4 Reasons Why 2024 Will Be the Year of Extended Reality

It is important to realize that there is a silent revolution afoot in the tech space, which has arrived on the Indian shores as well. For instance, Extended Reality (XR) is set to become a $160 billion industry this year, as per Accenture.

Moreover, the report highlights that India witnessed a tremendous spurt in its XR spending in the last three years. The spending on XR grew from under $2 billion in 2020 to more than $6.5 billion in 2022.  Investments in XR is only set to increase in the future.

There are over 2,000 start-ups across India dealing with Augmented Reality (AR) and Virtual Reality (VR). The sheer number of these start-ups puts India at an advantage to dominate the digital market in the future when it comes to XR technology.

In this blog, we’ll cover:

• What is Extended Reality, and How Does it Differ From Virtual Reality and Augmented Reality?
• What are the Key Reasons for Extended Reality Being Predicted as a Major Trend in 2024?
• How Does India’s Tech Landscape Contribute to the Growing Popularity of Extended Reality?
• What Challenges Does Extended Reality Face in Terms of Widespread Adoption in India?
• Why is it Essential to Bolster Your Technological Skills Through Online Courses?

What is Extended Reality, and How Does  It Differ From Virtual Reality and Augmented Reality?

Extended reality (XR) is “an umbrella term that refers to all immersive, computer-generated experiences” in the tech space, according to NASSCOM.

The definition of extended reality includes the following:

Virtual Reality

It is an immersive experience that takes place in a computer-generated environment. The use cases include gaming, simulations, and training.

Augmented Reality

For one thing, this technology adds digital elements to a real-world environment. Several sectors, like navigation, gaming, and education, use AR.

Mixed Reality (MR)

It combines both real and digital worlds to create an interactive experience. MR comes in handy in fields like medicine, aviation, and engineering.

ALSO READ: Why is Immersive Learning a Strong Tool for Upskilling Employees?

What are the Key Reasons for Extended Reality Being Predicted as a Major Trend in 2024?

Extended reality is set to be among the biggest trends that dominate 2024 for several reasons:

Impetus From Gaming

The COVID-19 pandemic undoubtedly provided a significant boost to the gaming industry. It is a crucial driver of XR adoption, with numerous games gaining popularity in the past. For example, Pokemon Go, Harry Potter: Wizards Unite, Ingress, etc. The trend will continue in 2024.

Gains From Education

The pandemic forced people to wake up to the promise of the online education industry. It is, in fact, always looking to create immersive learning experiences to enhance engagement. The industry is planning to ramp up the integration of XR into curricula in 2024.

Progress in Hardware Technologies

The digital market is seeing an uptick in XR technologies such as mixed reality headsets, etc. Apple, the world’s most valuable tech company, made a foray into mixed reality with Vision Pro— described as a spatial computer. It will render digital content onto the physical environment around its wearer. The company revealed that it will go on sale in 2024. It is likely we can expect further breakthroughs in XR technology for this reason.

Focus on Remote Work and Collaboration

Most employees prefer a hybrid model owing to the COVID-19 pandemic. It accelerated the adoption of remote work and collaboration tools. The companies have followed suit. They are looking at XR technologies to provide engaging and productive virtual workspaces.

ALSO READ: Top 8 Emerging Trends in Education in 2023 You Must Know

How Does India’s Tech Landscape Contribute to the Growing Popularity of Extended Reality?

1. Thriving Start-up Culture

As noted above, there are scores of start-ups focused on AR and VR in India. The tenacity of these start-ups fosters innovation and creates a strong base. They are responsible for cutting-edge development in XR hardware, software, and content development.

2. Presence of Skilled Workforce

The country has an extensive pool of engineers, developers, designers, and artists. In short, they are capable of creating XR content and applications. Furthermore, many Indian professionals are a part of global XR projects and companies. For example, Pranav Mistry’s association with Samsung, Amit Singh’s work at Google, and Kshitij Marwah’s initiatives at MIT.

3. Huge Education Sector

On the one hand, there are online education companies looking to leverage XR technology, creating demand for it. On the other hand, there is an increase in Indian educational institutions and research organizations conducting research and offering courses in XR-related fields. These two factors play a huge role in making XR popular in India.

4. Rapid Growth of India’s Gaming Industry

India’s gaming industry is growing rapidly, especially after the pandemic. We have discussed how extended reality is useful for creating immersive gaming experiences. Indian companies are working towards integrating XR elements into their gaming experience.

ALSO READ: Digital Learning: Future of Online Education

What Challenges Does Extended Reality Face in Terms of Widespread Adoption in India?

It is going to be a bumpy ride for extended reality to become one of the major trends in India. It is because of these challenges:

1. Lack of Internet

India’s internet penetration growth has been steady, but so far, only 50% of Indians have access to the Internet. Furthermore, the quality of this access falls short in comparison to developed countries. Most technologies related to extended reality require a reliable internet connection.

2. Cost of Hardware

Indians are price-conscious, so XR headsets or glasses might not be appealing to the majority. For example, Apple’s upcoming Vision Pro headset is likely to cost nearly ₹3,00,000. It is exorbitant for most Indian people and organizations.

3. Language Barriers

India is home to hundreds of languages. The reach of XR content can be broad only if it is available in multiple regional languages. However, finding content creators familiar with XR technology can be a challenge. Subsequently, it can hamper the growth of extended reality.

4. Red Tape

The hype around XR technologies has only started to gain momentum in the last few years. Therefore, regulators have been unable to address security and privacy concerns. Consequently, a lack of a regulatory framework can cause uncertainty among countries looking to invest in India.

5. Promoting Awareness

It is true that Indians are catching up with the latest trends in technology, like AI, because of their familiarity. But there are many who are not aware of XR technology and its potential. It can prove to be a hurdle because companies will have to invest in raising public awareness about XR’s benefits.

Why is It Essential to Bolster Your Technological Skills Through Online Courses?

It is no secret that competition is cutthroat in today’s evolving tech landscape. Therefore, it is important to stay ahead of the curve by upskilling yourself. We know that technology is reshaping industries. A professional with technological proficiency is always in demand in a digital market that values such skills. There are several ways to grow your skill set. But signing up for an online course is one of the most convenient and competitive ways to do it without a doubt. You get to pick from hundreds of courses and learn at your convenience.

In conclusion, technological skills are no longer optional. Emeritus India provides a variety of AI and ML courses that help you get closer to an empowering future and thrive in a digital world.

By Mitaksh Jain

Write to us at content@emeritus.org