AR and VR industries predicted to grow exponentially this decade
The Augmented Reality (AR) and Virtual Reality (VR) industries are reportedly going to grow exponentially this decade. Market-foresight advisory firm ABI Research predicts the AR and VR industries will grow by 60% and 44% respectively from 2024 to 2030.
This growth however, will not be led by the gaming industry. Though VR games are currently the primary reason to buy an XR headset, that is changing rapidly. Thanks to huge investments in the XR industry by companies like Meta, the technology is seeing use across various fields. Apple’s entry into the industry with the Vision Pro has also brought XR to the attention of more consumers.
This growth however, will not be led by the gaming industry. Though VR games are currently the primary reason to buy an XR headset, that is changing rapidly. Thanks to huge investments in the XR industry by companies like Meta, the technology is seeing use across various fields. Apple’s entry into the industry with the Vision Pro has also brought XR to the attention of more consumers.
Thanks, Apple.
For example, the Vision Pro is being used to practice complex medical surgeries in Mixed Reality (MR). Meanwhile the town of Vernon has been the first to adopt VR for training first responders.
When Meta made its Quest OS platform open-source, it didn’t do it simply to facilitate more gaming VR headsets. Lenovo, for example, is working on an XR device running on Meta’s platform that is geared towards productivity.
When Meta made its Quest OS platform open-source, it didn’t do it simply to facilitate more gaming VR headsets. Lenovo, for example, is working on an XR device running on Meta’s platform that is geared towards productivity.
AR and VR are not a ‘hype’ technology. These technological advancements enhance productivity, drive innovation, and open new opportunities for both business and consumer applications. The rapid expected growth in AR and VR markets is not accidental, with immersive technologies seeing adoption more readily across various industries.
— Matilda Beinat (research analyst), ABI Research (subscription required), April 2024
There are other ways the average consumer might see AR and VR integrated into their lives soon. Meta, for example, is working on a pair of smart glasses codenamed Project Nazare. And other companies will probably want a slice of the pie. Hence why Google showed off a pair of AI-powered AR smart glasses at Google I/O 2024.
AI will play a big role in the mass adoption of XR devices, says ABI Research. It already seems to be making waves across the XR world. The Ray-Ban smart glasses got AI support recently. And researchers at Stanford might have just discovered the future of Augmented Reality. And it’s a system that requires AI to work.
As someone who keeps repeating that the XR industry needs to grow, this is brilliant news. And I don’t just say that for more games. XR, to me, genuinely feels like the next step in computing evolution.
As someone who keeps repeating that the XR industry needs to grow, this is brilliant news. And I don’t just say that for more games. XR, to me, genuinely feels like the next step in computing evolution.
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