XR, being the most common buzzword in today’s industry collides the physical and digital worlds creating unlimited opportunities in the market to explore.
What do we mean by Extended Reality (XR)?
Extended Reality, commonly known as XR, is a collective expression for augmented, virtual, and mixed realities changing the ways we work, learn, shop, and share ideas. An umbrella term for all the immersive technologies we have today- augmented reality (AR), virtual reality (VR), and mixed reality (MR) blending the virtual and real worlds. The XR solutions allow data to be easily accessible, engage high customers, time efficiency, and a drastic reduction in human error. The Internet of Things (IoT) along with XR is also pioneering new real-world scenarios bridging the gap between the real and the digital/virtual worlds.
As an instance, a patient worried about an upcoming MRI scan can put his fears aside after virtually experiencing the whole procedure in advance.
Emerging trends in XR
- This is XR happening right now and seems to be more futuristic with growing markets from $4.2 billion in 2017 to $61 billion in 2022 according to research.
- The Extended Reality Market is expected to register a healthy CAGR of over 65% resulting in wide applicability across multiple business verticals such as healthcare, education, retail, e-commerce, real estate, manufacturing, gaming, tourism, etc.
- Companies are moving towards transformative XR experiences using artificial intelligence (AI) and the Internet of Things (IoT).
- An increasing potential towards becoming one of the most ubiquitous platforms envisioning the convergence of a smartphone, mobile VR headset, AR glasses into a single XR device.
- 39% of US adults are interested in online VR training for some specific job duties
- 7% of global information workers use AR/VR apps as a part of their weekly jobs.
- 30% share of people are using AR/VR for reviewing reference videos and digital manuals according to a “2018 Augmented and Virtual Reality Survey.”
With the advancements in immersive technologies, the Extended Reality market is a bit competitive. The eventually increasing market share has consistently attracted new users across the virtual platform and expanding their business opportunities. To tackle the challenge of incorporating the IoT data into XR applications, communication models allowing translation of IoT data into XR objects, events, and scenarios have been proposed.
Stay tuned for further updates!