XR Association And Perkins Coie Find Heightened Optimism Around Immersive Technology In Fifth Annual XR Industry Insider Survey

WASHINGTON, July 14, 2021 /PRNewswire/ -- Today, the XR Association (XRA) – the trade association representing the broad ecosystem that powers the virtual, augmented, and mixed reality (collectively, XR) industries – and leading international law firm Perkins Coie released the results of the fifth annual XR Industry Insider Survey (previously the Augmented and Virtual Reality Survey). The first industry benchmark conducted since the onset of the coronavirus pandemic in early 2020, the survey reveals that COVID-caused disruption has strengthened immersive technology's prospects, which could continue to rise as the world emerges from the pandemic.

The survey of 164 XR industry stakeholders shows that the pandemic has supercharged the industry's sustained momentum of the past half-decade. In light of COVID-19's effects – namely, social distancing guidelines that forced a global shift toward remote connectivity and increased comfort and familiarity with online and virtual experiences – more than 8 in 10 respondents say investment in immersive technology will increase in 2021 compared with 2020.

"Our survey results reflect two broad categories for how COVID-19 has changed the landscape for immersive technology," said Elizabeth Hyman, CEO of XRA. "The first category relates to what consumers are expected to do as and after the pandemic draws to a close. The second is about behaviors established during the pandemic that will remain. Put together, and the pandemic will have a lasting legacy in immersive technology's continued evolution and growth."

Among the survey's key findings are that:

• Following a global shift toward remote working and learning, 95% of respondents say their organizations plan to increase spending on immersive technology for better remote collaborations and trainings.
• Following innovative applications of XR technology to COVID-19 research and treatment in 2020, respondents expect the medical field to see the most disruption by XR technology in 2021. The education and retail sectors are similarly poised for disruption by immersive technology.
• Among enterprise users, 50% say development of more accessible software will be the biggest driver of adoption. Among consumer users, 61% say the availability of and access to open-source software and communities will drive uptake.

"It's clear that the initial economic disruptions related to COVID-19 didn't hurt the XR industry's prospects – and the pandemic's long-term effects seem to have increased bullish sentiment related to immersive technology," said Kirk Soderquist, a partner in the Technology Transactions & Privacy practice at Perkins Coie. "These survey results reflect what we're hearing from XR dealmakers – that 5- to 7-year timelines are being accelerated to 1 to 4 years."

Conducted in April 2021, the survey was preceded and informed by group interviews with experts in the field. Overall, the results show that immersive technologies continue to expand beyond gaming and entertainment, with sectors like healthcare, education, retail and workforce development and training considered areas of potential growth.

For a closer look at XR Industry Insider: Industry Insights into the Future of Immersive Technology, visit https://xra.org/research/2021-ar-vr-xr-survey-report/.

ABOUT THE XR ASSOCIATION

The XR Association promotes the dynamic global growth of the XR industry, which includes virtual reality, augmented reality, mixed-reality, and future immersive technology. XRA is leading the way for the responsible development and adoption of XR by convening stakeholders, developing best practices and research, and advocating on behalf of our members and the greater XR industry.

The XR Association represents the broad ecosystem of the XR industry including headset manufacturers, technology platforms, component and peripheral companies, internet infrastructure companies, enterprise solution providers, and corporate end users. The founders of XRA are Google, HTC Vive, Microsoft, Oculus from Facebook, and Sony Interactive Entertainment. To learn more about XRA membership, visit xra.org/joinus.

ABOUT PERKINS COIE LLP

Perkins Coie is a leading international law firm that is known for providing high value, strategic solutions and extraordinary client service on matters vital to our clients' success. With more than 1,200 lawyers in offices across the United States and Asia, we provide a full array of corporate, commercial litigation, intellectual property, and regulatory legal advice to a broad range of clients, including many of the world's most innovative companies and industry leaders as well as public and not-for-profit organizations. Perkins Coie's Immersive Technology (AR/VR/XR) industry group advises pioneers of XR technology building immersive worlds for gaming, education, healthcare, and beyond. Embracing an "all in" commitment to the industry counseling the market leaders in immersive technology, products, services and content.

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SOURCE XR Association