Cognizant’s Center for the Future of Work (CFoW) released its latest whitepaper: The Real Reality of Augmented Reality, looking at the way businesses view augmented reality (AR) and its role in the future.

CFoW partnered with Oxford Economics to survey 300 senior leaders about their views on the current and expected dynamics of the AR market. They also conducted a focused, half-day roundtable session in partnership with the Haas School of Business at UC Berkeley to gather anecdotes and lessons learned from industry practitioners and academics looking at the business impacts and potential pitfalls of AR.

One-third of study respondents have scaled their AR initiatives into full implementations, are capturing substantial value, and are accelerating their future plans. This indicates that the AR market is ready to break from pilot-only projects and that it’s time to prepare for work, play, business processes and even entire business strategies to be altered by AR in the 2020s.

Key findings of the study include:

• AR is happening fast, it’s happening now, and timing is everything.
• AR is bringing massive change to a process near you.
• Brand reputation and equipment utilization are two of the biggest AR benefits so far.
• AR concerns – while significant – aren’t show stoppers.
• Engines built for gaming will be serious drivers of AR’s future.

“Expert respondents in our study are clear-eyed about the challenges – technological, organizational and, even, consumer facing -- but are forging ahead anyway to make augmented reality real for their customers, suppliers, employees and partners,” writes Rob Brown, Vice President, CFoW. “All businesses require urgent action and assessment as to the applicability of AR – fast. Like the advent of the smartphone over a decade ago, this moment requires all of us to think differently, because with AR, the journey is the process.”

Click here to read the report.