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Being able to spatially visualise data, prepare and practice for real-world scenarios, and conduct remote, real-time training and collaborations are among the most attractive use cases, according to the survey

Quick read

➨ The XR Association, Perkins Coie and Boost VC spoke to nearly 200 professionals
➨ Survey respondents were particularly excited about XR’s enterprise potential
➨ Healthcare is attracting the most attention, investment and interest

The story

The results from the latest VR and AR market survey signal an upward tick in expanded enterprise applications, with respondents bullish about expanding avenues for monetisation.

The XR Association (XRA), law firm Perkins Coie and venture capital firm Boost VC spoke to nearly 200 professionals representing startups, enterprise technology firms and investors for what is the fourth annual survey in the series.

Survey respondents were particularly excited about XR’s enterprise potential, including being able to spatially visualise data, prepare and practice for real-world scenarios, and conduct remote, real-time training and collaborations.

Elizabeth Hyman, chief executive officer of XRA, commented: “Industry leaders are noticing tangible and significant advances in the adoption of AR, VR, and MR across sectors, such as healthcare, education, workforce training, manufacturing—including advanced manufacturing—and retail.”

“We are at the precipice of an integration of XR technology that will transform businesses and society for the better.”

Healthcare is attracting the most attention, investment and interest, according to the survey. When asked which sectors would be most disrupted outside of entertainment in the next 12 months, 38% ranked healthcare first, followed by education (28%), workforce development (24%), and manufacturing (21%). 

Healthcare is benefitting from an increasingly large array of immersive tech applications, such as simulated surgical training for doctors and nurses, palliative hospice care, pain management, and 3D visualisation of diseases at the molecular level.

Survey respondents said they expect immersive tech to increasingly improve day-to-day operations, enhance efficiency and boost outcomes. Seven out of 10 said businesses will focus on workforce training and development when it comes to immersive tech implementation within the next 12 months.

Perkins Coie said that a possible reason for this is that the return on investment of the upfront investment, payback period, and resulting impact to the bottom line are easily quantifiable.

The fourth annual survey was conducted at the outset of the coronavirus (Covid-19) outbreak, before the pandemic took hold across the globe, Perkins Coie continued. “The use of immersive tech to provide critical healthcare and remote work options may become even more important for companies in the weeks and months ahead.”

In one of the survey’s biggest findings, respondents said they plan to diversify monetisation strategies and expand revenue channels for immersive tech.

Monetisation channels across the board—including sales of subscriptions (48% to 61%), in-app purchases (41% to 51%), product placement (30% to 47%), and advertising (39% to 46%)—saw significant increases above 2019 levels. 

Across each category, the percentage of respondents indicating they are currently monetising or plan to do so in 2020 increased by an average of 13% over 2019, with some revenue channels, such as product placement and live events, jumping 17%.

“These increases in the span of a single year are dramatic and indicate a business sector coming into its own and a maturing, loyal consumer base that is more willing to accept such revenue models,” according to Perkins Coie.

Image: Laurens Derks / Unsplash
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