Level of investment in AR/VR/MR/XR organizations in the EU in the past year 2019

In an early 2019 survey, 43 percent of respondents stated that their augmented reality (AR), virtual reality (VR), mixed reality (MR) or extended reality (XR) organization had received investment of between two and five million U.S. dollars. A further 14 percent of respondents highlighted that their organization had received investment of between 51 and 100 million U.S. dollars.

AR/VR market in Europe

In Europe, the AR/VR market is forecast to reach 50.55 billion U.S. dollars by 2026, with the use cases of VR widening and developing as businesses realize the full potential. For European nations, VR is similarly forecast to bring about economic benefits. A boost to GDP of 29.8 billion U.S. dollars by 2030 has been projected in Germany, whilst in the UK, GDP is forecast to receive a 20.1 billion U.S. dollar boost as a result of VR technology. Furthermore, over 400 thousand jobs will be enhanced by VR/AR in both Germany and the UK by 2030, an increase from the 10 to 15 thousand jobs that were enhanced by VR/AR in each of these countries in 2019.

VR headsets

Currently, standard virtual reality systems use either virtual reality headsets or multi-projected environments to generate realistic sensations that simulate a user's physical presence in a virtual environment. VR headset suppliers include HTC, Oculus VR, PlayStation and Valve, with millennials more likely than members of any other generation to own a VR headset in the UK. Initially designed for game purposes, VR headset devices have garnered interest outside of the gaming industry. By offering precise simulations of real situations, the devices have been used for innovative applications in the tourism, automotive, and healthcare industries to name a few.