Extended Reality Market is anticipated to grow from USD 25,310 million in 2021 to USD 67,870 million in 2030.
Extended reality (XR) is the combination of immersive graphics technologies like augmented reality (AR), virtual reality (VR), and mixed reality (MR). It is based on programmes and headgear that generate realistic sounds and graphics to create an interactive virtual experience. At now, it is widely employed in many corporate recruitment procedures, including onboarding, employee training, and diversity and inclusion (D&I). It is also used by businesses all over the world to market their products and services while lowering costs and offering users with hands-on experience.
Market Trends:
Due to the global spread of coronavirus disease (COVID-19) and the growing concerns about workplace safety, several enterprises have shifted to the remote working environment via the cloud. This is one of the key factors driving the demand for XR to allow employees to visualise a live environment of their offices, attend virtual meetings, and work efficiently from home. Apart from this, the increasing number of individuals opting for online gaming as a profession due to significant improvements in internet connectivity and the easy availability of advanced gaming peripherals is contributing to the market growth. Also, the burgeoning entertainment business is increasing the adoption of XR for experiencing live events like concerts and sports tournaments on smartphones remotely.
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On the basis of component, the extended reality market is segmented into Hardware and Software. On the basis of technology, the extended reality market is segmented into Virtual Reality, Augmented Reality, and Mixed Reality. On the basis of Application, the global Extended Reality market is segmented into Media & Entertainment, Retail, Real-estate, Education, Healthcare, Military & Defense, and Engineering. On the basis of End User, the global Extended Reality market is segmented into Personal and Commercial.
On the basis of region, the global Extended Reality is segmented into North America, Middle East & Africa, Europe, Asia Pacific, and South America. North America is projected to capture a substantial revenue share in the global Extended Reality market over 2022-2030. The growth is attributable to the existence of multiple tech giants and the early adoption of the new technology in regions of US, Canada, and Mexico.
The key market players in the global extended reality market are Acer Inc., Atheer, Inc., Blippar.com Ltd., Dell Technologies Inc., EON Reality, Inc., Google, Inc., Honeywell International, Inc., HTC Corp., Magic Leap, Inc., Manus Machinae B.V., Microsoft Corp., Nokia Corp., Oculus VR LLC, Qualcomm Incorporated, Samsung Electronics Co., Ltd., Semcon, Sony Interactive Entertainment LLC, Varjo Technologies Oy, VirZOOM, Inc., Vuzix Corporation, and Others.
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- Market segmentation based on qualitative and quantitative analysis, taking into account both economic and non-economic aspects.
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Key Questions Answered in This Report
- What was the size of this market in 2022?
- What is the expected growth rate of this market during 2023-2028?
- What has been the impact of COVID-19 on the global extended reality (XR) market?
- What are the key factors driving the global extended reality (XR) market?
- What is the breakup of the global extended reality (XR) market based on the type?
