XR, a technology category that encompasses both augmented reality (AR) and virtual reality (VR), is set for explosive growth over the next 6 years, according to a new report. The findings come from Frost & Sullivan, a reputable analytics firm that specializes in investigating economic and technological trends.
The Frost & Sullivan report examines the state of virtual reality, augmented reality, and mixed reality (MR), to paint a picture of the market prospects across the entire spectrum of these futuristic technologies. This ranges from complete VR immersion into computer-generated environments, to the use of virtual objects to enhance real-world experiences that characterize AR/MR.
The data reveals that the idea of the metaverse, an immersive shared computer environment in which users play, socialize, work, and trade, continues to attract funding and interest from investors. The metaverse is widely touted as the successor to today’s internet and leverages blockchain technology to allow users to monetize and trade virtual objects.
VR- and AR-capable hardware is the primary way for people to access the metaverse and interact with the software. The Frost & Sullivan report forecasts the global XR market as a whole will experience an 11x increase by 2028, growing from $14.55 billion to $160.14 billion. Experienced VR and AR developers are also in demand as companies search for talented individuals to build their metaverse products.
Analysts point to many potential drivers behind this growth, each representing exciting segments of the industry. Apart from the metaverse, experts cite the availability of AR-capable mobile apps and the growing popularity of VR gaming across PC and game console platforms.
The North American and Asia-Pacific markets are noted to be the two leading regions in terms of XR revenue. The report also lists specific industries that are projected to benefit from VR and AR adoption, including media and entertainment, the manufacturing industry, retail and e-commerce, health and fitness, and education/training.
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AI Optimization Disruptive Researcher – Chief Development Officer and CoFounder at AccelOne – Blockchain Certified Developer – Autonomous Cars Engineer – Industrial Engineer – McLaren Fan
My Tech journey started 38 years ago with a Yamaha CX5M Computer / Synth, and since then, I have had a nonstop career adding experiences in several industries and technologies. I am an AI researcher and Ph.D. student and the Chief Development Officer of AccelOne. I lead a team of passionate talent in software engineering services, which are delivered from LA to the US. I have a strong technical background with more than three decades of experience in complex project and team management in various areas, including product design and development in Entertainment, eCommerce, Retail, Logistics, Business Intelligence, and Financial Services. I was CTO of Axigma Technologies, managing mobile business and consumer development projects for brands, including The Marketing Store and C9W. I founded the computer training institute IEC, which provided training services in several different programming languages and design and animation tools. In 2005 I founded Routeck, a development software company devoted to special projects (such as open-source firmware programming), credit card reconciliation, and specific products for retail. I was Development Manager at Infinite Corporation, managing their iSeries and Web products, a former Senior Software Engineer at COTO, and a Senior Web Applications Engineer at HSBC.
