As another year draws closer, many of us start predicting what changes we can expect to see in the next few months of the new year. In this article, we have compiled a list of a few predictions we can expect to see in the world of internet technology.
There is no denying the fact that Internet Technology was extensively used during the pandemic in 2020 and has made our lives easier in many ways. We are all excited to see what the world of Internet Technology has in store for us, and what changes we can predict in this extensively evolving industry.
1. VR/AR will be the New Norm
According to BusinessWire, the total size of the VR/AR market in 2020 was $1.83 billion and it is expected to grow at a CAGR of 38.29% by 2027. The VR/AR market is expected to reach $209.2 billion by 2022. As companies start manufacturing new and improved VR/AR devices, their demands will increase. According to the statistics of virtual reality sales, the shipment of VR/AR devices in 2023 is expected to increase to 68.6 million units. Whereas, by the end of 2023, virtual reality and augmented reality headsets are expected to attain massive sales of 30 million units annually. VR/AR is particularly popular amongst gamers. According to estimations by Resolution Games, the VR industry currently has about 5 million active users. Finances online state that the gaming revenue for virtual reality is at a rate of $1.1 billion and is expected to reach $1.6 billion by 2022. By 2024, VR revenue is expected to reach $2.4 billion.
2. Extended Reality Events Could Become the Norm
The benefits of investing in XR can help us attain better workplace engagement and collaboration for our future professional environments. There are higher chances that in the upcoming months, we will see more of extended reality in the sectors of events as well. During Covid-19, virtual events gained immense popularity amongst the masses. Since we were all confined in the comfort of our homes, we had no choice but to seek entertainment through virtual platforms. Through this, many people realized that they preferred virtual shows, concerts, and events more than in-person events, shows, and concerts.
According to Verified Market research, the global market of virtual events was at a value of USD 9.03 in 2020 and by 2028, it is expected to read USD 22.75 billion, growing at a compound annual growth rate of 12.24% from 2021 to 2028. The reason for its growth is an increase in technology usage by platforms globally. The Tokyo 2020 Olympics was an astounding example of how any global event could attain extended reality into a hybrid event in the next years to come. These extended reality events could be accessed by anyone on a global scale.
3. An Increased Use of 5G Internet
During the spread of the global pandemic in March 2020, many people resorted to using 5G internet service for their daily activities such as working, attending virtual events, online classes, or simply browsing the internet. According to Statista, “In 2019, 4G technology will occupy 52 percent of the market, whereas by 2025 that share is projected to increase to 57 percent. The new 5G technology is forecast to have a 21 percent share of mobile technology by then.”
In regards to countries with the most usage of 5G, Statista states that “the time users with 5G-capable handsets spend connected to 5G is now over 20 percent in seven countries, and Kuwait, the leading country, has close to 30 percent 5G availability. People in the United States with 5G-capable handsets spent 21.6 percent of their time connected to a 5G network.”
Statista further states that 5G’s economic impact will reach $484 billion GDP by 2030 in the U.S. Whereas, China will add $220 billion by 2030 to their GDP from 5G.