- Influx of venture capital investments, coupled with notable advancements in XR devices and diverse industry applications offers abundant opportunities for startups to deliver significant value and make their mark.
The influx of venture capital investments, growing B2B adoption and the thriving ecosystem of innovative startups are driving the progress of extended reality (XR) technology and unlocking new dimensions of human engagement.
The XR landscape is experiencing a transformative innovation storm, with startups at the helm and tech giants entering the scene.
“The coming together of advanced technologies, the growth of connectivity and 5G networks, favourable regulatory conditions, increased collaborations with major tech companies, and the soaring desire for lifelike and interactive encounters have all contributed to startups’ visionary outlook. They now imagine a future empowered by XR, marking the beginning of an extraordinary age of digital immersion,” Shagun Sachdeva, Project Manager of Disruptive Tech at GlobalData, said.
Moreover, she said the influx of venture capital investments, coupled with notable advancements in XR devices and diverse industry applications ranging from education, entertainment to healthcare, and retail, reflect a strong optimism surrounding XR.
“This industry shift is just the tip of the iceberg, which is defining the next stage of a highly disruptive journey, offering abundant opportunities for startups to deliver significant value and make their mark.”
Key startups in different sectors
- Retail and e-commerce: XR solutions in the retail and e-commerce industries enable immersive shopping experiences, virtual try-ons, and interactive product visualisation, revolutionising the way customers explore, engage with, and purchase products. Avataar, STRIVR, and Perfect Corp. are some of the XR startups addressing the needs of retail and e-commerce industries.
- Travel and Tourism: XR solutions in the travel and tourism sector offer virtual travel experiences, immersive destination previews, and interactive virtual tours, transforming the way travelers explore, plan, and engage with destinations. Boulevard Arts, Lifeliqe, and TimeLooper are some of the XR startups that offer solutions for travel and tourism industry.
- Media and Entertainment: XR in the media and entertainment industry deliver immersive and interactive experiences, enabling users to engage with virtual content, participate in augmented reality (AR) gaming, and explore virtual worlds, revolutionizing the way entertainment is consumed and enjoyed. Resolution Games, Sandbox VR, Virtuix, and Xreal are some of the XR startups catering the needs of media and entertainment industry.
- Healthcare: XR in the healthcare industry allows virtual simulations for medical training, enhance surgical planning and visualisation, and offer immersive therapies and pain management techniques, revolutionising medical education, patient care, and treatment outcomes. AppliedVR, Augmentir, MediView XR, and FitXR are some of the XR startups offering solutions for healthcare industry.
“The pervasive nature of XR is not a question but rather how impactful and integrated it will become within various productive processes, products, and consumer experiences,” Sachdeva said.
As XR continues to evolve and mature, she said that it will be interesting to watch out for how startups continue to harness the power of XR to drive transformative change, disrupt traditional industries, and shape the future of immersive experiences.