WINNIPEG, Canada – According to a new study, Augmented Reality is expected to grow 18-fold over the next four years from $2.7 billion in 2021 to $48.6 billion in 2025.
The survey was commissioned by Librestream and done by IDC.
“AR is a key way that C-suites are achieving transformation at scale,” said Andrea Minonne, senior research analyst at IDC. “Use cases will integrate AR with AI-centric products, IoT, new devices, and smart analytics to build knowledge networks that enable workforces to digitally access the data, people, and workflows that help them perform their work fast, efficiently, and safely.”
As C-suites continue to look to future-proof themselves and create a company culture based on digitization, innovation, disruption, and agility, tech investments remain a lead topic of discussion. According to IDC’s Advanced Technologies for Industry Survey 2020, over 50% of European businesses associate the adoption of emerging technologies to three key KPIs: customer satisfaction, time efficiency, and product/service quality.
“From 2019 to 2020, usage of our platform increased by 838 percent, with companies—including those from manufacturing, utilities, aerospace and defense, and more—reporting business outcomes that ranged from efficiency metrics such as productivity gains to worker safety improvements and positive carbon footprint impacts,” said Jereme Pitts, COO at Librestream.
This new research is detailed in the IDC whitepaper, “Time to Start Your AR-Enabled Remote Workforce Transformation Journey,” and includes case study examples such as a European oil and gas company that reduced costs by 20 percent and a carmaker that reduced machine downtime and maintenance costs by 15 percrent by using AR technology. In the automotive industry, downtime costs an average of $22,000/minute and with manufacturers losing 800 hours/year to downtime on average, the savings can add up to $13.2 million each month.
Access the full IDC whitepaper (doc #EUR147989721, September 2021) here.