Published by Thomas Alsop, Sep 10, 2020
Extended reality (XR) is an emerging term for all immersive technologies, including augmented reality (AR), virtual reality (VR), and mixed reality (MR), plus those that are yet to be created. Immersive, or XR, technologies, extend the reality we experience by either merging the virtual and “real” worlds, or by creating a fully immersive experience. The market for XR technology is growing, with projections for 2023 valuing it at over 18 billion U.S. dollars.
VR creates an artificial environment, whereas AR simply makes use of the existing environment by overlaying new information on top of it. In both VR and AR, the information or imagery is made available to the user through the use of headsets. By 2023, it is anticipated that global XR headset shipments will reach over 68 million units, with major companies like Microsoft and Intel investing into XR technology.
The number of mobile AR users globally is expected to reach 2.4 billion by 2023, fuelled in part by a growing desire for AR technology to enhance consumer experiences in media and entertainment. Music concerts and sports events are just two examples where AR technology is being used more commonly in order to help enrich the fan experience. The consumer virtual reality market is expected to be worth over 16 billion U.S. dollars by 2023, with major VR investment going into VR gaming, as well as industrial training and maintenance. As the technology improves further, there is no doubt that the use cases of extended reality (XR) technologies will widen and develop as businesses and consumers alike realize the full potential, with the technology becoming as prominent as mobile devices are in today’s market.