It’s no secret that right now there’s a huge amount of buzz around Augmented Reality (AR) and its likely impact across multiple industry sectors. But cutting through the hype can be tricky in terms of understanding where the real value in AR lies for your business. Recent research suggests that the AR software market in the UK will be worth £1.5 billion by the year 2020. Here we’re focusing on the Top Augmented Reality Facts your business needs to know.
The AR sector is growing at an incredible pace
It’s estimated that the AR sector will continue to expand by over 100% annually, every year between now and 2022 (Growth Enablers 2016 Market Pulse Report). If you’re a marketing manager or involved with technology development, this is likely to impact your software offering in some way and could even have profound ramifications for year business. Working out how to get started in AR can be challenging so it’s good to start thinking about these ramifications well ahead of the curve.
2017 is set to be a landmark year for Augmented Reality
Analysts are suggesting that private sector funding in AR companies remains patchy, although there are signs that things are starting to heat up and accelerate. Whilst these deals have garnered considerable attention in the mainstream technology press, Shaun Beeney (manager of the Corporate Finance Faculty at ICAEW) suggests that despite some trepidation in the market in terms of new investments, that 2017 is likely to be a landmark year for AR in terms of funding new startups and raising mainstream awareness and adoption of the technology, especially with the recent launch of the Apple ARKit.
Augmented Reality will impact your current software offering
Due to the nature and relatively small size of the investment pool, AR companies need to think quickly and strategically in terms of how the technology is liable to impact different industry sectors. From construction and financial services to retail (see Ikea’s latest commercial tie-in with Apple), healthcare and much more, it’s likely that AR will have a profound impact across a broad and diverse range of industry sectors. If your business involves software, it’s worth taking some time to consider what AR means for your industry and how your existing mobile or desktop software offering can potentially be extended into AR. It’s quite possible that as AR technology becomes increasingly widespread and ubiquitous, that the technology has the capability to significantly disrupt existing markets and industries. There will be highly lucrative rewards for innovative and forward thinking companies who invest in SAR early to get ahead of the competition.
AR can generate significant ROI
Similar to the rapid growth of the mobile app development sector nearly a decade ago, it takes time for large companies to understand the associated ROI when it comes to investing in AR and using it as a potential lever to extend the functionality of an existing piece of software, be it a mobile or web based desktop app. With new and interesting AR companies cropping up all the time, it’s only a matter of months rather than years before AR starts to solve some of the big commercial challenges and this has nothing to do with games or entertainment.
Here at SculptSoft, we believe in the transformative impact of AR and the disruptive impact it’s liable to possess across multiple industry sectors. This transformative change will be driven on the basis that AR drives significant commercial benefits for SNE’s and enterprise alike.
Innovation workshops can be a great way to kick-start an AR initiative
Whilst investor education is key in terms of developing the AR sector as a whole, what’s equally important is educating businesses in terms of how AR is likely to disrupt their respective industries. It’s also critical to start thinking about how AR can be used to create a compelling USP that puts your business light years ahead of its competition. There are many ways in which this exploratory process can take place and running an Augmented Reality innovation workshop can be a great place to start. AR innovation workshops offer a low cost, a non-committal way of exploring the enormous potential of AR in relation to your company’s own software offering. Through a process of use case discovery, exploration, refinement, and elaboration it’s easy to develop a compelling business case for AR in the shortest possible timescale.
Success in AR means you have to start with the end in mind
Before you invest in a prototype or AR project, you must always start with the end in mind. This means you need to think about your high-level KPI’s and how to measure the success of your project once it’s live, either in beta testing or a fully-fledged commercial environment. Are you trying to generate new revenue streams by developing an AR app? Are you thinking about how AR can assist your business in cutting costs? Are you exploring the capabilities of AR from a process efficiency angle in terms of how it can help you to do the same job quicker or in a more effective way? These are all questions you need to consider before finding the best Augmented Reality developer for your project.
We’ve explored the fact that the AR industry is growing at an astonishing pace and we know that 2017 is set to be a huge year for AR and that investors are already jumping on the bandwagon. So if you’re a marketing or software development manager and your business involves software, it’s time to start thinking about how AR is likely to impact what you do from an ROI perspective. We know that developing an AR initiative means starting with the end in mind and developing key success measures for your project.