Hampleton Partners, the international technology M&A advisory has said in its latest review into global market technology trends that manufacturing, healthcare and retail are at the forefront of integrating augmented reality (AR), virtual reality (VR) and mixed reality (MR) into the workplace. This is being done to help overcome some of the most complex challenges within the sectors, leveraging the technology to find creative and practical solutions, to help maintain business performance and workplace efficiency.
The report, The Hampleton Partners M&A Market Report on AR/VR, details how the global market size of the VR sector is estimated to reach $17.8 billion (USD) in 2022, up from a base of $2 billion in 2016. The AR sector is also projected to growth with impressive value, reaching $161 billion in 20220 up from $4 billion in 2016. These two pieces of data show that not only is the market growing to embrace the technology more then ever, but it is forecast to continue doing so at a rapid and profitable rate.
“The new reality for many businesses will involve augmented, virtual and mixed reality technologies to increase efficiency and improve customer service and employee engagement.” Said Heiko Garrelfs, sector principal, Hampleton Partners.
According to the report, AR and VR application within the healthcare sector is the leader for 2018, with wide adoption of the technologies throughout the sector. From genetic research and emergency room management to virtual nurses and drug discovery, patient experience is being improved across the board with the cost of care lowering as technology helps push the sector to new heights.
“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.” Garrelfs continues: “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.”
Manufacturing and retail are other key areas that adoption and business of AR and VR solutions are growing. Companies like Amazon are pursuing AR technology to fuel a new focus on auto parts, with a number of other AR technology being used in their iOS and Android apps to allow customers to project furniture and electronics into their home. Even Walmart are on-board with the technology with the recent release of their VR apartment.
The Hampleton Partners M&A Market Report on AR/VR is available now from their website and for more updates in the future, keep reading VRFocus.