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The State of Extended Reality in an Experience Economy, 2022

The world is in a state of accelerated digital transformation. Customer expectations in a post-pandemic landscape have pivoted from operational efficiencies to nuanced experience led solutions. The new age consumer is acutely aware of the spectrum of choices, holds agency in high regard, and is cognizant of the impact of their choices on the environment.

Technology continues to drive innovation in business. A need to connect with customers as they move from physical to digital channels is a key focus of this development. Extended Reality is one such cutting edge technology that can help deliver the experiences in tune with CX needs.

As one of the fastest growing technologies, adopted by consumers and businesses alike – we analyse the opportunities and challenges for Extended Reality in this era.

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The State of Extended Reality in an Experience Economy 2022

Key Insights

Asia Pacific Emerges as Fastest Growing Market Region

While the global markets show fast growth in the Extended Reality industry. The former fastest growing region, North America has now been superseded by Asia Pacific which is due to catalyze the next growth spurt for the industry. In India, the technology has taken off, with a CAGR of over 80% in the last 5 years.

Improved Digital Infrastructure Promises Faster Growth Trends

Globally, the infrastructure to support XR utilities has been growing stronger. Increased availability of smartphones has helped mature the AR usage. Lower costs of hardware and adoption of 5G/6G all over has helped strengthen the case for XR adoption.

India at the Cusp of XR Dominance

India has the highest youth population worldwide. High tech literacy amongst general consumer base and cost-effective infrastructure is helping drive faster adoption.

Health Concerns Create Challenges for Growth

Prolonged exposure to such immersive technologies coupled with a sedentary lifestyle amongst millennials and gen-z continue to raise concerns about the health impact that new tech will create.

About Mantra Labs

Mantra Labs is a global experience engineering & consulting firm that builds intelligence-driven solutions and delivers digital-first customer experiences for global enterprises. With its 275+ skilled and passionate technologists, having delivered 100+ projects around the globe the company specializes in solving real-world front & back-office challenges faced by Insurance & InsurTech companies. Mantra has worked with some of the World's leading Insurers like SBI General Insurance, Religare, DHFL Pramerica, Aditya Birla Capital and AIA Hong Kong.

Mantra Labs is also a recognized InsurTech100 company deeply involved in developing technology solutions for business-specific problems with several strategic technology partnerships including MongoDB, IBM Watson and Nvidia.

Mantra Research explores evolving market, business & technology tenors shaping the future of work. Our insights examine present and forward-facing opportunities across any industry enterprise through compelling expert opinions & thought leadership.

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The world’s most innovative InsurTech Company - InsurTech100

The World’s Most Innovative Tech Companies

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The State of Extended Reality in an Experience Economy, 2022, report is designed for CXOs to gauge the technological advances made by the industry. And, to help them understand how they can adopt XR into their industries, to help improve customer experience and loyalty.

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