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New study says spending on AR to increase 1800%

Librestream, the #1-rated provider of augmented reality (AR) and remote collaboration solution Onsight, in conjunction with leading global technology company, HCL Technologies, commissioned IDC, a premier global 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 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.
“Many use cases facilitate IT-related benefits like troubleshooting and resolving IT equipment by accessing technician remote support, guiding customers on the set up of home office equipment, and training users on new equipment virtually,” said Pitts. “Together with our partner, HCL, we’re able to help our customers realize transformational business benefits by bringing their workforces into Industry 4.0.”

About Librestream
Librestream transforms workforces through advanced AR and AI solutions that scale knowledge across businesses to enhance safety, efficiency and resiliency. With the Onsight augmented reality knowledge platform, Librestream helps workers and distributed teams gain immediate access to the content, people, relevant data, and guidance needed to solve business challenges. Librestream’s global Forbes 2000 customer base includes energy, manufacturing, service, aerospace, and defense enterprises with aggregate annual revenues totaling $3.2T. The company has been honored with recognition including ranking as the #1 AR remote assistance solution provider by independent research firm, Verdantix, and winner of the Field Service WBR Innovation Award. Visit Librestream at www.librestream.com and connect with us on LinkedIn, Facebook  & Twitter.

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Sat. January 28th, 2023

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