According to the European Commission’s statement on July 11, they anticipate that “extended reality” (XR), which encompasses various immersive technologies like virtual reality, augmented reality, and mixed reality, will generate up to 860,000 job opportunities in Europe by 2025. The Commission identifies XR as a significant technological facilitator for virtual worlds.
The European Commission stated that the influence on employment is predicted to be extremely noteworthy. They highlighted that by 2025, an additional 1.2 million to 2.4 million jobs, either directly or indirectly, would be generated in various sectors. Nevertheless, the Commission acknowledged that currently, the majority of Metaverse-related innovation takes place in the United States, China, and South Korea.
“Contrary to these countries, in the EU there are no tech giants to lead the investment in the development of virtual worlds over the next decade.”
While the gaming, media, and entertainment sectors currently dominate the AR/VR market activity in Europe, the European Commission recognizes the considerable potential for other applications, such as retail, healthcare, military and defense, and manufacturing.
According to the Commission, virtual worlds facilitated by XR devices play a pivotal role in shaping the “next generation” of the World Wide Web, often referred to as Web 4.0. In this evolving web landscape, physical and digital objects converge within real-time virtual environments. The Commission acknowledges that XR technology contributes significantly to the realization of this vision.