Perkins Coie surveyed nearly 200 professionals representing startups, enterprise technology firms, and investors for their insights on the trajectory of the immersive technology industry.
A new report released today from a survey of nearly 200 professionals representing startups indicates boom times are ahead for the augmented and virtual reality industry.
According to survey respondents, plummeting hardware and software costs, increasingly impactful applications outside of entertainment, and the ubiquity of mobile devices are contributing to the rise of immersive technologies with momentum in nearly every sector increasing and, importantly, expanding avenues for monetization.
The survey’s fourth annual iteration from global law firm Perkins Coie was developed in collaboration with industry-leading trade groups, XR Association, and industry venture capital firm Boost VC. A few findings from the survey you might find interesting include:
- In one of the survey’s biggest findings, respondents will increasingly seek to diversify monetization strategies and expand revenue channels for immersive technology compared to their 2019 levels.
- Expectations for AR technologies continue to outpace VR in terms of expected revenue, market penetration, and consumer adoption with three-fourths of respondents expecting the AR market to eventually surpass VR in total revenue.
- Outside of gaming and entertainment, respondents expect the most disruption from immersive in healthcare and medical devices over in the next 12 months.
- Six of the 10 top cities selected for their pioneering work in smart city immersive technologies are in the United States, including New York, Austin, Los Angeles, Chicago, Boston, and San Francisco.
- Respondents said that smaller devices and sleeker, more fashionable devices (tied at 42%) are the hardware improvements that will most impact consumer adoption of immersive technology in the next two years. More comfortable devices followed at 39%.
You can find the full survey report here.