Extended Reality (XR) Market
The global Extended Reality (XR) Market is garnering significant traction. Extended reality (XR) consists of augmented reality (AR), virtual reality (VR), and mixed reality (MR) technologies and offers highly digital experiences with photorealistic visuals by integrating on-device processing, 5G, and edge cloud processing technologies, among others. Market growth attributes to the growing demand for heavy standalone headsets and smart glasses to provide real-time information, schematics, and related visuals.
Moreover, rising uptake of XR technology in healthcare and media & entertainment industries escalates the market demand. According to Market Research Future (MRFR), the global extended reality (XR) market is expected to reach approximately USD 456.3 billion by 2030, growing at a massive 58.20% CAGR throughout the forecast period (2022 – 2030). Rising usages of XR hardware, software, and services in manufacturing & industrial industries boost the growth of the market.
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Additionally, increasing demand from XR technology in retail & e-commerce and transportation accelerates market sales. Besides, the growing penetration of cloud computing and smart, connected devices act as one of the main driving factors for the market growth. VR remote platforms are widely being used for sales meetings, schools, and universities. This, as a result, allows the market to garner tremendous traction worldwide.
Also, technological advances in display and motion tracking, alongside the emergence of 5G technology, propel market growth. Besides, increasing investments in AR and VR technology and the demand for improved customer experience boost the market growth. On the other hand, the lack of highly intense connected infrastructure, interoperability issues of immersive 3D graphics, and power & thermal efficiency of standalone headsets would support the market growth throughout the predicted period.
Global Extended Reality (XR) Market – Segmentation
The report is segmented into five dynamics;
By Component : Hardware (Sensors, Cameras, Transducers, Speakers, others), Software, and Services (Professional Services, Managed Services, others).
By Type : Mobile XR and PC-tethered XR.
By Delivery Model: Consumer-Based and Business-Based.
By End User : Healthcare, Media & Entertainment, Manufacturing & Industrial, Retail & E-Commerce, Transportation, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
By Outlook:
- Customer engagement
- Business engagement
By Type:
- Mobile XR
- PC tethered XR
By Component:
- Software
- Hardware
- Services
By End-User:
- Healthcare
- Media
- Industrial
- Manufacturing
- Retail and eCommerce
- Transportation
By Geography:
- Asia pacific
- North America
- Europe
- Latin America
- Middle East Africa
Global Extended Reality (XR) Market – Regional Analysis
North America dominates the global extended reality market. The largest market share attributes to advances in augmented reality (AR) and virtual reality (VR) technologies. Besides, substantial investments made by tech giants such as Qualcomm Incorporated, Microsoft Corporation, and Google act as a key tailwind for the regional market growth. Moreover, increasing demand for high-end custom immersive presentations in small & medium companies, schools, and universities boosts market demand. The North American XR market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global extended reality (XR) market. The market is driven by substantial technological advancements such as the private beta of new remote platforms and the proliferation of intelligent connected devices. The burgeoning automotive and IT industry in this region is a key driving force pushing up the growth of the XR market in the European region. Furthermore, the well-established infrastructure in the region propels the market growth, allowing faster implementation of advanced technologies.
The Asia Pacific extended reality (XR) market is growing rapidly. Factors such as the surging numbers of technology providers offering training services related to AR and VR applications drive the regional market growth. Moreover, the increasing adoption of AR-VR technology in the media & entertainment sectors fosters the development of the regional market.
Additionally, the increasing number of businesses and growing inclination towards cloud platforms, the growing adoption of IoT solutions & devices influence the market growth in the region. China, India, Japan, and South Korea are major markets for XR technology. The APAC extended reality market is expected to create a substantial revenue pocket.
Global Extended Reality (XR) Market – Competitive Analysis
Fiercely competitive, the XR market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product & technology launch.
Matured players invest substantially in R&D to develop the technology and to upgrade their existing portfolio. They also invest in expanding their global footprints, transforming the business landscape in the future. Top companies strive to come up with advanced solutions to maintain themselves in the market competition.
Major Players:
Players leading the global extended reality market include HP Reveal (US), Qualcomm Incorporated (US), Gofind Inc. (US), Dassault Systèmes SolidWorks Corporation (France), Accenture (Ireland), Agile Lens (US), Tata Exlsi (India), Semcon (Sweden), Medtronic (US), Softserve (US), Northern Digital Inc. (Canada), AugRay (US), Talespin (US), Mirari LLC (US), VRee (The Netherlands), and SphereGen (US), among others.
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Industry/Innovation/ Related News:
September 01, 2020 --- LG Uplus Corp. (South Korea), a leading mobile carrier, announced its collaboration with Qualcomm, a telecom operator, to form AR, VR alliance. The alliance includes Japan’s KDDI Corp., China Telecom Corp., Bell Canada, and Qualcomm. The Global XR Content Telco Alliance to develop 5G-based augmented reality (AR) and virtual reality (VR) content to boost the budding industry. The collaboration covers all immersive content such as AR and VR, and it will be headed by LG Uplus.
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