Extending Reality has incredibly been revolutionizing industries. XR technology has been developing quickly, and it’s expected to bring with it fascinating advancements. Extending Reality can potentially disrupt numerous sectors, leading to more advanced mixed-reality experiences. Mordor Intelligence reports reveal that the Extended Reality Market size is expected to grow from USD 105.58 billion currently to USD 472.39 billion in five years, which is equivalent to a CAGR of 34.94% during the forecast period.
Extended Reality Applications for Business are numerous, which have turned out as a boon to humankind and have been offering several exciting new applications for businesses. Extended Reality offers improved access to information. Users find it easier to quickly find key data points while working with real-life objects. Also, it paves the path for the appropriate mixed reality business meetings, letting participants meet in a shared virtual environment.
Extended Reality To Reshape Our Lives
Extended Reality is going to have a huge impact on our lives soon! Extended Reality will augment education as well. Besides, extended realities are a boon to people with disabilities as they allow simulations of everyday activities including running errands. Recent research has revealed that a whopping 60 percent of the respondents believe Extended Reality will become mainstream in the near future, reflecting how rapidly this technology is being developed.
Extended Reality finds wide use in sectors like retail, training, entertainment, real estate, marketing, and more. Technology has completely changed the way we live our everyday lives.
Entertainment and Gaming
P&S Intelligence states the extended reality market is expected to hit USD 394.8 billion by 2030. XR, which combines elements of virtual and augmented reality to create a highly engaging and interactive gaming environment, is revolutionizing the entertainment and gaming industry as users are getting to experience immersive experiences, helping create new gaming experiences.
Education and Training
XR offers a unified platform transcending the boundaries of traditional learning, and it has been estimated that by 2035, the global XR market is projected to reach a staggering USD 1,246.57 Billion, equivalent to a growth of a CAGR of 24.2%. XR in education and training is an excellent tool for training simulations, allowing users to practice in a safe and controlled environment.
Various industries, such as healthcare and aviation, have also been utilizing it to provide training simulations. AR provides students with a unique learning experience as it is beneficial for overlaying digital information onto physical objects.
XR in healthcare provides patients with immersive experiences, helping them cope with pain and anxiety. Also, medical professionals utilize it to get assistance with training simulations. Reports by IMARC Group suggest that the global healthcare extended reality market size reached US$ 4.5 Billion in 2022. And is also expected to reach US$ 20.1 Billion by 2028, equivalent to a growth rate (CAGR) of 28.64% during 2023-2028. AR finds wide use in surgery, and the AR overlays digital information onto the patient’s body, providing better visibility of the internal organs and structures. Surgeons find it easier to perform surgeries with more precision.
Retail and E-commerce
The retail and e-commerce industry has been experiencing a transformation with the use of XR technologies. Precedence Research reports reveal that the global extended reality market was valued at USD 35.14 billion in 2022 and is predicted to hit around USD 345.9 billion by 2030. AR has already been finding wide use in retail and e-commerce in the manner that it creates a unique shopping experience for customers by overlaying digital information onto physical products.
VR provides customers with virtual try-on experiences, letting them see how clothes would look on them. Brands such as Farfetch and Prada have partnered with Snapchat so that they can assist customers with the virtual try-ons. Farfetch allows users to stand in front of their camera and use voice commands so that they can get to see how a windbreaker jacket would go with a pattern.
Real Estate and Architecture
XR has been witnessing tremendous use in real estate and architecture. The extended reality market is projected to grow at a CAGR of 35.27% to reach US$95.438 billion in 2028. In this regard, it can be said that MR is highly useful in providing virtual tours of properties, saving time and money for real estate agents and customers. MR helps architects in the manner allowing visualization of their designs in real-world settings, helping make changes before construction begins.
Tourism and Hospitality
XR technologies have revolutionized the tourism and hospitality industries as well, and AR provides visitors with information about landmarks, historical sites, and virtual tours. VR, too, works impressively in the manner of providing customers with virtual hotel tours, making it easier to explore hotel rooms. XR enhances the experience of visiting art galleries and museums and makes it easier to find detailed information regarding Old paintings with a lot of secrets. VR technology allows visitors to understand art better.
Future Of Extended Reality
Recent data from Grand View Research reveals that the XR market is expected to reach USD 463.7 billion by 2026, and it has been witnessing a steady growth of CAGR of 45.0% from 2021. What’s significant to be noted here is that the COVID-19 pandemic has accelerated this growth, helping businesses easily seek digital and immersive solutions to stay connected and deliver services.
That being said extended reality has been paving the path for the evolution of virtual experiences and has been proving itself one of the most promising technologies in the market. AR, VR, and MR together create a hybrid environment with the potential to transform the real world. The XR market is expected to grow in the near future as it is bringing with itself the most revolutionary innovations, becoming more accessible to the mass market.