industry

7 Industries VR/AR Is About To Transform [infographic]

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There is more to VR/AR than gaming. The potential of this technology across a variety of industries is extensive, anything from healthcare to real estate and education can find its processes reinvented using VR/AR in no time.

Speaking in numbers, AR/VR startups raised $3 billion in 2017, and the number is expected to be even higher by the end of this year.

We’ve listed 7 industries, that at the first glance may not appear as VR/AR-friendly industries, yet have more and more immersive technologies utilized in day-to-day processes and operations.

Infographic, 7 industries that VR/AR is about to transofmr
 

WHAT STARTUPS ARE IN?

1). Retail

Bold Metrics, formerly Fashion Metric, uses machine learning, math, and data science to personalize the customer experience in-store and online.

https://www.boldmetrics.com/

2). Agriculture

Infosys has a stake in AR/VR for agriculture through its Plant.io project, which is an open source, plant-growing platform that aims to bring new forms of software-driven intelligence and interaction to the plant growth cycle.

https://www.infosys.design/plantio/

3). Marketing & Ads

OmniVert provides a “360° Virtual Reality advertising platform” whereby brands, developers, and publishers can monetize and disseminate VR content.

https://www.omnivirt.com/

4). Military

ScopeAR uses augmented reality to equip military officials with “computer vision technology” to help with equipment maintenance and repair. The Company integrates the most current AR technologies into their solutions, and AR glasses providing the user with a "See-It, Do-it" experience.

https://www.scopear.com/

5). Law enforcement

VirTra is a global provider of training simulators for the law enforcement, military, educational and commercial markets, e.g. de-escalation training, judgmental use of force and firearms training simulator.

https://www.virtra.com/

6). Healthcare

AccuVein is a provider in medical imaging, offering a hand-held, non-contact vein illumination solution, which allows nurses and doctors to see where various veins and valves are in a patient’s body.

http://accuvein.com/

7). Recruitment & HR

Mimesys is applying AR/VR to provide collaborative remote work - it is the first holographic meeting platform, which puts real people in a shared virtual space from anywhere in the world.

http://www.mimesysvr.com/


Those were just a few examples to illustrate how VR/AR is evolving even in the sectors unusual for such technology. Glancing at the more traditional industries like manufacturing, logistics, banking and construction - VR/AR is an ultimate tool for more efficient processes and more engaged customers. About this and other tech trends in the upcoming industry insights! Meanwhile:

Stay tuned for more industry insights and digital sneak peeks!

Yours, Catapult team.


Banks are Undergoing a Massive Digital Transformation

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Let’s talk numbers.

In 2017, mobile banking grew by 18% compared with just 9% in 2016 enabling businesses to realign their channels through the phone. This trend of “not-queuing-in-the-bank-anymore” among millennials is drastically increasing.

According to the forecast by the end of 2018 various banks and financial institutions in Scandinavia, the United Kingdom and Western Europe will have half (or even more) of their new inflow revenue in most products coming from digital sales.

With the rapid technological advancement and changes in consumer behavior, banks have 3-5 years at most to become digitally proficient.

A sneak peek to the total revenue of global mobile payment market was astonishing. Annual transaction volume reached $450B in 2016 which more than doubled in 2018 with a total sum of $930B. And the forecast shows steady growth with the expected $1080B by year 2019.

Not so long ago it was announced that JPMorgan, an American multinational investment bank and financial services company, has spent nearly $20B in the past 2 years to scale its technology and prepare itself for the next generation of banking. Its strategy, also known as “Mobile First, Digital Everything” is already showing positive early results.

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And this is just scratching the surface. One thing is clear - the urgency of acting on digitalization is acute.

Digital transformation of any enterprise is a herculean task, and you shouldn't do it alone.

Moving away from offline legacy platforms and into the digital age is no walk in the park. It takes a massive shift in attitude to become “digital to the core”. Well stated in the interview with DBS Bank CIO David Gledhill: “The digital transformation of any enterprise is a herculean task requiring a willingness to embrace cultural change, the ability to immerse the entire organization in the customer journey, and a total commitment to digitize to the core.”  

At the verge of digital transformation, banks and, naturally, other industries, need to start from understanding the consumer needs and, ultimately, finding relevant technologies and solution providers across the globe to step up the digital game. Catapult, being already “digital to the core”, finds the most valuable solutions by scouting through 100.000 growth companies across Europe, using advance AI and ML algorithms.


Stay tuned for more industry insights and digital sneak peeks!

Yours, Catapult team.