AR, VR and MR markets set to boom
XR, or extended reality, products are at the forefront of technological change. Virtual reality (VR), Augmented Reality (AR), and Mixed Reality (MR). With so many different XR products now available for a variety of use cases, it is important to understand how the different technologies are used, and companies which create them.
IDTechEx Research have recently published a report called ‘Augmented, Mixed and Virtual Reality 2020-2030’, which provides a deep understanding of the XR market, and includes market research on AR (augmented reality), VR (virtual reality) and MR (mixed reality) areas, compiled from historic data from nearly 100 companies and over 170 distinct products and forecasts from 2020 to 2030.
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 which consumers can use for a total immersive gaming experience.
However, there are also other applications for XR products such as remote assistance and training. The report includes analysis of these applications and identifies the key leaders in the AR, VR and MR fields.
Investment is high for AR
AR companies have received high levels of investment over the past 10 years, with investors targeting the future potential of companies. For example, Magic Leap received over $500m 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.
Wide variety of products and end-use cases
The report ‘Augmented, Mixed and Virtual Reality 2020-2030’ also shows that there is a wide variety of technology in use in AR/VR/MR fields. 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 that in the future this field will continue to grow as there is continued update of these devices in the future.
Skills gap and the knowledge transfer problem
One use case discussed in the report 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.
This 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.