Technology News

Extended Reality Entertainment Is Already A $6.7 Billion Industry

The extended reality market which includes both augmented reality and virtual reality technologies and associated content is already a $6.7 billion industry. In other words, that is how much it is expected to generate in revenue for 2020 alone, as per a new report coming out of imarket analytics company SuperData.

Which is a lot, but still falls short of the company’s original assessment for the global XR market, which pegged the industry to pull nearly $7 billion across the entirety of this year. Following the latest forecast revision, BigData projects the industry will nearly double over the course of the next two years, growing to $11.3 billion in annual revenue by 2023.

The main reason behind the $200 million correction is the lukewarm market reaction to the Oculus Quest 2 headset from Facebook which just released in the U.S. and abroad last month and was originally expected to be a much larger contributor to the yearly XR revenue report than it ended up being.

As for the near future, AR is expected to finally generate some additional momentum relative to its sister technology. And the lockdown we have been enduring throughout this year have, naturally, played a large part in the increase in AR and VR usage since people have been spending a lot more time at home than usual.

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