New research predicts AR spending to surpass $48.6B by 2025
by CM Staff
Research firm identifies winning enterprises of the future will embrace adoption of remote expert technology from top-down.
WINNIPEG — Librestream, a provider of augmented reality (AR) and remote collaboration solution Onsight, commissioned IDC, a provider of market intelligence and advisory services, to conduct data analysis of the AR market including adoption rates, expanding use cases, and a roadmap to successful technology deployment.
“AR is a key way that C-suites are achieving transformation at scale,” said Andrea Minonne, senior research analyst at IDC. “Spending on AR is expected to grow 18-fold over the next four years: from $2.7B in 2021 to $48.6B in 2025. 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.
“As a global provider of AR-powered collaboration solutions, we’ve experienced the increasing level of investment and corresponding benefits realized by our customers in support of IDC’s whitepaper findings,” said Jereme Pitts, COO at Librestream. “From 2019 to 2020, usage of our platform increased by 838%, 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.”
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% and a carmaker that reduced machine downtime and maintenance costs by 15% 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.