BUSINESS TECHNOLOGY MEDIA COMPANY
Companies
Sectors
Innovations

Virtual comms market tipped to reach $30bn

Read time 1min 50sec

IDTechEx predicts the combined value of the augmented, virtual, and mixed reality market will be over $30 billion by 2030.

In its report titled “Augmented, Mixed and Virtual Reality 2020-2030: Forecasts, Markets and Technologies”, IDTechEx points out that augmented, virtual, and mixed reality products (XR products) are at the forefront of technological change.

“Although seen as futuristic by some, augmented, virtual, and mixed reality devices have shown they have an important part to play in many different industries. They are truly the technology of the future, today

“With COVID-19 limiting physical interaction, virtual communication and interaction will be the norm for many years to come,” it states.

The research and consultancy firm notes that over the past two decades, there have been big strides in the technological development of XR products.

According to IDTechEx, in the early ’90s, a number of headsets were released that allowed the user to view a video on a headset from an external device.

In the next decade, devices such as the Google Glass were released. The Google Glass, says IDTechEx, captured the imagination of many people, and it was one of the first “augmented reality” products available to consumers. Although the Google Glass did not take off, it paved the way for other products to be developed.

Later in the decade, more VR and AR products were released; for example, in 2019, Magic Leap released its first product after years of funding. Oculus also released the Quest, a VR headset that does not need to be connected to a computer.

“The next decade promises many new and exciting products, allowing a more immersive experience for users. VR, MR, and AR products are used in many different settings, for example, for day-to-day workflow management, and on production lines.

“This market, which is forecast to be over $30 billion by 2030, will impact many different industries, and future innovations will continue its growth in the wearables market.”

See also