Some of the most exciting moments in innovation come from discovering synergies between different technologies. Integration and ROI expectations are often a big sticking point but in particular, enterprises are beginning to realize the power of combining extended reality (XR) and the internet of things (IoT) to create a truly connected workplace that drives innovation, creates efficiencies, and generates ROI.
The global market for augmented reality (AR) and virtual reality (VR) is predicted to expand from $12 billion in 2020 to $72.8 billion in 2024. Simultaneously, the corresponding IoT market size is poised to hit $1,842 billion by 2028, up from $310 billion in 2020.
Adoption for both of these next-gen technologies may be growing independently of each other, but, just like improvements in connectivity technologies supported growth in software development—and vice versa—we’re now entering an era in which IoT, AI, ChatGPT, XR and analytics platforms for people, marketing, sales and schedules are combining to create a force multiplier for organizations that are savvy enough to explore and scale them.
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