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XR market expected to grow to over $30bn by 2030

A new IDTechEx report on AR, VR and MR products has found that the market will be worth over $30 billion by 2030.

The report by technology analyst Dr. Charlotte Coles discusses the technology, market, and players of the past, present and future.

XR, or extended reality, products are at the forefront of technological change. XR encompasses virtual reality (VR), augmented reality (AR), and mixed reality (MR), and with so many different XR products now available for a variety of use cases, it is important to understand how the different technologies are used, and companies which create them.

IDTechEx Research has recently published a report called “Augmented, Mixed and Virtual Reality 2020-2030”, which provides a deep understanding of the XR market, and includes market research on AR, VR and MR areas, compiled from historic data from nearly 100 companies and over 170 distinct products and forecasts from 2020-2030.

The forecasts show that both the markets in VR and AR&MR are growing, with the combined markets expected to grow over $30 billion by 2030. Along with the forecasts, this report also discusses the trends in technology used in various XR products, for example, comparing the weight, field of view, resolution and display type, for over 175 products. The methodology for this research has both primary and secondary research, by contacting company executives and developers to identify the most recent technological advances in the XR market.

One of the most well-known uses of VR headsets is in gaming applications. Companies such as Oculus, HTC, and Sony, have created a range of products which consumers can use for a total immersive gaming experience. However, there are also other applications for XR products such as remote assistance and training.

AR companies have received high levels of investment over the past 10 years, with investors targeting the future potential of companies. For example, Magic Leap received over $500m in funding in 2017, but only released its first product in 2019. Although the turnaround to reap the financial reward is potentially longer than VR products, there is still a high level of interest in this field.

The report also shows that there is a wide variety of technology in use in AR/VR/MR fields. There have been great advancements in resolution, for example, in the past decade. This creates a more immersive experience for the user. Although this experience is far from perfect, as some users still experience motion sickness, it shows that in the future this field will continue to grow as there is continued update of these devices in the future.

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