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XR/AR/VR/MR software enhancements – Immersive technology software – Image: Xpert.Digital

Further improvements and solutions for immersive technology software, which, according to XR/AR/VR/MR industry experts in the US in 2020, will have the greatest impact on consumers in the next two years.

Improved user experiences, along with enhanced data privacy and cybersecurity measures, are what many XR industry experts expect from immersive technology software in the next two years. These solutions were highlighted by 63 percent and 55 percent of respondents, respectively, in a 2020 survey.

What are the top improvements/solutions in immersive technology software that will have the greatest impact on consumers in the next two years?

• 63% – Improved user experience (e.g., improved app design)
• 55% – Improved data protection and cybersecurity measures
• 54% – Seamless and ubiquitous connectivity with the internet and cloud services
• 40% – Reduced bugs/errors
• 36% – Improved compatibility with other technologies

XR/AR/VR/MR Hardware Improvements – Immersive Technology Hardware – Image: Xpert.Digital

Further improvements and solutions for immersive technology hardware that, according to XR/AR/VR/MR industry experts in the US in 2020, will have the greatest impact on consumers over the next two years.

The introduction of smaller devices and the development of sleek and fashionable devices are what many XR industry experts expect from immersive technology hardware in the next two years, as emphasized by 42 percent of respondents in a 2020 survey.

What are the most important improvements/solutions in immersive technology hardware that will have the greatest impact on consumers in the next two years?

• 42% – Introduction of smaller devices
• 42% – Development of slim and fashionable devices
• 39% – Development of comfortable devices
• 39% – Improved 3D design interface
• 34% – Improved form factors
• 33% – Reduced friction
• 32% – Improved detection of facial gestures and hand movements
• 28% – Improved environmental scanning for enhanced object recognition
• 27% – Improved field of vision
• 22% – Better immersive audio experiences
• 21% – Introduction of new headsets
• 1% – Other

Related to this:

• Extended: Extended Reality for Business and Industry
• Economic factor XR technology

Extended Reality (XR) – Global Market Size 2021-2024 – Image: Xpert.Digital

The global market for augmented reality (AR) and virtual reality (VR) is expected to reach US$18.8 billion in 2020. This would represent an increase of over 78 percent compared to spending in 2019.

Augmented Reality (AR), Virtual Reality (VR) and Mixed Reality (MR) market size worldwide from 2021 to 2024 (in billion US dollars)

• 2021 – 30,7
• 2022 – 58,7
• 2023 – 124,4
• 2024 – 296,9

What is AR/VR?

AR/VR technology uses sensory devices to either virtually alter a user's environment or fully immerse them in a simulated environment. Virtual reality devices typically consist of specially designed headsets that allow for complete visual immersion in a simulated environment, while augmented reality relies on headsets that add virtual elements to the user's actual surroundings. In 2020, sales of AR/VR headsets were projected to reach 5.5 million units. When it comes to VR/AR device sales by manufacturer, Sony's PlayStation VR and Facebook's Oculus VR headsets are the leading VR headsets currently on the market.

VR and games

A key application for VR headsets is gaming, as these devices provide players with an immersive experience in the game world, whether it's a fantasy land or the driver's seat of a race car. Various VR gaming headsets are available, including headsets for PC, consoles, and premium mobile devices, as well as standalone devices. In 2019, 2.8 million units of standalone VR gaming headsets accounted for a significant portion of total global VR device shipments. VR headsets are gaining popularity among gamers and are considered an important platform for future growth by 37 percent of surveyed global game developers.

Global AR/VR spending forecast – Image: Xpert.Digital

Projected global spending on Augmented and Virtual Reality (AR/VR) in 2020 (in billions of US dollars), by segment.

Expenditure in billion US dollars

• 6.36 – Consumer
• 1.9 – Sales and Services
• 1.66 – Manufacturing and Resources
• 1.52 – Public Sector
• 0.38 – Infrastructure
• 0.19 – Other

In 2020, consumer spending on augmented and virtual reality (AR/VR) technologies is expected to reach approximately US$6.36 billion, while spending in the sales and services sector is projected to reach nearly US$2 billion. Total global AR/VR spending is expected to reach US$12 billion in 2020, with a significant increase projected to reach US$72.8 billion by 2024.

Related to this:

• The need for and demand for XR technologies is growing

AR consumption

AR technology is used in numerous industries, including healthcare, public safety, the gas and oil industry, tourism, and marketing. As the technology continues to improve, there is no doubt that AR's use cases will expand and evolve as businesses and consumers alike recognize its full potential.

VR consumption

VR games and VR videos represent the largest use cases for VR technology, with $20.8 billion expected to be spent on these areas alone in 2023. However, experts anticipate that the benefits of VR will also extend to industry, as it offers potential efficiency gains. Industrial use is expected to be three times greater than consumer use by 2023.

Global AR/VR spending forecast by country – Image: Xpert.Digital

Projected global spending on augmented and virtual reality (AR/VR) in 2020, by country (in billion US dollars). Spending figures were calculated based on regional share and the total 2020 spending reported by the source.

China is expected to be the biggest spender on augmented and virtual reality (AR/VR) technologies in 2020, with projected expenditures of US$5.8 billion. Total global AR/VR spending in 2020 is expected to reach US$18.8 billion.

Global AR/VR Spending Forecast by Country 2020

Expenditure in billion US dollars

• 5.8 – China
• 5.1 – United States
• 3.3 – Western Europe
• 1.8 – Japan
• 2.8 – Rest of the world

We provide you with numerous further insights into figures, data and facts that can help you optimize and expand your strategic goals:

• Customer Demographics Library – Demographics Knowledge Database (PDF)
• Online Marketing Library (PDF)
• E-Commerce Library – Knowledge Base (PDF)
• Social Media Marketing Library – Knowledge Base (PDF)
• SEO Library – SEM Knowledge Base (PDF)
• Search Engine Advertising / SEA Library – Search Engine Advertising Knowledge Base (PDF)
• Extended Reality (XR) Library (PDF)