Technological advancements have always been beneficial for human beings and society. Extended reality (XR) is one of the modern technologies that has changed the way people imagine their lives. This technology is an umbrella term that includes several immersive technologies such as augmented reality, virtual reality, and mixed reality. The blending of these three cutting-edge technologies provides a unique experience to individuals while interacting with the digital world.
Because of the combination of core features of each technology, extended reality finds its potential applications across various industries such as gaming, healthcare, education, and many more. This article covers the latest trends in XR and its diverse applications that are propelling the growth of the industry.
Immersive trends in extended reality driving the market:
In the past few years, this technology has evolved into a transformative force, empowering the interactions between humans and machines. Some of the latest trends in XR are discussed below:
- Spatial Computing: This method includes the convergence of physical and digital spaces to offer an interactive environment to individuals. This trend in XR involves mapping digital information onto the physical environment, enabling more natural and intuitive interactions. Devices like Microsoft’s HoloLens exemplify this trend, allowing users to seamlessly interact with holographic content in their surroundings.
- Hand Tracking and Gesture Recognition: This technique has pushed behind the traditional method of giving inputs to a device or machine. It eliminates the need for controllers and enables users to give commands with their hands and body gestures, providing a more mesmerizing and intuitive experience for individuals. Oculus and Leap Motion are some of the leading companies that develop technologies enabling precise hand and finger tracking within virtual environments.
- Immersive Learning Experience: These days, the education sector is adopting innovative platforms for making learning more interactive and interesting. XR technology is revolutionizing education and training across various disciplines with virtual classrooms, training simulations, and interactive 3D models, promoting better learning within a tech-equipped environment.
- Social VR: In the current era, the concept of social interaction in virtual spaces is gaining popularity. Social VR platforms enable users to connect, communicate, and collaborate in shared virtual environments. Such platforms not only change the way people make connections online but also open new possibilities for remote work, virtual meetings, and collaborative projects.
Key applications of extended reality:
The promising capabilities of this top-notch technology have found various applications across industries. Some of them are as follows:
- Healthcare: XR is making significant strides in the healthcare domain, starting from surgical training simulations to patient care. It can allow surgeons to practice complex procedures in a risk-free virtual environment and enable them to perform surgeries with AR-enabled applications by providing real-time data. In addition, it also provides treatment to patients dealing with mental health problems through virtual reality exposure therapy.
- Retail: Augmented reality is transforming the retail experience by enabling virtual try-ons. With this technology, customers can visualize products in their physical space before making a purchase. It further can enhance the online shopping experience and reduce the likelihood of returns, as customers can assess the fit and appearance of items virtually.
- Manufacturing and design: Extended reality can play a pivotal role in streamlining design and manufacturing processes. Engineers and designers can collaborate in virtual spaces, visualizing and modifying 3D models in real life. This technology can accelerate the sector with the product development cycle and enhance the accuracy of design iterations.
- Real Estate: AR/VR is also revolutionizing the real estate industry by offering virtual tours of the properties. This can help prospective buyers explore homes and spaces, like in the real world without physically being present. It allows builders to reach a global audience and save much more time.
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Dynamics of the extended reality market:
Owing to the increasing adoption of extended reality in the healthcare sector, the global extended reality market is predicted to witness prominent growth in the approaching years. Moreover, the rising investments in extended reality by several government and private entities are expected to foster the market’s growth.
Furthermore, the continuous advancements in 5G technology can bring expansive growth opportunities for the market in the upcoming era.
The market is envisioned to garner a revenue of $446.6 billion and rise at a striking CAGR of 30.1% over the estimated timeframe from 2022 to 2031.
Regionally, the North America region is expected to hold the lion’s share during the forecast period, owing to the growing use of smartphones and other connected devices in gaming, healthcare, and entertainment across the region.
Recent developments in the market:
The prominent players in the market have undergone a series of mergers, acquisitions, collaborations, and partnerships and come up with innovative product launches to meet individuals’ and organizations’ requirements and safeguard the competitive landscape. Some of the recent developments are discussed below:
In August 2023, Theorem Solutions, a leading provider of innovative digital solutions, announced the launch of its new suite of extended reality products to enhance engineering and manufacturing capabilities with spatial computing. These products would be highly beneficial for mixed and virtual reality users to improve their productivity, efficiency, and safety in their operations.
In March 2023, The Weber Shandwick Collective (TWSC), a strategic communications and consulting network announced its acquisition of Diverse Interactive, an immersive content agency using modern technologies such as AR and VR. With this acquisition, the companies aimed to help businesses leverage their technical capabilities into extended reality.
In December 2022, Apple Inc., an American multinational technology company announced the launch of its AR headsets powered by its operating system, “namely, “xrOS” (extended reality OS). These headsets feature an iris scan instead of a face or touch ID, enabling a great user experience with optimum security.
In March 2022, Sia Partners, a global consulting firm announced its partnership with Microsoft Consulting Services, a leading business service provider. With this partnership, the companies aimed to adopt extended reality and the Hololens platform to make the best use of technologies in business models, prototyping, and service design.
To sum up, extended reality is gaining huge recognition across industries such as healthcare, entertainment, education, training, and many more because of its multiple modes of use and hypnotic nature. Furthermore, the increasing penetration of extended reality in e-commerce and tourism is expected to bring lucrative opportunities for the industry in the forthcoming years.
Author’s Bio – Rosy Behera holds a bachelor’s degree in Electrical and Electronics Engineering and now she is a content writer by profession. She loves to portray her thoughts and ideas with a nice command of words. Grabbing an audience with her creative write-ups is one of her biggest assets so far. Apart from writing, she is a certified “Odisi” dancer and has done Gardharva in Drawing, Painting, and Arts. She always explores new things through travel and is a big foodie.
