VSight UAB is a technology provider company that develops and markets the leading Augmented Reality (AR) Remote Assistance software platform for enterprises. VSight is taking the concept of remote assistance further by providing to the market its product called VSight Remote. This is a complete collaboration and knowledge-sharing platform that allows remote field technicians and experts to connect with each other and collaborate on maintenance, repair, operations (MRO) via live video, audio powered by Augmented Reality technology. In addition, file sharing features such as 3D objects, PDF, or image sharing allows effective communication among users.
Easy Engineering: What are the main areas of activity of the company?
VSight: In recent years Augmented Reality has made a huge impact on our daily lives. Now the traditional idea that this technology is only used for games or other entertainment applications has changed. Augmented Reality has been embraced by various kinds of industries. The potential that this technology carries has made it easily adoptable by businesses of various fields, ranging from those with educational, productivity to medical purposes. VSight by providing innovative solutions through Augmented Reality helps to improve the efficiency of businesses and assures real-time problem-solving capability and adaptability. Businesses benefiting from the provided services by VSight operate in different industry fields such as automotive, oil and gas, construction, manufacturing, and many more. If we have to make a separation from a different approach, we might consider two main areas where VSight finds its main activity.
Firstly, we have the customer service organizations where the contact center agents use VSight Remote to visually guide consumers in solving their technical problems. They provide real-time assistance and solutions as if they’re standing right next to the customer. Secondly mentioning here, the field service organizations where the customer service agents can send field technicians visual data in real time. Technicians can transmit video and images of technical issues from the field while consulting with an expert, located either in the field or at headquarters.
E.E: What’s the news for 2021 about new products?
VSight: Nowadays the Covid-19 pandemic, in addition to a health and humanitarian crisis, has brought as well a quite challenging era for businesses operating in various fields. A big challenge is to ensure the continuity of businesses that are already shaped by the new reality structured with complexity and uncertainty. Many businesses, feeling under the pressure of the current crisis, also have difficulty finding the right platform that enables remote assistance. Without a doubt, VSight Remote inevitably gets integrated as remote assistance that provides efficient solutions for different industries. In addition, VSight Remote used in conjunction with smart glasses helps field workers to work completely hands-free, while at the same time allow remote experts to see exactly what they need to, in order to solve the problems. This becomes possible without forcing filed workers to move into potentially unsafe positions.
With the new feature of the training room already released, differently from traditional conferencing tools that provide only screen sharing, VSight Remote offers unique capabilities to engage the workforce with digital information around them. The peculiarity lies in the fact that during this type of training up to 3000 people can participate in the same session led by an expert who is defined as the host of the admin panel. Effective collaboration is also enabled by the so-called raise hand feature, which enables the trained workforce to respond to ambiguities that may be encountered during the training. The combination of live video and AR technology allows training with VSight Remote to enhance opportunities for proper learning and provides an improved training experience.
E.E: What are the ranges of products?
VSight: VSight by providing to the market VSight Remote platform enables companies to share knowledge to perform operations such as maintenance, repair, inspection, training remotely. VSight Remote supports Android and iOS mobile devices as well as smart glasses. VSight UAB is also the official partner and technology provider of the main smart glasses manufacturers in the market such as Realwear, Vuzix, Google Glass, and Epson Moverio. We aim to be the core developer of the knowledge base for expertise with Augmented Reality and removing the boundaries and restrictions with remote solutions to create a more accessible and productive world.
E.E: At what stage is the market where you are currently active?
VSight: Augmented Reality technology has seen an unprecedented increase in 2020 and this is also influenced by the conditions in which the world has faced since the beginning of the COVID-19 pandemic. Commercial use of technology has exploded due to use by market leaders like Microsoft, Apple, Google, Facebook, and Amazon. According to MarketsandMarkets, the market for AR technology is worth $ 15.3 billion. If we focus more on the AR Remote Assistance where VSight also operates then we can say that the adoption of this technology has increased dramatically since the beginning of the COVID-19 pandemic. Given that many businesses have chosen remote work as their new business model, the solutions offered by AR Remote Assistance are seen to significantly improve all their activities as a whole. What is predicted is that also this current trend of incorporating this remote assistance into operating processes will continue long after the pandemic has come to an end as well.
E.E: What can you tell us about market trends?
VSight: Data Bridge Market Research analyses that the Augmented Reality market will exhibit a Compound Annual Growth Rate (CAGR) of 45.01% for the forecast period of 2021-2028. Increasing usage of smartphones and other electronic gadgets, rising investments in cloud-based services by small and medium scale enterprises, and rising demand for Augmented Reality in e-commerce and retail stores are some of the major factors attributable to the growth of the Augmented Reality market. This means that the Augmented Reality market value would stand tall by USD 152.50 billion by the year 2028. As mentioned above, nowadays when social distance has already become an important part of everyday reality, as a trend we can talk about the adoption of this technology in e-commerce. Augmented Reality comes to the aid of businesses as a powerful tool to significantly improve e-commerce. The integration of this technology in e-commerce stores provides the most innovative, friendly, and enjoyable shopping experiences. This technology has the potential to ensure a breakthrough in the e-commerce industry by providing rapid growth for businesses thanks to high sales. The ability of this technology to change and improve the way businesses in this industry operate is also an impetus for the leaders of many companies to adopt this technology today.
E.E: What are the most innovative products marketed?
VSight: As mentioned above AR-enabled Remote Assistance allows technicians to solve issues in real-time by connecting with experts to visually guide them through the steps. VSight Remote is one such AR remote assistance platform that allows you to connect with the expert at any time without having to wait. This finds its application mainly in this pandemic situation, not only, where face-to-face meetings and travel are all a great danger and often even forbidden.
E.E: What estimations do you have for 2021?
VSight: Considering what we mentioned above, the number of companies that will adopt Augmented Reality in their operations will increase significantly, at the same time there will be an increase in the number of companies that offer services based on this technology. Noting also the fact that the covid-19 pandemic has made it difficult for people and businesses to communicate and engage with each other is another reason for the growing trend of this technology.
To summarize we can say that the application of this technology in different fields has its challenges and one of them is the misperception by managers of big companies for the high cost of this technology. But in fact, this is a wrong idea, because if you do an ROI calculation it can be proven that the adoption of this technology can reduce large extra costs and at the same time facilitate many processes by providing companies with a competitive place in the market. Although many may be skeptical, Augmented Reality technology has already begun its integration in different fields, providing numerous benefits, and emerging quite promising for the future.