Currently, reports from Grandview Research suggest that between the years of 2021 and 2028, the CAGR (compound annual growth rate) of AR will be around 43.8%. According to the research, augmented reality has reached a crucial point in its growth, driven by rising demands for remote collaboration and expert assistance in the distributed workforce.
Modern companies are turning to AR technology as a way of solving common problems in the changing workplace. Today’s AR innovations can bring people together in a more intuitive way, to work on valuable projects.
Grandview Research isn’t the only analytics company that believes potential for AR is expanding. The International Data Corporation (IDC) says that worldwide spending on augmented and virtual reality is increasing by a rate of around 54%.
Why Is Demand for AR Increasing?
According to a report by Ecorys named “Virtual Reality and its potential for Europe”, extended reality has reached a “tipping point”. Over the last decade, various companies and manufacturers have invested significant time and money into researching the factors that would make AR effective. Now, we’re finally at a point where companies can begin introducing the world to all the advantages of AR.
Not so long ago, augmented reality was still in the exploratory stage. We could see a potential future for a world where digital and physical environments would interact. However, we didn’t have much technology available to bring the two landscapes together. The increasing affordability of smart glasses and headsets for AR is opening the door to a new era of accessibility.
Between the years of 2021 and 2028, Grandview Research believes that the market for smart glasses alone will grow to a value of $7.5 billion, with a growth rate of 6.8%. Elsewhere, companies have already learned how to effectively access AR technology within smartphone cameras.
The availability of affordable AR technology is allowing companies of all sizes to experiment with the possibilities of augmented solutions in the workforce.
Today, AR glasses are a common part of many engineering processes, allowing specialists to collaborate over an issue without being in the same room. A set of AR smart glasses can guide a mechanic through repairing a complex piece of technology, by placing data in front of their vision, so they don’t have to keep checking a set of instructions.
Will AR Technology Continue to Grow?
For years, augmented reality has promised a range of benefits to companies capable of investing in it. Through smart glasses and augmented technology, organisations are improving the safety of their teams, and delivering better training experiences. AR could even help to bring staff members closer together when they need to collaborate on problems.
As wearable hardware and AR software continues to evolve, demand in this space will only continue to increase. In the decades ahead, if Ecorys’ research is anything to go by, we could see a world enhanced by extended reality. We’re finally at a point where everyone is paying attention to the possibilities of an augmented environment.
