Extended Reality Market Size to Reach USD 1,246.57 Billion in 2035 | Market Trends – Increasing adoption of extended reality in education industry

2021-06-09T21:56:04+09:00

The global extended reality (XR) market size is expected to reach USD 1,246.57 Billion in 2035 at a CAGR of 24.2% during the forecast period. Steady growth of market can be attributed to increasing investments and advancements in augmented reality (AR) and virtual reality (VR) technologies. Rapid advancements in connected devices, increasing use of smartphones and increasing adoption of 5G networks are some other key factors contributing to revenue growth of market. 5G is expected to circumvent various primary challenges concerned with extended reality by enabling optimized distribution of processing capabilities across the network.

Extended reality is gaining traction across professional and personal applications. Growing focus on improving customer experience across various sectors is a key factor driving market growth. Rapid advancements in technology are further supporting development of extended reality (XR) and this is expected to broaden the scope of extended reality to become as eminent as smartphones. For instance, Houzz, which is an online platform for home décor and remodeling, launched an augmented reality (AR) feature in April 2019 that allows shoppers to cover their floors with tiles virtually to understand how the tiles would look in their homes.

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Extended reality is majorly dependent on an organization’s data, cloud capabilities, network infrastructure, and clear perception of designs. The COVID-19 pandemic has boosted usage of extended reality technology as businesses and companies have become more dependent on AR and VR tools to carry out virtual events and conferences. Work-from-home trend has also contributed to the shift to virtual events and boosted the adoption of XR technology. However, lack of efficiently connected infrastructure and decreased thermal efficiency of headsets impedes deployment and is expected to restrain market growth to a certain extent.

Some Key Highlights in the Report:
• Extended reality is increasingly used in businesses to enhance sales and formulate new approaches for improved customer engagement. Business engagement segment accounted for largest revenue share in global market in 2020 and segment revenue is expected to expand significantly over the forecast period.
• In August 2019, Indian telecom major, Reliance Jio unveiled HoloBoard MR Headset that offers mixed reality services. The headset enables users to generate 3D hologram of surfaces and position it before the user’s eyes. This is expected to provide a comprehensive realistic experience in mixed reality shopping, education, and hands-free video calling.
• Mobile augmented reality users are expected to reach 2.4 billion by 2023 globally attributed to improved customer experience across media and entertainment sectors. Besides enriching experiences for fans in sports, music concerts and events, the technology is also applicable across various sectors such as healthcare, public safety, oil & gas, and marketing, among others.
• Extended reality is widely used in healthcare sector for training purposes to help surgeons to perform complicated surgical procedures with no risk to patients. Patients and physicians can receive real-time medical reports with XR technology and this is expected to contribute to revenue growth of healthcare segment going ahead.
• North America accounted for largest revenue share in global market in 2020 attributed to increasing incorporation of extended reality technology to enhance classroom experience for students with learning disabilities and autism. Rising demand for XR technology from the U.S. military department for training of military personnel is also expected to contribute to regional growth of market.
• Major companies operating in the market include Accenture PLC, Qualcomm Technologies Inc., Softweb Solutions Inc., Varjo Technologies OY, SphereGen Technologies, Microsoft Corporation, Apple, Qualcomm Technologies Inc., Augray Ltd., and Intel.

For the purpose of this report, Emergen Research has segmented the global extended reality market on the basis of type, application, end-use, and region:

Type Outlook (Revenue, USD Billion; 2021–2035)
• Business Engagement
• Customer Engagement

Application Outlook (Revenue, USD Billion; 2021–2035)
• Virtual Reality (VR)
• Augmented Reality (AR)
• Mixed Reality (MR)

End-use Outlook (Revenue, USD Billion; 2021–2035)
• BFSI
• Education
• Consumer Good & Retail
• Industrial & Manufacturing
• Healthcare
• Media & Entertainment
• Telecommunication & IT
• Others

Regional Outlook (Revenue, USD Billion; 2021–2035)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Benelux
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o U.A.E.
o South Africa
o Rest of MEA

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AWS ( Amazon web services ) launches new model to detect biases in machine leaning algorithms

2020-12-11T16:17:41+09:00

A new feature from Amazon Web Services will alert developers to potential check the bias in machine learning algorithms, part of a larger effort by the tech industry to keep automated predictions from discriminating against women, people of colour and other underrepresented groups which was a major flaw in these machine learning algorithms.

The feature which is known as 'SageMaker Clarify' was declared at the AWS re:Invent conference on Tuesday as a new component of the AWS SageMaker machine learning platform. The technology works by analyzing the data used to train machine learning prototypes for significant signs of bias, including data sets that don’t accurately reflect the larger population. It also examines the machine learning model itself to help ensure the accuracy of the resulting predictions.

A report from the 2018 MIT study found that the presence of an irregular number of white males in data sets used to train facial identification algorithms led to a larger number of errors in recognizing women and people of a different colour, which becomes really important.

Amazon itself was reported to have discarded an artificial intelligence recruiting tool that aimed out to be biased against women, in part because the data used to train the model came from recognising patterns in past resumes submitted to the company, the majority of which were from men.

“Bias can show up at every stage of the machine learning workflow,” said Dr Nashlie Sephus, an applied science manager for Amazon Web Services AI, and this is not at all acceptable in today's scenarios, everyone should be treated equally, hence introducing the new feature at re:Invent. “So even with the best possible intentions and a whole lot of expertise, removing bias in machine learning models is difficult.” Understanding and learning machine learning becomes really important to make such complex models. Hence, it is really good to pursue your career as well in this field by pursuing machine learning certification and upskill yourself.

She quoted examples such as developing a TV show testimonial algorithm without enough television dramas in the training data. There’s also the challenge of “model drift,” where the training data end up being substantially different from the data used to make predictions, such as changes in mortgage rates causing a machine learning model for home loans to become biased.

SageMaker Clarify is one of a series of machine learning features and products announced by Swami Sivasubramanian, Amazon VP of AI, at the virtual conference Tuesday. The next major re:Invent keynote is Thursday with Peter DeSantis, vice president of global infrastructure.

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Extended Reality Market Size to Reach USD 1,246.57 Billion in 2035 | Market Trends – Increasing adoption of extended reality in education industry

AWS ( Amazon web services ) launches new model to detect biases in machine leaning algorithms