As the implementation of Industry 4.0 takes place, and virtual and physical worlds slowly intertwine, virtual reality (VR) and augmented reality (AR) are starting to get used in various sectors and contexts - from consumer applications to manufacturing.
According to a survey conducted by PwC, AR and VR solutions are seen as the key elements of an overall digital manufacturing strategy in Industry 4.0. More specifically, AR and VR will play the fundamental role in system maintenance, service, quality assurance as well as self-learning and training.
Using simulation models and AR can help manufacturers speed up the entire production chain, virtual design processes or enhance the testing and digital prototyping. Likewise, consumers can also benefit from AR/VR experiences or products, such as special AR/VR glasses or headsets that will enhance their user experience.
As this trend continues, marketers are also expected to catch on and offer new solutions that highlight the prestige and wealth of a company or a brand that uses AR/VR technologies, e.g. luxury car brands.
According to a briefing from the European Commission, Europe, USA and certain Asian countries (Japan, China, South Korea) are currently the leading regions in terms of the development of AR/VR technologies.
The European VR and AR production value accounts for one quarter of its global value, and in the past years, a growing number of new start-ups focusing on these technologies have emerged. It is thus expected for the European share in the global AR/VR industry to increase in the upcoming years.
European Startup Network
Other source(s): https://www.i-scoop.eu/industry-40-virtual-reality-vr-augmented-reality-ar-trends/