Did you know that by 2030, Market Research Future predicts the extended reality (XR) market to grow to a whopping USD 457.06 billion? This is a warning to professionals and businesses to prepare for a revolution that is transforming industries from healthcare to entertainment. From the latest industry events to important partnerships in the field, this extended reality news brief for February 2024 provides a comprehensive snapshot of what is happening in the global extended reality industry today.
Key Takeaways
- XR Integration in Healthcare: The healthcare sector is witnessing significant changes with the integration of XR, offering advancements in patient care, clinical training, and mental health support through companies like VRx Health and collaborations like CAE Healthcare and GigXR.
- XR in Education and Employment: XR technology is shaping the future of education and employment, with immersive learning environments becoming increasingly common and new job opportunities emerging in animation, VFX, and XR sectors.
- Apple’s Impact on the XR Market: Apple’s entry into the XR space with Vision Pro and exclusive XR patents is set to alter consumer adoption trends and market dynamics.
- Technological Advancements Driving Market Growth: Innovations in sensor technology, spatial computing, and AI integration are propelling the XR market forward, transforming industries and user experiences.
- Challenges and Competition: Standardization and market competition, particularly with Apple’s entry, pose challenges to XR adoption and industry growth.
- Strategic Recommendations: Embrace XR innovation, invest in workforce skills, and closely monitor Apple’s XR strategies to navigate market changes and leverage XR’s transformative potential.
- Future Outlook: In the short term, XR will expand in healthcare and education; in the mid-term, it will create new job opportunities; and in the long run, XR could become as ubiquitous as smartphones.
How We Researched and Where this Data is from
This article is fueled by insights from the StartUs Insights Discovery Platform, a comprehensive resource tracking more than 4.7 million startups and scaleups globally. Our platform monitors over 20,000 technology trends, covering 100K feeds across various industries.
For this piece, we’ve leveraged the platform to analyze 1000 of the most recent and impactful news evolving around extended reality. Further, our platform allows you to dig deeper into XR technologies and investigate other topics based on your preferences. Interested in exploring the latest news, developments, innovations, and breakthroughs relevant to your business? Book a demo with us today and discover the full potential of our platform for your strategic needs.
What’s Currently Happening in Extended Reality?
The Increase in XR in Medical
With XR’s integration, the healthcare sector is undergoing a significant transformation. New medical XR guidelines also represent a major step in standardizing XR uses in patient care, clinical training, and mental health support. Businesses such as VRx Health are setting the standard with inventions like Xaia on Apple Vision Pro, delivering mental health assistance. Moreover, collaborations like the one between CAE Healthcare and GigXR are improving clinical simulation training.
The Function of XR in Employment and Education
A recent research from Glasgow University sheds light on the expanding role of XR in education. It is anticipated that XR-powered immersive learning environments will become standard equipment in educational technologies by 2024. The Karnataka Chief Minister’s recent announcement of 30 000 new jobs in the sectors of animation, VFX, and XR by 2028 demonstrates the sector’s robust potential for job growth.
Apple’s Unpredictable Arrival
The introduction of Vision Pro and Apple’s patent for exclusive XR are causing a stir in the XR industry. Apple, a titan of consumer electronics, is changing the game with its entry into the XR market, indicating possible changes in customer adoption trends and market dynamics.
Technological Progress and Its Effect on the Market
The XR market is expanding thanks to developments in sensor technologies, spatial computing, and AI integration. A tendency for quick innovation is seen in the leading companies creating state-of-the-art XR solutions, such as VoxelSensors and Veyond Metaverse. The entertainment industry is also undergoing a transformation as well, with theme parks like Six Flags utilizing cutting-edge AI and XR to provide better visitor experiences.
Obstacles and Rivalries
There will be obstacles on XR’s path forward. Standardization is still difficult, and Apple’s arrival makes the market more competitive. Furthermore, there is still work pending in getting the general people to completely adopt XR in day-to-day living.
Advice for CEOs in the Business World
- Embrace XR: Use XR innovation to improve services, training, and products.
- Invest in Skills: Give your staff the knowledge and skills they need to stay competitive.
- Watch Apple: Watch Apple’s XR tactics to foresee changes in the market.
There is also a tangible buzz about XR’s potential to transform numerous industries, and the general consensus is very positive. But the excitement is tempered by worries about market competitiveness and the difficulties of public acceptability.
Gazing Forward: The Effect of XR
In the near future, XR should proliferate in the fields of education and healthcare. In the middle term, new positions centered around XR will probably emerge in the employment market. XR may become as commonplace as smartphones in the long run, changing how we interact with the environment.
Recall that the most recent monthly advancements in extended reality served as the basis for this article. In order to stay up to date with this ever-changing technical scene, stay tuned for the next installment.
Staying informed is key to navigating its complexities and capitalizing on opportunities in the extended reality sector. To keep your business ahead of the curve, use our platform to find recent developments and technologies in extended reality. Discovery Platform provides a condensed yet thorough overview of the latest trends and advancements for guiding your investment decisions and identifying effective collaboration opportunities.
