From immersive gaming experiences in the entertainment consumption field to virtual classrooms that break through time and space limitations in educational settings; In recent years, the extended reality market has shown explosive growth, from professional applications for surgical simulation training in the medical industry to virtual model construction to support product innovation in industrial design. Many companies have joined in, promoting technological iteration and upgrading, and expanding application boundaries. At the same time, in the process of vigorous development, the industry also faces various challenges such as industrial synergy, technological bottlenecks, and capital fluctuations. At present, to what extent has the industry developed? What are the "pain points" that urgently need to be cracked? The reporter conducted an investigation. The rapidly growing market size and expanding application scenarios of Extended Reality (XR) are a collective term for various cutting-edge immersive technologies, including Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR). By integrating computer technology with wearable devices, XR technology can build a space that deeply integrates the real world and the digital world. In this space, users can seamlessly interact and engage in unprecedented innovative practices, collaborative communication, and deep exploration in a computer-generated environment. The speech is' hidden 'in my glasses. ”At the 2025 Shanghai Global Investment Promotion Conference, Li Shufu, Chairman of Geely Holding Group and founder of Xingji Meizu, took the stage wearing a pair of smart glasses and delivered a speech that was completely off script. He introduced that the StarVAir2 glasses from the Star Meizu not only project the speech script in real time onto the lens, but also display content synchronously according to the pace of speech. Li Shufu personally "led the sales" and quickly made this pair of glasses on the hot search list. Guo Peng, General Manager of Xingji Meizu XR Business Unit, said that the teleprompter function is only one of the most basic functions of AR glasses, and there are many other applications, such as multilingual real-time conversation translation, navigation, flash shorthand, meeting assistant, etc. In the past decade, the AR industry has undergone a transformation from concept validation to scenario implementation. In the future, all AR glasses will have AI capabilities, and the next generation of interaction revolution will be defined by the fusion of 'AR+AI'. ”Guo Peng said. In fact, there is not only hardware improvement, but also software innovation. At the 2025 Shanghai VR/AR Industry Expo, an innovative team from Silicon Valley, USA, presented their latest product. The team leader Wang Xinyue stated that the company has its own virtual pet application BolaPet, which integrates spatial computing and emotional AI technology to create vivid emotional connections and deep immersive entertainment experiences for users, exploring the infinite possibilities of XR entertainment direction. The 2025 Global Augmented and Virtual Reality Spending Guide released by International Data Corporation shows that the total global AR/VR investment will exceed $15.22 billion in 2024 and is expected to increase to $39.7 billion in 2029. The performance of the Chinese market is particularly impressive, and it is expected to grow rapidly at a compound annual growth rate of 41.1% from 2024 to 2029. The investment scale in 2029 will exceed 10.5 billion US dollars, accounting for 26.5% of the global total. Empowering various industries with immersive transformation and innovative applications. During this year's May Day holiday, miHoYo's game "Collapse: Star Sky Railway" held the "Star Sky Railway LIVE" 2025 Star Sky Railway Concert. At the beginning of the program "Hope for Feathers and Wings", AR technology was used to make the Star Dome train roar out from the depths of the stage, breaking through the boundaries of the stage and circling and shuttling over the venue. Wherever the train travels, it leaves behind a series of light and shadow effects, as if breaking through the "dimensional wall" between reality and virtuality. Finally, the train collided with the "God's Sunday" located in the center of the stage, restoring the shining moments that countless players in the game were excited about. The three-day performance attracted nearly 30000 players from all over the country to come to Shanghai to "check in". Concert+AR "is an innovative form of performance based on the development of new technologies. Mr. Wang, an audience member, said that this was a wonderful concert experience - in terms of visual effects, it broke through the physical limits of the stage and created an extremely impactful immersive stage through the combination of virtual scenes and special effects; At the interactive level, cross spatial linkage has been achieved, bringing the audience closer to the train. After reviewing the attempts of virtual technology in the field of consumption in the past two years, the person in charge of Reaxpansion Technology, Si Yu, believes that the large space multi person interaction is the core charm of VR large space technology. "It creates a virtual world for users to share and interact with multiple people at the same time, opening a new chapter of virtual social interaction." The offline game project "The Great Song Dynasty · Man Jianghong" is an attempt of Reaxpansion Technology in the form of the theme VR full sense large space. The game content is built based on ancient Chinese capital cities. When players start wearing headsets, they can complete various tasks in the virtual ancient Chinese capital city, such as repairing broken porcelain, drinking alcohol, spitting fire, and lighting candles. During the game, players can not only experience the excitement of virtual