Extended Reality expected to grow eightfold by 2022

April 26, 2019 • General, Southern Africa, Top Stories

Extended Reality expected to grow eightfold by 2022

Why XR will be 2020’s buzzword.

Sozo Labs, a Stellenbosch based tech firm has invested in Extended Reality (XR). The company has engaged in the XR space for nearly three years, experimenting in each new iteration of technology. They applied these skills across a multitude of applications including data, property and environmental visualisation, as well as marketing experiences, game development, and education.

Extended Reality is a broad grouping of technologies that change the way we experience digital content. This encompasses all the Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR) technologies, enabling profoundly engaging experiences unimaginable a few years ago. From deeply immersive design, training and entertainment applications in VR, to informative or engaging digital overlays in AR, to integrated MR content that allows for digital and real-world interactions, the new realms of XR are set to change the way we experience the world.

While XR is already used in simulation (flight and military, among others), its usage is expected to dramatically increase within entertainment, museums and tourist attractions, education, and within the transformation of retail e-commerce, offering virtual shopping within various outlets.

Colin Payne, CEO of Sozo Labs, a part of the Alphawave Group, adds, “This presents global and local companies with a choice. Do they invest in the development of platforms that may be somewhat tired by 2022, or seize first-mover advantage as the innovators and owners of XR in their industry space? This next 12 months is the time to make that leap. Out of the ordinary brands really do see that, seeing the opportunity to develop and experience enhanced training or customer experience or even just generating publicity by being innovators in this new space.”

“VR will take centre stage within the next year. Affordability has improved and is pitched to be the next upgrade on social media or mobile phone gaming, arguably waning in our voracious appetite for novelty, and needing to re-invent themselves perpetually,” he says.

“Technology that was previously accessible to labs will soon be in homes and this has been worked on for years by these industry leaders. And the usage has dramatically shifted too – with price down to a few hundred dollars. Even headsets like the Samsung Gear VR that turn smartphones into virtual reality displays is already around $100.”

Parent company CEO, Frans Meyer, concludes, “Alphawave Group has been building successful technology businesses over the past two decades, and has decided to invest in XR. Our goal is to understand the space and potential market opportunities by diving in and actually developing content and doing projects for customers. We’re convinced the market will grow and the applications will become apparent. We’re backing the team at Sozo Labs to lead this for us and look forward to seeing the growth as the real industry leaders step forward to assume first mover advantage.”

Edited by Fundisiwe Maseko
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