Extended Reality (XR) Market Trends

Growth Drivers

• The Rapid Acceptance Of Extended Reality In The Healthcare Industry - For instance, a new training model was added to the HoloSecnarios platform by immersive healthcare training solutions provider GigXR to enhance learning curves. The initiative integrates Basic Life Support (BLS) training into the HoloSecnarios platform that utilizes mixed reality (MR) technology to deliver immersive learning experiences to healthcare professionals. Extended reality market is being used in healthcare to help doctors and surgeons better understand complex anatomical structures and diseases. XR can be used to create 3D models of organs, simulate medical procedures, and provide real-time medical imagery for physicians. This technology can help improve medical accuracy, reduce costs, and facilitate better patient care.
• Increasing Number of People Choosing Gaming As A Career- A survey of 1,500 respondents across 25 metros, Tier-1 and Tier-2 cities across India found that 85% of tier two gamers and 83% of tier one gamers are inclined toward gaming as a career. The increase in eSports professionals, streamers, and gaming influencers has enabled the extended reality market to reach new heights as the demand for gaming-related equipment and technology continues to rise. Also, among the most popular VR gaming headsets in 2019, PlayStation VR sold 5 million units.
• Businesses Transitioning to Remote Working - On a global scale, about 17% of companies operate completely remotely, and around 63% of employees aged 22 to 65 claims that they work remotely sometimes. Extended Reality (XR) provides the tools to bridge the gap between the physical and digital worlds, providing businesses with the capability to replicate the office environment remotely. By using XR, businesses can reduce the costs associated with traditional office spaces, while also providing workers with more flexibility.
• Rapidly Growing Entertainment Sector - For instance, a total of 27 billion was invested in the Indian Media & Entertainment sector in 2020, a 24% increase over the 17% contribution that they made in 2019. Companies are now investing heavily in technologies that can create realistic 3D VR environments for remote viewing of events. This will give viewers the feeling of being at the event in person, without having to leave the comfort of their homes.
• Continuous Emergence of 5G Technology - Researchers estimate that about 1.6 billion people in the world will have access to 5G by the year 2024. Presently, China leads the global 5G race, accounting for 48% of 2020's investment. 5G technology has the potential to provide a seamless, high-definition experience for end-users. Furthermore, 5G offers high bandwidth, low latency, and improved scalability, which are all essential for supporting the large amount of data that Extended Reality (XR) applications require. This is expected to ultimately allow the market to expand and develop more quickly.