When new technologies are integrated into a wide range of applications, as opposed to merely generating single products, they can revolutionize entire industries. Virtual and augmented reality have that potential. Virtual reality technology (VR) creates a virtual environment with which people can interact using mobile devices, especially VR glasses. Augmented reality technology (AR) presents users with virtual objects in their natural surroundings. For example, VR glasses might display information about an object in a person’s field of vision.
What charges are in store for companies not involved in developing these technologies? In a first step, Prof. Thomas Hutzschenreuter and his team at the Chair of Strategic and International Management at TUM evaluated existing VR and AR research, interviewed experts and analyzed start-ups. On this basis they estimated the time frame and the branches for the rise of these technologies.
Disruption form 2020 on
The researchers’ prediction: In seven of 41 industries studied, these technological developments will lead to radical changes between 2020 and 2040:
“Virtual and augmented reality are disruptive technologies: They will relentlessly and rapidly eliminate existing products, business models and production processes,” says Thomas Hutzschenreuter. “This process will be moving full speed ahead in just a few years. To remain competitive, companies in the industries we have identified will have to develop new strategies. Most of them will need to find partners because they lack the necessary expertise in virtual and augmented reality. Those that succeed will have excellent chances of achieving growth by boosting productivity while lowering their costs.”