Despite the ‘big tech layoff’, XR Jobs are still on the rise.
The global tech industry is going through a difficult period. During the pandemic, many organizations invested in rapid employment and expansion, riding the wave of digital transformation. While demand for new innovations and technology is still high, many companies have reduced their workforce, cancelled projects, and reviewed growth strategies. Largely due to the complexity surrounding the current marketplace
Challenges like supply chain disruptions, rising inflation and energy prices, and complex, competitive marketplaces place serious strain on the industry. Layoffs are becoming commonplace among major brands, with Amazon, Meta, Microsoft, Google, and many others reducing their workforce.
It’s easy to see why many XR and metaverse professionals are concerned. Many have even expressed worries that a lack of jobs would replace the XR skill shortage.
The good news? That doesn’t actually seem to be the case.
What the Current Landscape Means for Tech Jobs
Fears about limited job opportunities in XR aren’t completely unfounded. After all, we’ve seen numerous reports about major employee turnover in the last few months. However, the situation may not be as dire as it seems. Unemployment numbers are still at all-time lows. Inflation worries are beginning to ebb, and the stock market is performing better than expected.
Additionally, many reports about major market layoffs are missing important information. For instance, Meta might have laid off 13% of its workforce in November 2022. However, its headcount was still up by 20% in 2022. According to the recent earnings report, this is even after the mass reduction.
Companies investing heavily in the metaverse, decentralization, Web3, and extended Reality are still on the hunt for top talent. There are countless roles being posted by innovative up-and-coming companies and major brands in virtually every industry. Companies are hunting for XR developers for gaming projects, VR designers, software development managers, and more.
In many sectors of the XR space, the job opportunities still far outweigh the available talent. For instance, the market for Virtual Production technology is predicted to grow to value of $2.2 billion by the end of 2023. Yet, countless companies struggle to leverage the growing landscape due to lacking the right talent; hence, it’s very much still a candidate’s market.
Demand Continues to Grow for XR Experts
The press releases and reports issued by major businesses associated with the current tech crisis. We can see some common themes emerging. Despite inflated concerns that companies might be trying to replace human employees with automated systems and AI bots, most layoffs result from a much simpler issue: companies expanding too quickly.
When Meta, Alphabet, Apple, and other brands announced emerging layoffs, many commented on the current state of the economy and the fact that they now had more employees than necessary after responding to the challenges of the pandemic. However, many layoffs have left XR development and technology teams relatively untouched.
Meta is still recruiting experts for the Reality Labs landscape, and Amazon’s layoffs didn’t affect the company’s AWS (technology) branch. While some companies are slowing their XR initiatives, many are still heavily invested in developing new technologies. Meta is still working on new headsets and metaverse experiences. Microsoft is producing industry-focused devices for specific use cases, and Google is pushing forward with its own XR strategy.
What’s more, as we saw during the CES event, the number of new competitors in the XR market isn’t slowing down. New and innovative startups are always emerging, creating new opportunities for innovative employees.
Extended Reality remains one of the fastest-growing industries of all time. And is experiencing an annual growth rate (CAGR) of around 54% between 2020 and 2024. Tools like VR and AR are expected to boost GDP worldwide by $450.5 billion dollars, and experts believe around 23 million jobs will be enhanced by these innovations going forward.
The momentum for the XR landscape is still strong, and with new competitors emerging all the time, companies will need to continue investing in great talent to stay ahead of the market. Simply put, companies can’t afford to cut down on XR roles.
XR Innovation Could Resolve Many Aspects of the Tech Crisis
In the current tech climate, companies may even find that doubling down on their XR recruitment strategy helps them solve various other problems. Staying competitive in a cluttered landscape requires businesses to invest in new technologies and tools for engaging and converting customers.
For many businesses, this means creating new XR experiences and metaverse environments to enhance customer experience and loyalty. The biggest competitors in the technology industry today are still the ones willing to innovate on more immersive experiences for their customers.
Working with XR professionals also ensures businesses can leverage various other crucial benefits for their long-term growth plans. XR innovators can help create training programs that upskill and reskill employees for the changing landscape. They can also help businesses to create more collaborative, immersive work environments for the age of hybrid work. After all, around 65% of companies are still planning on investing in hybrid working strategies in the years ahead.
XR developers and innovators can also assist companies with everything from better managing supply chains to speeding up the go-to-market strategy. Creating new products and tools for complex customer needs is much easier with access to digital twins and immersive ideation platforms.
Companies looking to stay on the cutting edge in the technology industry and preserve crucial clients will need to keep working on their XR goals if they want to thrive. Even in a world of generative AI products and low-code tools, nothing can replace the insight and expertise of a true professional.
The Opportunities are Still Endless
Ultimately, the evidence suggests panic about job losses and lack of opportunities in the XR industry is likely unfounded. All industries go through peaks and troughs regarding hiring and recruitment. Layoffs happen everywhere – and they’re always the source of endless speculation.
However, as the market for the XR landscape continues to flourish, the demand for experts in VR, AR, MR, and even metaverse solutions won’t diminish. In fact, you can start applying for roles today, right here on FourPointZero.io.