VR is already having a significant impact on the world as we know it, offering better opportunities for collaboration, training, and product development. However, according to IDTechEx, virtual reality could be the most disruptive innovation of the next decade. Predicted to reach $8 billion in value by 2030, VR could rapidly become a crucial part of our day-to-day routine.
The City of London corporation collaborating with Innovate UK has already begun to demonstrate the potential of VR. The company has accessed VR to make planning decisions for future office areas, with the level of detail captured by the project down to a 2cm accuracy in a square area of around 3km. This is a brand new accomplishment for an area of this size, and it should help planners realize what plans can offer in terms of public enhancements, space, and more.
The Chair of Planning and Transportation for the City of London Corporation, Alastair Moss, says that the ability to plan cities using VR will allow for a more advanced urban planning strategy.
Discovering the Benefits of Extended Reality
Mixed, augmented, and virtual reality products have continued to earn higher investment and funding levels throughout 2010, and sources predict this trend will continue over the next decade. According to IDTechEx, MR, VR, and AR will be worth more than $30 billion in the next ten years, impacting many industries and use cases across the globe.
IDTechEx has invested in market research to discover the benefits of virtual, augmented, and mixed reality products. As part of the wearables portfolio, the parent report on augmented, virtual and mixed reality from 2020 to 2030, and further technical analysis, the group has highlighted an incredible range of tech opportunities. IDTechEx has reviewed and analyzed over 100 products and details from more than 80 companies to share detailed conclusions about the marketplace’s potential.
The two reports answer essential questions about the landscape, including “what are the major drivers for displays and optical choice in a VR, MR, or AR device?” IDTechEx has also used its reports to answer what the primary driver might be in adopting extended reality devices and which use cases are most likely to benefit most from the technology.
Envisioning a New Future
The sales of AR, MR, and VR devices have evolved drastically over the last few years, but IDTechEx believes that there’s still plenty of room for growth up to 2030. The evolution of extended reality is one of the areas currently benefiting from the rise of new demands following the pandemic of 2020. The year’s challenges brought the versatility of mixed, augmented, and virtual reality products into focus, with hands-free and interactive technology at heart.
In the future, the need for innovative technology in the extended reality environment will only continue to grow, with new use cases appearing all the time.
