EMERGING TECHNOLOGIES | BDO LLP
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13 EMERGING TECHNOLOGIES | BDO LLP
VIRTUAL REALITY | AUGMENTED REALITY
Markets to reach $13.75 billion by 2023, at a growth rate of almost 13%. As a result of the pandemic, adoption of IA has been accelerated in some areas for COVID- 19-specific challenges, for example in healthcare and in travel, where airlines and other providers have had to process huge volumes of refund requests. In one example cited by Automation Anywhere, a medical technology company deployed IA ‘to track surgical instruments across the entire patient care continuum. Collecting data from more than 156 hospitals, staff members were able to perform predictive analytics on contamination risks, enable better asset utilization, and make data-driven policy and resource decisions’. Another trend to watch is the consolidation of different IA technologies, says James Duez. ‘IA takes task automation to the next level, enabling it to reason and make human-like decisions. But there’s a whole collection
use cases in finance, regulation and healthcare. ‘Organisations are unwilling to make any discretionary or long-term investments but are favouring clearly articulated pay-as-you-go or pay-for- reward models.’ Financial services is a key area. A 2018 Cap Gemini report predicted up to $512 billion for the FS industry in new global revenues thanks to intelligent automation. The survey of 1500 senior executives in 750 global organisations suggested that 10-25% in cost savings already achieved by RPA could rise to 30-50% with the injection of AI-powered automation. But along with cost-cutting and business efficiency, FS leaders also saw IA as a revenue generator, with 35% of firms seeing a 2-5% increase in top-line growth from automation thanks especially to faster time to market and improved cross- selling. Valued at $6.25 billion in 2017, the IA market was projected by Markets and
of intelligent automation technologies out there, and many of the big players are now trying to build ecosystems of bolt- ons, which we might call an intelligent automation layer, in order that those technologies – and those companies – remain relevant. It’s a very interesting space and the ability to layer automated human-like decisioning on to existing robotic automation is at the core.’
Virtual Reality (VR) and Augmented Reality (AR) are immersive technologies that integrate virtual and real-world elements into an interactive format. While closely related, the outputs created by VR and AR technologies are very different. Coined in 1989, ‘virtual reality’ refers to a computer-generated, three-dimensional environment that can be explored and interacted with as though it were a physical space. When it comes to executing VR simulation, there are a growing number of technologies that can be used to stimulate the necessary senses, including headsets, omni- directional treadmills and gloves fitted with sensors. Put simply, VR implies complete immersion – creating an experience that shuts out the physical world.
By contrast, ‘augmented reality’ projects digital elements onto the real world. So rather than providing a fully immersive experience, augmented reality enhances or manipulates our image of the world around us, adding virtual information, text or images via devices such as headsets, smartphones, tablets or smart lenses. The primary use of AR today is in entertainment, as with Pokémon GO , the popular mobile game developed and published by Niantic from 2016. AR is also used by retailers such as IKEA , whose augmented reality app helps shoppers visualise what items would look like in their home by projecting virtual versions onto live images of their living spaces. Dulux has a similar concept, allowing customers to virtually transform the colours of their walls using its Visualiser app.
GLOBALLY, EDTECH COMPANIES SAW VC INVESTMENT GROW BY 22% IN Q1 2020 – A RATE THAT IS EXPECTED TO HAVE GROWN EVEN MORE IN Q2 .
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