Microsoft, Google, Apple, Amazon, IBM, Yelp and Niantic all have something in common. They are leaders in the technology delivering augmented reality. From education, engineering, travel, and healthcare to retail shopping, gaming, and sports – industries are utilizing augmented reality to make a difference in how humans are gathering and visualizing information. How does this impact commodity trading?
First, let’s look at the difference between the widely used virtual reality (VR) and the up and coming augmented reality (AR). In virtual reality, you are submersed in a computerized world and see and hear from a computer simulation. Beyond gaming, doctors are using virtual reality to construct 3D images from CAT scans for better diagnostics, NASA is controlling robots on Mars, and pilots are training in simulated environments.
In augmented reality, computer-generated images are superimposed over views of the real world providing a composite view. Think Google Translate and Niantic’s Pokémon Go. Augmented reality is presenting more and more uses as time goes on. Imagine a surgeon who can review a difficult surgical procedure while operating, the military able to view location information in real time, or driving your car with GPS instructions overlaid on your windshield.
According to IDC’s Worldwide Semiannual Augmented and Virtual Reality Spending Guide, VR and AR spending will reach $13.9 billion in 2017, a 130.5% increase over 2016’s $6.1 billion. Looking forward, IDC predicts the combined spend to reach $143.3 billion by 2020, with AR taking the larger percentage of that spend in 2018.
Eka Software is jumping into the world of AR with a new research and development program investigating how to bring this technology into the commodity industry.
Initially, Eka is working to incorporate the AR technology into the SMS3D/ACS platform utilizing the Microsoft HoloLens platform. In real-world terms, we are working to enable a remote team of schedulers, manager, operators, etc. to collaborate in the boardroom while looking at a shared 3D visualization of live operations. This unparalleled solution will vastly improve communication between remote teams, increasing insights, and improving operations within mining and port stockyards.
For Eka, this is only the beginning. “Augmented reality has potential to greatly enhance visibility and collaboration in the bulk handling stockyard. It overcomes the issues of virtual reality such as safety, isolation and willingness to engage. We see a collaborative ‘board room table’ experience as just the beginning of our augmented reality program, we plan to ultimately extend this to operators in the field providing real time critical information in a safe and convenient way” says Ben Koch, director of product development.
The world of technology and how people are interacting with it is changing. Eka Software is leading the way with innovation and real-world usage. After all, hardware is only as good as the software available for it.