6CIOReview | | MAY 2023Augmented reality (AR) and virtual reality (VR) have revolutionized the world, leaving a lasting influence on people to make their lives easier. Realizing the robust capabilities of AR and VR innovations, companies are leveraging these technologies to optimize their corporate training endeavors. Statista states that the revenue in the AR and VR market is expected to show an annual growth rate of 13.72 percent, resulting in an expected market volume of $52.05 billion by 2027 during the forecast period 2023 to 2027. What powers this stellar growth is a gamut of tech trends in the arena.AR-based indoor navigation is gaining popularity due to its capability to guide people within a store. Using AR-powered navigation devices, customers can reach the product they are looking for all by themselves. AR is also emerging as a mega trend in e-commerce, allowing online shoppers to try out new products before buying through virtual fitting rooms right from the comfort of their homes. VR's ability to generate real-life scenarios in the virtual environment is helping trainers engage trainees and encourage them to learn concepts faster and in fascinating ways. The technology is also equipping remote learners with VR classrooms, ensuring they learn in a collaborative setting. This edition of CIOReview delivers a comprehensive view of the recent developments in the Augmented Reality and Virtual Reality arena and insights into how companies are aligning with these latest trends to transform legacy practices and improve outcomes.We have curated thought leadership articles from industry experts, including the Head of Machine Learning Engineering and Operations, Volvo Cars and Director of Strategy & Transformation, The Honey Baked Ham Co. We also took a deep dive into the market trends to narrow down the list of companies delivering robust AR and VR solutions and AR and VR training solutions. Equipped with innovative technological capabilities, companies such as ML Optic, ARway.ai, and SphereGen help transform businesses at the cloverleaf of various disruptive technologies. We hope this edition of CIOReview on Augmented Reality and Virtual Reality helps you build the partnership you and your organization need to foster an environment driven by efficient technology. Let us know your thoughts! EditorialPaving the Path for AR and VR Innovation Copyright © 2023 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.CIOReviewVisualizersIssac GeorgeHenry SmithDisclaimer : *Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffJustin Smith Managing Editoreditor@cioreview.comManaging EditorJustin SmithEditorial StaffAaron PierceCarolynn WaltersShirley FaithRussell ThomasEmail:sales@cioreview.comeditor@cioreview.commarketing@cioreview.com May - 19 - 2023, Vol 12, Issue - 30 (ISSN 2644-237X) Published by ValleyMedia, Inc.To subscribe to CIOReviewVisit www.cioreview.com CIOReview
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