As Virtual Reality (VR) and Augmented Reality (AR) have become more prominent in our everyday media, a new umbrella term that encompasses the two technologies, Extended Reality (XR), has emerged. Businesses of all sizes, spread across a variety of industries, are waking up to the idea that XR technology isn’t just for gaming and entertainment. XR truly does have the potential to revolutionise the workplace and impact our day-to-day lives in a positive way, says a new guide by Hire Intelligence.
In retail, XR technology is already being used to enable shoppers to see how furniture will look in their home. Automotive designers use the technology to sculpt new vehicles in virtual reality design suites. Emergency responders rehearse disaster scenarios in a moderated and safe VR environment. As XR technology becomes ever more commonplace, will there come a time when our workplaces are XR dependant?
Technology rental service Hire Intelligence has created a guide to XR, which shows how VR and AR have developed over time and how XR technology spending has exploded in the last two years since the release of affordable headsets. The guide also examines the future of XR technology and how the industry is expected to grow.
It is predicted that by the end of 2018, consumers will have spent more than double on XR ($7.7bn) than they did in 2017 ($3.4bn). The guide also highlights that there is a growing trend in terms of spending - AR technology is now overtaking VR.
Experts predict that by 2020, the travel and leisure industry will funnel 80% of its total XR investment into AR. The guide also shows that by 2022 there will be $1.7m worth of smart glasses shipments for the automotive industry alone.
Other interesting statistics from the guide include:
In contradiction to recent speculation that the popularity of VR and AR is decreasing, the conclusion of this research shows that the future of XR is bright. Consumers are proving this by continuing to purchase hardware for both AR and VR, and industries are increasingly recognising the practical applications in the workplace. It is clear that XR is destined to play an important role in classrooms, hospitals, factories and offices.
General manager of Hire Intelligence Europe, Mark Bates, says, “We wanted to create this guide to highlight the importance of Extended Reality in the future of industry, and by extension, our day-to-day lives. As you can see from our research, the rise of XR shows no sign of abating, it’s revolutionising how we approach training, collaboration, and events across a variety of industries.
"As a technology provider, it’s important that we stay ahead of the curve. As the technology develops there are more and more opportunities to learn about and engage with XR and its potential is hugely exciting. This guide is our way of highlighting the bright future which lies ahead.”
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