adventure, but also combine offline social interaction with virtual entertainment, and communicate and collaborate with other players. Li Yaxiong, founder of VRAR Planet, stated that XR technology is breaking through the boundaries of traditional entertainment and sparking a wave of innovation in many industries. In the field of education, using XR to create immersive classrooms, students can "travel" to historical scenes or micro worlds, concretize abstract knowledge, and enhance learning interest and effectiveness; In the medical field, doctors use AR/VR technology for surgical simulation and anatomical teaching, and improve operational accuracy through 3D visualization models; In the field of architectural design, designers use XR technology to preview building proposals in real environments and adjust structure and appearance in real-time. In addition, the cultural and tourism industry also utilizes XR technology to launch virtual exhibitions and immersive scenic area tours, breaking the limitations of time and space. It can be said that XR technology is driving various industries to upgrade towards intelligence and immersion with an innovative attitude. Faced with multiple challenges such as capital fluctuations, the development of industries urgently needs to break through. The 2025 government work report clearly points out the need to develop new quality productive forces according to local conditions. Cultivate and strengthen emerging and future industries. Deepen the integration and cluster development of strategic emerging industries. Gradient cultivation of innovative enterprises, promoting the development and growth of specialized and innovative small and medium-sized enterprises, supporting the development of unicorn and gazelle enterprises, and enabling more enterprises to accelerate in new fields and tracks. At present, the XR industry is in a critical period of rapid development, and its application cases in various fields have shown great potential. The industry scale is constantly expanding, and the development direction of the industry is also showing a diversified trend. Li Yaxiong pointed out that while the industry is developing rapidly, due to the lack of industry standards, devices produced by different manufacturers have differences in hardware interfaces, software platforms, and other aspects, which brings inconvenience to users' use and content circulation. Several experts have stated that obstacles to industrial synergy, technological bottlenecks, and capital fluctuations are also constraining the further development of the XR industry. There are certain obstacles to the coordinated development of industries. The XR industry chain includes multiple links such as hardware manufacturing, software development, content creation, and platform operation, and close collaboration between each link is necessary to promote industrial development. At present, communication and collaboration between upstream and downstream enterprises in the industrial chain are not smooth enough. Hardware manufacturers may not understand the needs of software developers and content creators, resulting in the functional design of hardware products not meeting application requirements well; Software developers and content creators may also be unfamiliar with the technical characteristics and development trends of hardware, which affects the efficiency and quality of content development. In addition, the profit distribution mechanism between platform operators, hardware manufacturers, and software developers is not reasonable enough, which can easily lead to conflicts and disputes. The technological bottleneck urgently needs to be overcome. XR requires high computing power, and current hardware devices still have performance issues when running complex application scenarios, resulting in screen lag and delay, which affects user experience. At the same time, the battery life of some devices also needs to be improved. The battery life of existing devices is relatively short and cannot meet the long-term usage needs of users. In addition, although various interactive technologies have made some progress, there are still some limitations. For example, the accuracy of gesture recognition technology in complex action recognition and multi person interaction scenarios is not high enough. The fluctuation of capital investment affects the stable development of the industry. The development of new industries cannot be separated from capital support. In the past period, the XR industry has attracted a large amount of capital investment. However, due to the unsatisfactory commercialization process of XR technology, some investors' confidence in the industry has been affected, and investment enthusiasm has fluctuated. When the industrial prospects are promising, a large influx of capital drives the rapid development of enterprises; But when the market fluctuates or companies encounter difficulties in development, capital will quickly withdraw, leading to a tight capital chain and affecting the stable development of the industry. In addition, the financing channels are relatively limited, which makes it difficult for enterprises to choose and raise funds when facing funding needs. In addition, to prevent privacy and protection risks brought by personal data in XR, experts suggest that efforts can be made from multiple aspects. Technically, establish a secure authentication and authorization mechanism using encryption, anonymization, and other means; Enterprises should comply with relevant laws and regulations, establish clear privacy policies, conduct employee training and security audits; At the same time, we focus on enhancing user awareness, popularizing data protection knowledge, giving users the right to choose their data, reducing data risks through multi-party collaboration, and ensuring user privacy and security. (New Society)