workers with public speaking engagements by keeping information before them so they won’t forget it; and helping workers abide by required procedures, processes and compliance measures.

Insight:

XR tech may be showing up in more workplaces as the new decade dawns. In fact, a Perkins Coie survey found that 78% of polled execs and investors said they believe XR can be applied to workforce development. As the Mojo report suggested, XR technology could become as common as the smartphone or other everyday tech devices.

Consumers already use VR for gaming and may find that transitioning the technology into the workplace is a natural next step. However, the Perkins Coie survey also notes that glitches in user experience and the availability of content may be two serious shortfalls that employers must consider before adopting the technology.

As developers work out glitches in the technology and the workplace adopts it, employers will need to know when employees will be ready to use it.

Christa Manning, director of HCM Innovation at Ultimate Software, told HR Dive in a 2018 interview that getting employees ready to use the technology can be challenging. Employers should first have a strong business case for use of the tech before heading into full-scale adoption.

To use such tech, learning and development professionals should work with IT to make sure employees have the correct hardware and WiFi connections so data can be processed in real time. “Like any new technology or change in the business, learning professionals really have to focus on supporting the workers empathetically through the change and market the benefits for the worker as well as the business,” said Manning.

In the 21st century, technology is taking over education — be it skill-building programmes in universities, real-world technical training and learning of abstract concepts in schools. The shift from conventional means to experiential methods of transacting learning has seen new-age technologies like augmented reality (AR), virtual reality (VR) and mixed reality — a combination of AR/VR — have been playing a key role in driving learning and edtech engagement.

Educators around the globe today have realised that AR/VR are big breakthroughs when it comes to learning — for a method as well as outcomes. As Ankur Aggarwal, founder of VR-based edtech startup Veative told us the enduring objective of edtech is to improve the yearning to learn and AR/VR helps implement it in a spectacular manner.

“AR/VR has great potential in democratising the educational process and making it a personalised learning experience for learners of all stripes. AR/VR is not a gimmick when deployed correctly. They allow learners to explore abstract concepts in a distraction-free environment and allow them to connect with the concept,” Aggarwal added.

And that is not a lone opinion. Vivek Goyal, cofounder of AR edtech startup Playshifu, emphasises that learning today means much more than just remembering the facts. Anumukonda Ramesh, country manager for the Indian subcontinent, Unity Technologies, one of the biggest gaming engines in the world, also ascertains that the Indian education system needs to leverage new technologies in order to stay relevant in an ever-changing world.  

(The original full article examines differences between AR and VR before looking at what future AR and R has in Edtech.

As PlayShifu’s Goyal explains, we can broadly divide formal education into three segments — early, secondary and tertiary learning (higher education). For early learners, playing is the way to learn and AR/VR can make a significant impact as it enhances any play experience 10x. Learning about core fundamental skills like alphabets, numbers, logical reasoning can be made so much more fun and engaging with AR-enabled gameplay.

“For more advanced ages, we are already seeing a lot of hardware development being done in terms of AR glasses. These will enable grasping and practicing concepts more profoundly with the help of life-size 3D animated content that students can manipulate and observe in their learning space,” Goyal added.

Here are the primary reasons why AR/VR are believed to be the future of learning and education.

1. Boosts Learning Retention
2. Personalised Learning Experiences
3. Increases Possibilities Of Experimentation
4. Reduces Reliance On Learning By Rote
5. Empowering Educators And Learners
6. Encouraging Active Learning

The founders the authors spoke to believe that AR and VR technology can have an impact not just for young ages but also for reskilling, corporate learning, industrial applications and more.  Each is examined in depth in theoriginal article The Future Of Edtech And Learning In India From An AR/VR Lens.

Perry states that “This shift is good news for me. Motion sickness makes it unpleasant to fully immerse myself in a virtual world, while augmented reality (AR) devices, which superimpose digital images on real objects, suit me just fine. CES exhibitors will show off lots of new AR glasses at this year’s show, as well as advances in the underlying technology.”

Bosch, for example, is pitching a new optical light drive module, a stack of MEMS mirrors, sensors, processors, and other hardware that can be built into smart glasses to create an AR display. Futurus Technology will introduce a mixed reality car windshield. And Magic Leap promises a live demo of new apps as the well-funded AR startup pivots to focus more on business than consumer applications, at least in the short term.

In other news, The Financial Times has AR glasses as the FIRST item in trends to be looking for. The short analysis focuses on AR for consumers, but Paul Travers (CEO of Vuzix) is quoted in this piece entitled “What to look for at CES 2020: 8K TV, the passenger economy and ‘smart everything’”

The AREA Research Committee is planning a Research webinar on the new products and services announced and expected in the coming year. Check back soon for information.

The investment came from Business Venture Partners, Halo Business Angel Network and Enterprise Ireland.

It builds software for augmented reality glasses used by engineers and technicians, which display data visually for the user, according to co-founder Patrick Liddy.

“We build software to help engineers, technicians, technical workers of all sorts to see information and the procedures they should be following or the assets that they’re working on in their vision while they’re doing the task,” he said.

The startup, founded in 2018, can link glasses up with internet-connected equipment or IoT devices to display real-time functioning data or flag any maintenance issues.

Take for example a technician that needs to change the filter on an air handling unit, which takes multiple steps to complete.

“In the past that might have been text saying do step A, then step B. Now you’re able to watch short 10 second videos (through the glasses) which describe each step and help you more clearly understand what you need to do.”

The technician could also do a video call back to a remote colleague and show them exactly what they’re looking at via the glasses.

“They’ll be able to see on their computer what you’re doing in real-time and draw annotations to talk you through how to fix that problem.”

Read full original article here.