Extended reality (XR) is an umbrella term for all immersive technologies including augmented reality (AR), virtual reality (VR), and mixed reality (MR), plus those that are yet to be created. XR technologies extend the reality we experience by either merging the virtual and “real” worlds or by creating a fully immersive experience. The global XR market size is expected to be worth 31 billion U.S. dollars in 2021, rising to close to 300 billion U.S. dollars by 2024. On a regional level, XR innovation is strong in the United States and Asia-Pacific, notably in Japan, South Korea, and China.
XR headsets and companies
VR creates an artificial environment, whereas AR simply makes use of the existing environment by overlaying new information on top of it. In both VR and AR, the information or imagery is typically made available to the user using a headset. XR headset vendors include Oculus, Sony, and HTC who offer VR devices, while Microsoft, Magic Leap, and Vuzix offer AR headsets and glasses. In addition to these firms, LG and Qualcomm rank as the leading owners of XR patents, with chipmaker Qualcomm joining forces with 15 telecommunications providers around the world to establish the Global XR Content Telco Alliance to develop 5G-based AR/VR content.
Experts suggest that improvements to XR hardware, such as the introduction of smaller and more comfortable devices, coupled with developments in software applications and connectivity, will support the growing adoption of XR across a range of sectors. Healthcare, manufacturing, and the automotive industry are expected to be among the most disrupted by XR technologies. As the technology improves further, the use cases of XR will widen and strengthen, with the economic benefits of XR expected to be felt worldwide.
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In the following 4 chapters, you will quickly find the 26 most important statistics relating to "Extended reality (XR): AR, VR, and MR".