The world is on the verge of a technological revolution in business that will change the way we work and live. A new Accenture study has revealed that Virtual Reality (VR) and Augmented Reality (AR) are poised to triple their use in industry compared to gaming and entertainment. So, get ready for a future full of immersive experiences!
But before we dive into this exciting panorama, we'll begin this article by taking a look at some interesting facts.
AR and VR data around the world
Between 2014 and 2016, investments in AR/VR-related startups increased by a staggering 237% worldwide. This upward investment trend gives us an idea of the growing importance of these technologies in today's world.
For VR and AR to work seamlessly, they require fast, consistent connections, as well as improved network capacity to minimize delays. 5G is key to making this possible. However, the Latin American region is not moving as quickly as it would like; the countries leading the way in network deployment are Chile, Mexico, Argentina, and Brazil.
According to Forbes magazine, Chile is expected to reach 56.74% of 5G deployment by 2025, potentially making it the region's leader in 5G deployment. Mexico would follow with 54% and Brazil with 48%.
Other, more pessimistic data suggests that Argentina will reach 12% of its population connected to 5G by 2025, while Brazil will reach 11%.
Outside of Latin America, Japan leads the way with a staggering 83% of its population connected to 5G, closely followed by South Korea and Australia.
Business areas where VR/AR will have the greatest impact
According to the Accenture report, the main areas identified in which VR and AR are transforming the business world are:
Productivity
These technologies are improving productivity in a variety of industries. On average, it is estimated that across all industries, extended reality could increase work time by 21%. Some of the most benefited industries include Healthcare and Social Services, Manufacturing, Construction, Education, Retail, Mining, and Energy, among others.
Job training
The use of immersive tools in job training is constantly growing. According to the International Data Corporation (IDC), investment in AR/VR for job training is expected to grow 46% by the end of 2023, reaching US$8 billion.
Consumer experience
Augmented reality is expected to improve consumers' experience with products and services, creating more interactive and high-quality connections.
Mental health
Immersive experiences also have a positive impact on mental health. They can help reduce anxiety, manage stress, relieve pain, and provide support to patients with post-traumatic stress disorder. Immersive tools allow mental health professionals to bring patients into personalized worlds where they can learn to manage anxiety disorders, psychosis, and more.
Challenges of industrial use of VR/AR
As these technologies advance, new challenges for privacy and society at large also arise. Some of the risks include:
- Misuse of personal data, extended reality, can expose not only personal information but also feelings and behaviors to cyber theft and manipulation.
- Fake experiences, as the line between reality and fiction will become more blurred as we consume news and information through immersive experiences, potentially influencing our behaviors and decisions.
- Avatars could be used to commit identity-related crimes, and daily operations could be at risk of extortion.
- Similarly, bullying could spill over into the virtual world, normalizing antisocial behavior that could then manifest in real life.
- There is a latent risk that people will become addicted to these technologies and disconnect from the real world.
Finally, we would like to highlight the words of Gabriela Álvarez, Executive Director of Telecommunications at Accenture Chile: "We are entering a post-digital era in which emerging technologies such as augmented reality are driving the next waves of innovation and growth." However, this also makes it clear that it is crucial to address the risks mentioned here responsibly.