Virtual Showroom, Augmented, Mixed & Extended Reality – Image: Ahmet Misirligul|Shuttestock.com
The need and demand for XR technologies is growing
According to a current PricewaterhouseCoopers study, the leading auditing and consulting company in Germany, the gross domestic product will increase enormously through the use of XR technologies. It will also support jobs and improve quality. The use of XR or MR (Mixed Reality) technology will primarily be used in training, industrial maintenance, retail presentations such as. B. promote virtual showrooms and VR gaming.
Extended Reality (XR) is the umbrella term for all immersive technologies, including Augmented Reality (AR), Virtual Reality (VR) and Mixed Reality (MR). Immersive technologies supplement reality with programmed object elements and details that we experience, either mixing the virtual and the “real” world together or creating a completely immersive experience.
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The need for XR technologies is growing and is estimated to be over $18 billion in 2023 forecasts. VR creates a new environment, while AR leverages the existing environment by overlaying more information on top. In both VR and AR, the information or images are made available to the user through the use of headsets. By 2023, global XR headset shipments are expected to reach over 68 million units, with major companies such as Microsoft and Intel investing in XR technology.
Due to the Corona pandemic, the need and demand for the following extended reality technologies increased:
- Virtual showrooms
- Virtual Fairs
- Virtual events & meetings
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- Current status of Virtuality (Digital Showroom & Virtual Fairs)
- Augmented reality in the digital-physical world
- Extended Reality (XR) Library (PDF)
Furthermore, the number of mobile augmented reality users worldwide is expected to reach 2.4 billion by 2023, driven in part by the growing desire for AR technology to enhance consumer experiences in media and entertainment. Music concerts and sporting events are just two examples where AR technology is increasingly being used to enrich the fan experience. The consumer extended reality market is expected to be worth over $16 billion by 2023, with significant VR investments going into VR gaming as well as industrial training and maintenance.
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- The Power of Xtended/Extended Reality – Short insight
- Extended Reality potentials and areas of application
Increase in GDP through augmented reality (AR) technologies in Europe's leading economies
Increase in GDP through AR technologies (augmented reality) in Europe – Image: Xpert.Digital
According to a 2019 report, augmented reality (AR) is predicted to increase Germany's gross domestic product (GDP) by $73.7 billion by 2030, while the UK will see a $49.2 billion increase in GDP. Dollars expected through AR technologies.
Increase in gross domestic product (GDP) due to augmented reality (AR) in leading European economies from 2019 to 2030 (in billion US dollars)
Germany
- 2019 – 2,2
- 2020 – 4,5
- 2021 – 7
- 2022 – 9,9
- 2023 – 13,8
- 2024 – 19,8
- 2025 – 29,8
- 2026 – 42,8
- 2027 – 54
- 2028 – 61,9
- 2029 – 68,1
- 2030 – 73,7
United Kingdom
- 2019 – 1,4
- 2020 – 2,9
- 2021 – 4,5
- 2022 – 6,3
- 2023 – 8,4
- 2024 – 11,3
- 2025 – 15,8
- 2026 – 22,9
- 2027 – 31,5
- 2028 – 39,2
- 2029 – 44,9
- 2030 – 49,2
France
- 2019 – 1,1
- 2020 – 2,3
- 2021 – 3,5
- 2022 – 4,9
- 2023 – 6,4
- 2024 – 8
- 2025 – 10,1
- 2026 – 12,7
- 2027 – 16,4
- 2028 – 21,5
- 2029 – 28,2
- 2030 – 36
Increase in gross domestic product (GDP) through virtual reality (VR) in Europe's leading economies
Increase in gross domestic product (GDP) through virtual reality (VR) in Europe - Image: Xpert.Digital
According to a 2019 report, virtual reality (VR) is predicted to increase Germany's gross domestic product (GDP) by $29.8 billion by 2030, while the UK is expected to increase GDP by $20.1 billion. Dollars expected through VR technology.
