Recently, XR Today released its State of XR 2024 report which spoke to leaders in the broad immersive technology industry to consolidate expert insights and data related to the current state of AR/VR/MR in business environments.
XR is still in its infancy in many regards: VR/MR headsets and AR smart glasses are yet to reach total ubiquity; however, adoption rates are growing year on year. Moreover, XR is present in the workplace today despite early adoption curves, with spatial data reaching professionals on various everyday devices such as smartphones.
That XR reach is global! XR Today’s State of XR 2024 report notably highlighted how AR/VR/MR technologies are reaching professionals around the world, notably in the US (25%), India (19%), and the UK (16%).
Those adopting XR around the world are expressing wide optimism, with 72% of respondents noting that they have higher levels of business confidence when using XR compared to last year.
Moreover, worldwide confidence and success cannot be attributed to a single use case or sector, with 59% of respondents leveraging XR for education and training, 38% noting the importance of XR technologies in gaming, and a further 25% highlighting how XR is helping change lives in healthcare.
The XR industry is in a very exciting place in 2024. But, leading into 2025 and the rest of the decade, AR/VR/MR hardware and software looks to expand into everyday working life.
To understand the ever-changing and ever-growing XR market, readers should check out the State of XR 2024 report; in the meantime, let’s look at some interesting figures discovered via respondents.
Where are XR Industry Leaders Investing?
Innovation requires time and capital investment, and XR is driven by both. As noted, the sector is growing rapidly, so understanding how companies invest in XR solutions is crucial to understanding how AR/VR/MR technologies can enable a competitive edge.
The State of XR 2024 report found that 41% of respondents focus on research and development pipelines to uncover new products and technologies.
On the other hand, the report showcased how companies are highly dedicated to highlighting the innovation of hardworking research and development teams, with 22% of respondents focusing on marketing, and another 19% focusing on expansion efforts to reach new global markets.
This data shows that positive XR-related business outcomes are increasing. The power of XR solutions is becoming clearer by the year, and to respond, XR firms are working even harder to ensure that global audiences are aware of and have access to the emerging technology sector.
What XR Leaders to Watch in 2025?
The XR industry is made up of a wide range of vendors, from start-ups to major firms. Companies at all levels are providing crucial value to the industry on the whole, especially at this stage of XR’s lifespan.
In the State of XR 2024 report, respondents exclaimed their preferences for two major vendors: Meta at 56% and Apple at 38%. These usual suspects are unsurprisingly leading interest in the immersive space race thanks to a robust ecosystem of existing and upcoming products and solutions-as well as strong advertising.
On the other hand, XR application development is increasingly important; with new hardware like MR headsets and AR smart glasses emerging, frameworks to fuel system-selling services for businesses and consumers are vital for the hardware to grow.
Of its respondents, XR Today found that 31% favour Epic Games and 25% favour Unity, two fantastic RT3D engines for building the next generation of workplace applications.
Understanding the correct partners and platforms is crucial in successfully leveraging XR services; identifying these groups will allow businesses to accelerate their development processes, access new markets, and enhance the quality of XR offerings.
