Here's Why A&D Executives Should Invest in Digital Transformation
Key Insights from a Recent Report on AR-Enabled Workforce Transformation
A new white paper sponsored by Librestream discusses the critical value enterprise augmented reality solutions unlock for organizations
A new report from IDC, a premier global provider of market intelligence and advisory services, unveiled data analysis on augmented reality (AR) adoption rates, expanding use cases, and a roadmap to successful technology deployment.
With a global view of the AR market today and into the future, this report uncovers the critical role AR plays in enabling industrial workforces and why more organizations are increasing or maintaining their spend on this technology over the coming years. Here are some key insights from this report that you may find useful.
Improving Critical KPIs
According to IDC’s Advanced Technologies for Industry Survey 2020, over 50% of European businesses associate the adoption of emerging technologies such as AR to three critical KPIs: customer satisfaction, time efficiency, and product/service quality. IDCs findings are supported by benefits our customers witness when they integrate Onsight into their ecosystem. Our clients report significant improvements in business outcomes, including 70% productivity gains, 50% cost savings, and 3x efficiency gains.
18-Fold Increase in Spend
As organizations continue to find new use cases within their business units, spend on AR is expected to grow 18-fold over the next four years: from $2.7B in 2021 to $48.6B in 2025. As a critical enabler of digital transformation at scale, AR will continue changing how companies offer field service, train and educate employees, and elevate their current use cases of the technology.
As much as 80% of a business’ knowledge remains undocumented, resulting in critical knowledge loss during periods of high turnover or retirements. To ensure workforce knowledge is captured and shared with existing and future workers, companies are increasingly adopting AI and AR-enabled digital work instructions, IoT data visualization and computer vision to deliver just-in-time and on-the-job training. In addition to training, AR enterprise solutions provide workforces with access to critical data and expertise required to complete the job safely and efficiently.
Unlocking Measurable Results
The research and findings in the whitepaper are backed by case studies, including 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. With AR solutions in their digital toolkit, Librestream’s customers in 184 countries report significant measurable benefits in productivity, cost savings, worker safety, carbon reduction and more.
While these are just some of the insights the report details, the full 11-page report on “AR-Enabled Remote Workforce Transformation Journey” includes information on:
- Current and future AR market trends
- Critical use cases
- Industry best practices and more
Download a copy of this report for free here.