Covid Impact on Technology Sector

The COVID-19 pandemic altered our world in many ways including the acceleration of digital transformation. As opposed to airlines, hotel chains, restaurants, and millions of small businesses that are tanking from the crippling impact of coronavirus, business at the biggest technology companies is not only holding steady but even thriving. Defying the terrible state of the overall economy, three out of five of the GAFAM group of companies (Google, Apple, Facebook, Amazon, and Microsoft) posted double-digit revenue growth in the year 2020.

Extended Reality

Extended reality (XR) technologies, including virtual reality (VR), augmented reality (AR), and mixed reality (MR) are still in the early phases of adoption, but they are evolving quickly. The commercial and industrial applications of extended reality (including augmented, virtual, and mixed reality) have provided people with the perfect solution to visualize things virtually in the comfort of their space. In 2021, it is projected that 58.9 million people in the US will use VR, and 93.3 million people will use AR at least once per month. The extended reality (XR) reported a market size of $18.6 billion in 2019, and it is projected to showcase a CAGR of 48.3% during 2020–2030. Global XR revenue is forecast to grow year-on-year shooting up to $11.3 billion in 2023.