Ecorys and the XR Association explore the potential of XR technologies in Europe| Economic Growth
Ecorys and the XR Association (XRA) the trade association representing the virtual, augmented, and mixed reality industries, have published 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 honoured 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 revolutionising the ways we train, learn, create, play, and most importantly connect. In an increasingly digital world, XR is becoming a business imperative.”
Thanks to the accelerated digital transformation of work brought by the global pandemic, 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.
What did we find?
In the words of Alexandros Vigkos, Project Manager of the study: “XR’s potential to drive economic recovery, growth, and transformation is staggering. Our 2021 findings underscore the importance of aligning our regulatory landscape and job training programs to help the technology realize its potential for Europe.”
• 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.
• Many XR applications show potential in contributing to environmental sustainability, in line with the “a European Green Deal” priority of the European Commission.
• The demand for talent in the XR field is destined to grow – both technical and creative skills will be in high demand.
We also indicated recommendations on how the European XR industry could be supported in maintaining its leading role. These include making the most of the opportunities created by the COVID-19 pandemic; support education and training for the existing and new generations of workers; raising awareness on the opportunities created by XR; and creating funding, financing and investment opportunities.
Find the complete report XR and its Potential in Europe here. If you have any queries about the study, contact: [email protected]