Retailers take AR lead, Hampledon 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, according to Hampleton Partners.
Amazon, for instance, is pursuing augmented reality to fuel a new focus on auto parts. The e-commerce giant already uses the 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 $17.8 billion in 2022, up from a base of $2 billion in 2016. As for augmented reality, it is set to hit $161 billion in 2020, up from $4 billion in 2016.
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.”