A 2017 study by XRA and Ecorys predicted that Europe would be a leading force in XR development. The industry has been growing slower than initially projected, likely because of COVID-19 economic impacts, but continues to expand rapidly.
While the pandemic impacted XR growth, it has mostly slowed on the consumer side as enterprises had an impetus to accelerate their digital transformations. XR for enterprises is set to outpace commercial uses of the technology, given its proven benefits for businesses and employees.
“One of the main drivers lies in the increased relevance of XR for enterprise applications,” the report said. “This is caused by two key correlated factors. The first is the availability of better XR technologies, such as comfortable, powerful, and custom-tailored headsets for enterprise. The second is the generally higher demand for enterprise XR solutions from companies interested in digitalizing part of their work processes.”
“This is leading to increasing investments, especially from big companies, some of which are starting to implement XR into their workflows. Companies are acknowledging the gains, in terms of the time and money saved by immersive technologies, in many industrial, business, and educational processes.”
According to the report, adoption of extended reality technologies will enhance about 23 million jobs worldwide by 2030. That’s a huge increase from the estimated 800,000 today.
XR and Its Potential for Europe provides a snapshot of the ever-evolving XR technology market. You can immerse yourself in the full report here.
Europe is also seeing growing VC investment in XR technology. A recent Vive X report profiled 10 companies working on fast emerging technologies as a key part of the next paradigm shift. Those profiled include Bodyswaps, a B2B VR platform for practicing soft skills, and FundamentalVR, a platform that is replacing wet labs and cadaveric training.
Vive X also listed 21 UK immersive tech startups to watch that are going all-in on VR tech for gaming, enterprise use, sustainability, and more.
Enterprise XR is growing in Europe and around the world as companies work to adopt the latest technologies for a competitive advantage.
Foto: AR Post