Pokemon Go and Snapchat filters are some of the most popular AR applications in the consumer world. While AR is not a new concept, advancements in areas, such as computer vision, sensing technologies, data storage, displays, and software technologies, have now made AR a much more practical solution for consumer, commercial, and industrial adoption. Although, still in the early stages of the AR revolution, we are seeing an explosion of AR startups, thanks to all the interest by venture capital VC world. AR is quickly finding its place in a range of applications in the consumer, commercial, and industrial worlds. In this report, we will look at the AR technology development, with a focus on industrial applications and trends and associated challenges. Extended reality XR has become the umbrella term for all the immersive technologies.
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Industrial Augmented Reality Gaining Momentum
In the last year or two, we have witnessed a rapid rise in the field of AR, i. Augmented Reality and this growth is estimated to reach new heights in the next few years. This forecast is based on the current market size which stands at a threshold of only 27 Billion US Dollars. One of the main reasons behind this exponential growth rate of the industry is the increasing demand for AR-based apps.
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That would be some impressive growth if it panned out. However, existing technologists are investing in the next-gen digital viewing format and should reap handsome rewards if it continues to take off. The Oculus Rift headset which requires a PC and the Quest headset a freestanding unit are best-known for video game and entertainment use, but the business world is also a fast-growing application.
AR is also beginning to have an impact in business contexts, as a wider range of enterprises pilot and adopt AR capabilities. Here, the tools are enabling new sales and marketing experiences, improving operational efficiency, increasing engineering quality, and creating new products and services. Global consumer goods manufacturer Unilever estimates that it will lose some years of collective work and domain experience in just one of its European factories as its aging workforce retires. Users can share their view of a situation with a remote expert, and the AR maps work instructions and expert collaboration directly onto an object or area. Unilever says that it has seen a 50 percent reduction in downtime in facilities where the AR tools are in use, creating a direct ROI of 1, percent of the initial investment.