Booming AR industry can disrupt future oil, gas operations, says report

Booming AR industry can disrupt future oil, gas operations, says report

While the adoption of augmented reality (AR) in the oil and gas industry is in the introductory phase, this evolving technology has the potential to disrupt the traditional operational functions in the sector over the next five years, according to leading data and analytics company, GlobalData. Worth nearly $4 billion in 2018, the global AR market is expected to reach $76 billion by 2030, growing at a compound annual growth rate (CAGR) of 24%, it said. Early adopters of the technology have seen use cases within inspection and maintenance, monitoring applications, employee training and on-field worker safety within the energy sector, stated GlobalData in its latest thematic report, Augmented Reality in Oil and Gas. There are notable improvements in both the hardware and software space within AR technology, and this is reflected in