Extended reality is a term for a collection of visual technologies, such as virtual reality (VR), augmented reality (VR), and mixed reality (MR). An interactive environment is created by using software and equipment that deliver actual sounds and sights. It is currently used in a number of corporate hiring processes, including onboarding and employee training.
As per P&S Intelligence, the extended reality market is expected to hit USD 394.8 billion by 2030. This is due to the increasing acceptance of AR and VR as well as the expanding use of smartphones and linked devices.
Moreover, the primary drivers in the Indian industry are the rising use of the internet and the government's enhanced digitization ambitions. In addition, the business is expanding because of the increasing use of AR and VR in a variety of sectors, such as retail, entertainment, automotive, and construction.
The thriving entertainment industry is encouraging more people to use XR to watch live sporting events and concerts on their cell phones. Modern imaging techniques like magnetic resonance imaging and computed tomography (CT) scans also employ XR.
Along with the rise in chronic diseases and the rising demand to improve diagnostic accuracy, this is having a positive impact on how XR is utilized in the healthcare industry. Additionally, it is anticipated that as more people learn about its benefits, XR's application will expand internationally in the defense, transportation, retail, travel, and tourism sectors.
The XR sector is growing quickly as a result of increasing expenditures in VR and augmented reality technology and accelerating number of other technologies and connected devices.
With the use of 5G technology expected to rise, so will interest in XR technologies. Additionally, 5G is projected to resolve some of the primary problems with extended reality by providing a more effective allocation of computing resources to the network.
Application of VR and AR Is Swiftly Growing
Another important factor that is predicted to assist the development of the XR market in the years to come is the increasing acceptance of AR and VR by companies and the general public. Applications fueled by the pandemic because of social distance restrictions have been extremely popular in recent years using AR and VR.
Previously viewed as a niche product in the entertainment and gaming sectors,
AR/VR is now employed in a wide range of industries, including marketing, education, and healthcare.
In order to promote brand recognition, offer product demos, and give product information, businesses are increasingly utilizing AR/VR technologies to offer a more dynamic and engaging consumer experience.
On the other side, consumers are embracing AR/VR technology through immersive experiences for learning and pleasure. In light of this, market growth in the next years is anticipated to be driven by the rising adoption of HMDs.
Furthermore, AR had a significant share in the market owing to the rising demand for AR hardware and software in the retail, e-commerce, and healthcare sectors. Additionally, increasing expenditures in AR around the globe and an increase in consumer demand for technology are both contributing to the category's expansion.
