Event Report: XR FAIR TOKYO 2024 - A Large-Scale Exhibition Held for All Players in the Rapidly Growing Metaverse and XR Market

From July 3 to 5, 2024, the 4th XR Fair was held at Tokyo Big Sight, bringing together cutting-edge VR, AR, and MR technologies that will support the next generation, including metaverse and digital twins.

The Japanese metaverse and XR market is expected to expand to about 6.22 billion USD (1.0042 trillion JPY) by FY2026, according to the Ministry of Internal Affairs and Communication in Japan (Information and Communications in Japan WHITE PAPER, 2023).

In addition to its use in entertainment, metaverse technology is seeing increasing use for purposes including virtual exhibitions in virtual spaces for corporate clients, online events such as corporate in-house events, education and training, and customer service and shopping experiences for Internet shopping. This exhibition is an introduction to the current landscape of the metaverse and XR in the Japanese market with the excitement surrounding them.

The event featured booths from countries and regions like Poland and Taiwan, highlighting the growing interest from overseas companies. This attention underscores the increasing recognition of Japan’s market potential. In interviews, international exhibitors had particular praise for Japan's outstanding content development capabilities, commitment to high quality, and receptiveness to new technologies. A representative from a Chinese technology company shared some insight: "Advanced technology is widely embraced in Japan. Everybody likes something new, interesting, and exciting and people are very willing to try new technology. We consider this eagerness to try new technologies a definite advantage of the Japanese market."

A Polish company also indicated strong interest in Japan’s substantial and advanced market, with one representative explaining why: "We consider Japan to be one of the largest chemical manufacturers in the world and a very important market for us. We are grateful to JETRO for their assistance in making it possible for us to come here to find clients. We are here because of them." Another representative added: "We are here in Japan because it hosts the most advanced competition. We want to learn from and potentially inspire these leading companies. Japan has the most discerning clients, offering us a great learning opportunity and a chance to open new doors." These remarks clearly indicate the high level of interest in Japan's metaverse and XR market, highlighting the country's role as a hub for technological innovation and high-quality content development.

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