Increase in gross domestic product (GDP) due to virtual reality (VR) in leading European economies from 2019 to 2030 (in billion US dollars)
Germany
- 2019 – 0,9
- 2020 – 1,8
- 2021 – 2,8
- 2022 – 4
- 2023 – 5,5
- 2024 – 7,9
- 2025 – 11,9
- 2026 – 17,2
- 2027 – 21,7
- 2028 – 25
- 2029 – 27,5
- 2030 – 29,8
United Kingdom
- 2019 – 0,6
- 2020 – 1,2
- 2021 – 1,8
- 2022 – 2,5
- 2023 – 3,4
- 2024 – 4,6
- 2025 – 6,4
- 2026 – 9,3
- 2027 – 12,8
- 2028 – 16
- 2029 – 18,3
- 2030 – 20,1
France
- 2019 – 0,4
- 2020 – 0,9
- 2021 – 1,4
- 2022 – 1,9
- 2023 – 2,5
- 2024 – 3,2
- 2025 – 4
- 2026 – 5
- 2027 – 6,5
- 2028 – 8,5
- 2029 – 11,2
- 2030 – 14,4
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Number of jobs improved by AR/VR in Europe's leading economies
Number of jobs improved by AR/VR in Europe's leading economies - Image: Xpert.Digital
According to a 2019 report, over 400 thousand jobs in Germany and the UK are predicted to be enhanced by virtual reality (VR) and augmented reality (AR) technologies by 2030 - an increase on the 10 to 15 Thousands of jobs enhanced by VR and AR in each of these countries in 2019.
Number of jobs improved by augmented reality (AR) and virtual reality (VR) in Europe's leading economies from 2019 to 2030
Germany
- 2019 – 15.110
- 2020 – 30.920
- 2021 – 47.605
- 2022 – 66.148
- 2023 – 89.407
- 2024 – 124.334
- 2025 – 180.436
- 2026 – 250.903
- 2027 – 308.668
- 2028 – 347.294
- 2029 – 375.661
- 2030 – 400.368
United Kingdom
- 2019 – 13.802
- 2020 – 28.094
- 2021 – 43.102
- 2022 – 59.256
- 2023 – 78.079
- 2024 – 103.185
- 2025 – 141.732
- 2026 – 200.121
- 2027 – 269.513
- 2028 – 328.710
- 2029 – 370.281
- 2030 – 400.663
France
- 2019 – 7.570
- 2020 – 15.424
- 2021 – 23.517
- 2022 – 31.968
- 2023 – 41.133
- 2024 – 51.434
- 2025 – 64.075
- 2026 – 80.259
- 2027 – 101.177
- 2028 – 128.779
- 2029 – 163.814
- 2030 – 202.500
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Investments in AR/VR technology worldwide in 2024, by use case
Investments in AR/VR technology by use case worldwide – Image: Xpert.Digital
The commercial use cases for augmented and virtual reality (AR/VR) expected to see the largest investments in 2024 are training and industrial maintenance, with a projected $4.1 billion in both areas. VR gaming, VR video/feature viewing and AR gaming make up the three largest consumer use cases for augmented and virtual reality (AR/VR), with $17.6 billion expected to be spent on in 2024.
Investments in augmented and virtual reality technology (AR/VR) worldwide in 2024, by use case (in billion US dollars)
- 4.1 – Training
- 4.1 – Industrial Maintenance
- 2.7 – Retail Presentation
- 17.6 – VR gaming, VR video/feature viewing and AR gaming
COVID-19 and VR
Virtual reality (VR) is a simulated experience that can be similar to the real world or completely different from it. The goal of VR is to create a sensory experience for the user, sometimes including sight, touch, hearing, smell or even taste. These effects use VR headsets, a device that does not allow light or images from the real world to interfere with the virtual world. VR headset providers include HTC, Oculus, PlayStation and Valve. Manufacturers have seen a surge in interest during the coronavirus (COVID-19) pandemic as key users, particularly those quarantined at home, have sought new options. However, there have been supply shortages, particularly for some of the most sought-after devices such as the Oculus Quest and the Valve Index. In addition, there is increasing demand from companies for VR technology.
AR/VR in companies
The use of VR in the corporate environment is often reflected in its use in training exercises. Examples of this include scenarios where new employees are being trained on critical, technical machinery and equipment - taking these out of service for training purposes would be an expensive and disruptive process for a company, which is where VR steps in to alleviate this problem. Augmented reality (AR) can also help improve efficiency in a business, especially with the “see what I see” feature for remote assistance as well as overlaying data onto the image of the physical world. On-site assembly, security, and industrial maintenance are all AR use cases that are expected to see strong growth in the coming years.
Current PDF libraries to support your further strategic planning and activities
We provide you with further numerous insights into numbers, data and facts that can help you optimize and expand your strategic goals:
- Customer Demographics Library – Demographics Knowledge Base (PDF)
- Online Marketing Library (PDF)
- E-Commerce Library – Knowledge Base (PDF)
- Social Media Marketing Library – Knowledge Base (PDF)
- SEO Library – SEM knowledge database (PDF)
- Search Engine Advertising / SEA Library – Search Engine Advertising Knowledge Base (PDF)
- Extended Reality (XR) Library (PDF)
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