The increasing penetration of smartphones and usage of augmented reality (AR) applications on these devices are leading to the rising deployment of the extended reality (XR) technology. Additionally, the wide-scale adoption of AR and virtual reality (VR) in head-mounted displays (HMDs) contributes significantly to the demand for XR. HMDs are being used for entertainment and knowledge purposes, to provide interactive and engaging experiences. The increasing application of AR and VR in these devices will boost the extended reality market, which was valued $18.6 billion in 2019, at a CAGR of 48.3% between 2020 and 2030, according to P&S Intelligence.
XR includes three independent yet related technologies: AR, VR, and mixed reality (MR). AR devices and applications find substantial use in industries such as retail, healthcare, and e-commerce. Additionally, AR and VR devices are being employed in the manufacturing, media and entertainment, aerospace and defense, and education industries for education and training purposes. These technologies also find application among business organizations, which use them for employee training and development. Businesses are also using XR technologies for solving business issues and creating innovative solutions to meet the needs of clients.
The growing popularity of the XR technology in different industries is also a result of the reducing cost of hardware components and increasing penetration of smart devices. The availability of low-cost hardware components, including displays, position trackers, sensors, and cameras, will, in turn, increase the demand for the three XR technologies. The rising adoption of the technology can also be attributed to the introduction of several AR/VR devices, such as Lenovo Mirage Solo, HTC Vive Focus, and Oculus Go.
Further, the growing proliferation of AR/VR mobile applications, along with the increasing use of immersive technologies for media and entertainment and gaming, will drive the adoption of XR solutions in the Asia-Pacific (APAC) region. Moreover, a surge in investments for the development of immersive technologies will enhance the usage of AR/VR/MR solutions in APAC nations. APAC, especially China, Japan, and South Korea, are home to tech-savvy youth and a large population of gamers, which has been driving the sale of XR solutions here at a high pace.
All these developments in different parts of the world will, therefore, lead to the rising demand for the XR technology in the coming years.
No comments:
Post a Comment