As the notion of the metaverse captured the imagination of various industries, the AR/VR/XR sector experienced a notable uptick in enterprise attention. Yet, as the initial fervor waned, project progress stagnated, underscoring a desire for more captivating and visually immersive offerings. However, with the advent of spatial computing, strides in multisensory technologies, and the integration of Gen AI, a renewed vigor now permeates the landscape. These advancements make AR/VR/XR more exciting, allowing businesses an opportunity to change how they work using immersive technology.
Both demand-side and supply-side trends are covered in Avasant’s AR/VR/XR Services 2024 Market Insights™ and AR/VR/XR Services 2024 RadarView™, respectively. These reports present a comprehensive study of AR/VR/XR service providers and closely examine the market leaders, innovators, disruptors, and challengers.
Avasant evaluated 49 service providers across three dimensions: practice maturity, partner ecosystem, and investments and innovation. Of the 49 providers, we recognized 14 that brought the most value to the market during the past 12 months.
The report recognizes service providers in four categories:
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- Leaders: Accenture, HCLTech, Infosys, TCS, and Tech Mahindra
- Innovators: Capgemini, LTIMindtree, and Wipro
- Disruptors: Cognizant, Hitachi Digital Services, and IBM
- Challengers: DXC, 4Experience, and UST
Figure 1 below from the full report illustrates these categories:
The reports provide several findings, including the following:
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- Over the next 12 months, 80% of enterprises plan to increase investments in AR/VR/XR primarily for remote training, collaboration, and on-the-job assistance. However, a rise in experimentation for innovative use cases is also expected.
- Manufacturing, healthcare, and retail industries are leading AR/VR/XR adoption, showcasing the highest transition rate of POC projects to production, with enterprises using immersive technologies for equipment training, virtual try-ons, and surgery.
- The integration of generative AI in the AR/VR/XR development life cycle has expedited time to market and significantly enhanced user experiences, particularly in storyboarding, code generation, and content creation.
“Generative AI is revolutionizing AR/VR projects by unleashing creativity and personalization,” said Chandrika Dutt, associate research director at Avasant. “From crafting unique avatars to expanding immersive content possibilities, its integration offers boundless opportunities for tailored, captivating experiences.”
The AR/VR/XR Services 2024 RadarView™ report also features detailed profiles of 14 service providers, along with their solutions, offerings, and experience in assisting enterprises in their AR/VR/XR journeys.
This Research Byte is a brief overview of the AR/VR/XR Services 2024 Market Insights™ and AR/VR/XR Services 2024 RadarView™ (click for pricing).