Extended Reality (XR) Market to reach USD 457.06 Billion, with a...

Extended Reality (XR) Market to reach USD 457.06 Billion, with a 58.2% CAGR by 2030

Posted 2023-02-06 07:08:04

187

The global Extended Reality (XR) Market is garnering significant traction. Growing demand for innovative standalone headsets and smart glasses to provide real-time information, schematics, and related visuals benefits the market growth. The extended reality (XR) industry is projected to grow from USD 18.4 Billion in 2022 to USD 457.06 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 58.2% during the forecast period (2022 - 2030).Besides, extensive uses of VR remote platforms for sales meetings, schools, and universities allow the market to create substantial revenues.

With the rising usages of XR hardware, software, and services in manufacturing & industrial industries, the XR market value is expected to reach significant heights during the next few years. According to Market Research Future (MRFR), the global extended reality market is estimated to perceive significant revenues gains by 2030, growing at a colossal CAGR during the assessment period (2022-2030).

Click Here to Get Sample Premium Report @ https://www.marketresearchfuture.com/sample_request/8552

Extended Reality (XR) is the umbrella term that covers virtual reality (VR), augmented reality (AR), mixed reality (MR), and other immersive technologies. It is a broad classification of technologies that enable a user to engage in an 3-dimensional electronically created virtual environment. XR technologies are used to create artificial environments that can simulate physical presence in the real world, allow for interaction with virtual objects, provide a sense of immersion, and support interaction between the user and the environment. XR technologies are used in a wide range of applications, including entertainment, gaming, education, training, and medical research.

Extended Reality (XR) is important because it provides a unique way to interact with digital content in an immersive and engaging way. XR technology provides a more realistic, 3D experience that is more engaging than traditional media, allowing users to gain an increased field of view, read text, and see the intricate details using 3D imagery. XR technology has also been used to create realistic hard and soft skills practice, allowing learners to develop their skills more effectively. Additionally, XR technology offers improved learning, effective training and development, better customer experience, enabling remote work, and enhanced customer engagement.

The latest trends in Extended Reality (XR) include the mass adoption of XR, better headsets all-around, increased mobility and connectivity, and the use of XR for training without risk. Additionally, XR technology is being used in increasingly creative ways, such as for mental health diagnosis and treatment, immersive entertainment experiences, virtual tourism, and more. As the technology continues to evolve, new applications and use cases are being developed, and new trends are emerging.

Additionally, the increasing demand for XR technology from the retail, e-commerce, and transportation sectors accelerates the market shares. Also, the rising uptake of XR technology in the healthcare and media & entertainment industries allows the market to create a substantial revenue pocket. Increasing investments in AR and VR developments that can improve customer experience foster market growth.

Conversely, the lack of highly connected infrastructure, interoperability issues of immersive 3D graphics, and power & thermal efficiency of standalone headsets are major factors expected to impede the market growth. However, advances in display & motion tracking technologies and the advent of 5G technology would support the market growth throughout the anticipated period.

Global Extended Reality Market – Segments

The report is segmented into types, components, delivery models, end-users, and regions. The type segment is sub-segmented into mobile XR and PC-tethered XR. The component segment is sub-segmented into hardware, software, and services. The hardware segment is further bifurcated into sensors, cameras, transducers, speakers, and others.

The service segment is further bifurcated into professional services managed services. The delivery models segment is sub-segmented into consumer-based and business-based. The end-users segment is sub-segmented into healthcare, media & entertainment, manufacturing & industrial, retail & e-commerce, transportation, and others.

Extended Reality (XR) Outlook:

Customer engagement
Business engagement

Extended Reality (XR) Type Outlook:

Mobile XR
PC tethered XR

Extended Reality (XR) Component Outlook:

Software
Hardware
Services

Extended Reality (XR) End User Outlook:

Healthcare
Media
Industrial
Manufacturing
Retail and eCommerce
Transportation

Extended Reality (XR) Regional Outlook:

North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
- Middle East
- Africa
- Latin America

Global Extended Reality (XR) Market – Geographical Analysis

North America leads the global extended reality market. Factors such as advances in augmented reality (AR) and virtual reality (VR) technologies and increasing demand for high-end custom immersive presentations in small & medium companies, schools, and universities boost the market demand. 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.

Global Extended Reality Market – Competitive Landscape

Characterized by the presence of several technology providers, the global XR market appears to be highly competitive. Matured players incorporate collaboration, acquisition, partnership, expansion, and technology launch to gain a competitive advantage and maintain their positions in the market. These players compete based on pricing and reputation.

Major Players

Players leading the global XR market include HP Reveal (US), Qualcomm Incorporated (US), Gofind Inc. (US), Dassault Systèmes SolidWorks Corporation (France), Accenture (Ireland), Agile Lens (US), Tata Exlsi (India), Medtronic (US), AugRay (US), Semcon (Sweden), Softserve (US), Northern Digital Inc. (Canada), Mirari LLC (US), Talespin (US), VRee (The Netherlands), and SphereGen (US), among others.

Browse Full Report Details @ https://www.marketresearchfuture.com/reports/extended-reality-market-8552

Industry/Innovation/ Related News:

Sep. 01, 2021 --- PIXO, a leading provider of extended reality (XR) solutions, announced a strategic partnership with Energy WorldNet, Inc. (EWN), a training and safety solutions company to provide XR solutions to the energy industry. The partnership would enable PIXO to provide VR, AR, and MR technology training solutions to EWN’s global clientele.

Related Reports:

About Market Research Future (MRFR):

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

Contact:

Market Research Future (Part of Wantstats Research and Media Private Limited)

99 Hudson Street, 5Th Floor

New York, NY 10013

United States of America

+1 628 258 0071 (US)

+44 2035 002 764 (UK)

Email: sales@marketresearchfuture.com

Website: https://www.marketresearchfuture.com

Extended_Reality_(XR)_Market

Please log in to like, share and comment!