8CIOReview | | MAY 2021IN MY OPINIONAR AND VR: HELPING BUSINESSES STAY ANCHORED By Amit Mangwani, Director Partner Marketing - Asia Pacific, Intel CorporationIf there is one common takeaway most businesses have gained from the current Pandemic crisis, it is that TECHNOLOGY has to be a core component of their infrastructure. It's imperative for every organization to be digital & transforming businesses to be future ready. From having simple website presence or having an app from small business to enabling superior customer experience through application of Artificial Intelligence and immersive technologies, enterprises are going out, learning & adopting with new zeal.Technologies that have emerged as valuable in delivering unique experiences or solving real business problems are these immersive technologies Extended Reality (XR), Augmented Reality (AR) and Virtual Reality (VR).Part of what's spurring the quick adoption of AR/VR is the impending arrival of 5G, the quick percolation of edge computing, and the arrival of powerful computing devices to market. From automotive to travel, from construction to retail &engineering to marketing and more, AR and VR have shown extensive application value. It's perhaps because of this wide scope of application possibilities that the International Data Corporation (IDC) predicts that a 5-year CAGR in spending for AR/VR will be at 76.9% globally between 2019 and 2024, to touch a little over $136 billion by 2024.Effortless AR and VR Integration in the Automotive Industry: A Standout ExampleLet's look at how companies are using AR and VR in the automotive industry. Several manufacturers like Ford use the technologies to develop mockups of their automobile design before taking it to production. This virtual prototyping helps improve vehicle design,detect preventable late design errors and modification issues that would otherwise cost the manufacturer additional time and money.Ford has created a virtual studio where design leads can run vehicle development and inspection amid shelter-in-place mandates. Prior to COVID-19 related restrictions being enforced, the team would use VR tools to assess design vehicle elements, identify issues that could be resolved in 3D and subsequently develop full-size models. According to SEAT, using VR has helped shave off 30% from the time it would take for prototype production. Others, like Hyundai, are spearheading innovation through AR-enabled head-up display (HUD) ­ that's among the first Holographic AR Navigation Systems in the world.On the consumer-facing side, we see VR-enabled showroomslike those by Audi and Jaguar Land Rover offering simulated test-drives and AR and VR based customization experiences. And that's why it is unsurprisingthat a 2019 Nielsen study revealed that AR and VR are the 2 technologies that customersanticipate helping them with their daily lives. Another report, AR in Retail, showed that 40% have expressed a willingness to spend more for a product compatible with AR. This general open-mindedness of customers is one of the factors driving businesses to adopt AR and VR. A report by Deloitte shows that AR is in use at around 88% mid-market companies.How AR and VR are Adding Value to Businesses Across Industries:· Training: AR and VR can be instrumental in offering training to new staff members especially in high-risk industries like manufacturing. Staff can get trained and gain experience with new devices and tools without getting exposed to tough situations before they are ready.· Customer Support: In situations where customers need help with repairing a product, companies can offer support through IN THE PRESENT AND PREPARE FOR THE FUTURE
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