If extended reality (XR) offerings – including virtual reality (VR), augmented reality (VR) and mixed reality (MR) – are to realize their full market potential, the organizations participating in this complex sector would benefit to double down on efforts to establish industry-wide open technical specifications and business conventions to integrate operations across the entire ecosystem.
As it stands today, the outlook for this market is already bright. According to new research by global technology intelligence firm ABI Research, nearly 40 million AR smart glasses will ship by 2027. The total augmented and mixed reality market will surpass $220 billion in the same year.
The Virtual Reality (VR) market is expected to grow in 2020, passing US$4.6 billion despite some negative impacts from the COVID-19 pandemic. The location-based VR segment has been hit the hardest, with closures (both temporary and permanent) and reduced foot traffic – the pandemic also engendered some supply chain issues and in-demand devices, like the Oculus Quest, have faced stockouts.
Read MoreWhile E-commerce and digital marketing have proven to be effective platforms, Virtual Reality (VR) is the next innovative technology that will improve and impact the retail and marketing sectors. ABI Research forecasts that VR in retail and marketing sectors is expected to generate $1.8 billion in 2022.
Read MoreIn a podcast interview for journalists, Frager points out that this project is particularly well suited to the creative and technological opportunities presented by immersive media.