CAMBRIDGE, UK – The augmented, virtual and mixed reality market will top $30 billion by 2030, according to IDTechEx Research.
One of the most well-known uses of VR headsets is in gaming applications. Companies such as Oculus, HTC and Sony have created a range of products consumers can use for a total immersive gaming experience. However, there are also other applications for XR products such as remote assistance and training.
AR companies have received high levels of investment over the past 10 years, with investors targeting the future potential of companies, says IDTechEx. For example, Magic Leap received over $500 million in funding in 2017 but only released its first product in 2019. Although the turnaround to reap the financial reward is potentially longer than VR products, there is still a high level of interest in this field.
There is a wide variety of technology in use in AR/VR/MR fields, according to the research firm’s new report. There have been great advancements in resolution, for example, in the past decade. This creates a more immersive experience for the user. Although this experience is far from perfect, as some users still experience motion sickness, it shows in the future this field will continue to grow, as there is continued update of these devices in the future.
One case is the use of augmented reality products to help solve the skills gap problem. This is where talented, skilled workers are leaving the workforce to retire before the knowledge they have gained can be passed onto new workers. The report discusses how augmented reality headsets allow workers to record their processes, to be transformed into workflows, increasing efficiency for new workers who can follow the steps.
IDTechEx compiled data from nearly 100 companies and over 170 distinct products.