WASHINGTON, May 14, 2021 Today, the XR Association (XRA) – the trade association representing the broad ecosystem that powers the virtual, augmented, and mixed reality (collectively, XR) industries – and Ecorys – a prominent European economic research firm – released a new study outlining the state of the European XR industry. Building on an original 2017 analysis, XR and its Potential for Europe evaluates the drivers of XR adoption in Europe and paints a bright future for immersive technology in a digital-first European economy.
“We are honored to partner with Ecorys to continue drawing attention to the promising future – and impactful present – of XR technology in Europe,” said XRA CEO Liz Hyman. “As in the United States, XR in Europe is revolutionizing the ways we train, learn, create, play, and most importantly connect. In an increasingly digital world, XR is becoming a business imperative.”
On the heels of a global pandemic that accelerated the digital transformation of work, and consistent with the European Commission’s focus on “a Europe fit for the digital age,” the study finds that XR is poised to add €20 to 40 billion to the European economy and to directly create employment for some 440,000 to 860,000 people by 2025.
“XR Association’s potential to drive economic recovery, growth, and transformation is staggering,” said Alexandros Vigkos, Senior Consultant for Digital Economy at Ecorys. “Our 2021 findings underscore the importance of aligning our regulatory landscape and job training programs to help the technology realize its potential for Europe.”
Key findings, include:
Over 93% of XR companies surveyed in Europe predict growth in their sales over the next three years, with two thirds expecting their revenues to grow by more than half.
It is estimated that XR will directly or indirectly create 1.2 to 2.4 million new jobs in Europe by 2025.
94.8% of surveyed companies predict a moderate to exponential growth in the next three years.
XR for enterprises is set to outpace commercial uses of the technology, given its proven benefits in areas such as manufacturing processes, product development, collaborative working, customer relationship, and horizontal activities.
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