Extended Reality Check
The Extended Reality (XR) industry is on fire.
Some forecasts and facts that will blow your mind:
- The global extended reality market will reach 300 billion US dollars by 2024.
- Extended reality technology is used across numerous industries including healthcare, public safety, tourism, marketing, gas, and oil.
- Over 23 million jobs will be enhanced by extended reality globally by 2023, an increase from the 800,000 in 2019.
But it’s not until you break each of these down that you realise how quickly the use of XR is really growing:
1. The global XR market will reach 300 billion US dollars by 2024.
This is an impressive prediction at face value. But what’s 10x more impressive is that by 2023, it is expected that industrial users will be three times larger than consumers. Extended reality will be part and parcel of many jobs in the next few years.
Education will need to catch up quickly.
2. Extended reality technology is used across numerous industries including healthcare, public safety, tourism, marketing, gas, and oil.
The industries most disrupted by XR technologies are expected to be healthcare, automotive, and manufacturing. The last time industry was impacted by technology this much was the adoption of the web in the early 2000s. How industries operated changed forever.
And we're betting the same thing will happen again here.
3. Over 23 million jobs will be enhanced by extended reality globally by 2023, an increase from the 800,000 in 2019.
As if the above wasn’t impressive enough, this stat is just mind-boggling: XR will boost gross domestic product (GDP) worldwide by 1.5 trillion US dollars by 2030. This is an increase from the 46.4 billion US dollars in 2019.
To give you a sense of how big that is, that’s bigger than the GDP of Australia, Spain or Mexico. Or bigger than the GDP of Saudi Arabia, Argentina and Greece put together.
Just to put things in perspective.
What does this mean for education?
XR technologies are starting to be taken very seriously across most education sectors.
Not only will XR technologies prepare our students better for the workplace and boost their digital skills but immersive education can transform education itself.
XR will become the new norm.