Extended reality refers to real and virtual combined environments or interfaces generated by a set of technologies through digital simulation. It exists on a spectrum of digital experiences: virtual, augmented, and mixed. Growing applications for extended reality technologies continue to push technology advancement. Breakthroughs in computing performance, advanced hardware, and 3D expertise have enabled improved immersive experiences in recent years.
Frost and Sullivan has conducted research on behalf of Business Finland on this emerging market which has uncovered that:
- 12,000+ patents were filed between 2019 to 2021 across various technology areas including waveguides and advanced displays
- The Global XR market has been estimated to be at over US$40 billion in 2021
- Global XR startup valuations are estimated to have reached close to US$50 billion in 2021 led by companies such as Magic Leap, Niantic, and Oculus.
- More than US$6 Billion was invested in XR companies during 2019-2021
- Key Technology Trend show a focus on key areas include Improving Field of Vision, Efficient Power and Thermal Management, and Resolving Network Latency
- With a Compound Annual Growth Rate at over 90% expected between 2021 and 2024, the Market Size and Opportunities are large and growing
The report provides an overview of value chain segments and players, with assessment of Hardware, OS/Development Tools, Application Development and Content Creation. The report looks the early adopters and high impact application opportunities such as Gaming, Sports, Entertainment, and Healthcare, as well as Education, Retail, Building & Construction, Manufacturing, Tourism and Automotive.
If you want to know what areas to focus on, from technology, application, or customer features in demand, and what to prioritize in your development or investment strategy, then this presentation will provide insight to help you extend your growth opportunities.
