Market Analysis
The extended reality industry is projected to reach USD 393 billion at a healthy 69.4% CAGR between 2019- 2025, states the new Market Research Future (MRFR) analysis. Extended reality or XR comprises of mixed reality (MR), augmented reality (AR), and virtual reality (VR), and all in between. It has wide applications in transportation, retail and e-commerce, manufacturing and industrial, media and entertainment, healthcare, and others.
Various factors are fuelling the demand for the extended reality market. Such factors, as revealed by the new MRFR analysis, include the increase in work from home jobs during the COVID-19 outbreak resulting in the rising trend for VR/AR products, rising adoption of connected devices, smartphones, and 5G, increasing partnerships and collaborations, growing focus on gesture-based computing, rapid developments in sensor technology, focus on research and development related to sensor technology, and miniaturization of sensors.
On the contrary, interoperability problems of immersive 3D graphics & thermal efficiency of standalone headsets, and lack of highly intense connected infrastructure may limit the global extended reality market growth over the forecast period.
Market Segmentation
The global extended reality market is bifurcated on the basis of end user, delivery model, component, and type.
By component, the global extended reality market is segmented into services, solutions, and hardware. The hardware segment is again segmented into speakers, transducers, cameras, and sensors. Of these, the hardware segment will lead the market over the forecast period for the advances in motion-tracking technology, and falling prices of sensors.
By services, the global extended reality market is segmented into managed services and professional services. Of these, the managed services segment will dominate the market over the forecast period for the growing demand for technical services.
By type, the global extended reality market is segmented into PC-tethered XR and mobile XR. Of these, the PC-tethered XR segment will have a major share in the market over the forecast period for the accessibility of seamless cloud-based solutions, which can be integrated easily with other hardware modules.
By delivery model, the global extended reality market is segmented into business-based and consumer-based. Of these, the business-based segment will command the largest share in the market over the forecast period for the growing demand for immersive technologies that aid them in increasing employee efficiency and job productivity.
By end user, the global extended reality market is segmented into transportation, retail and e-commerce, manufacturing and industrial, media and entertainment, healthcare, and others. Among these, the media and entertainment segment will command the largest share in the market over the forecast period for the early adoption of VR and AR headsets.
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Regional Analysis
Based on the region, the global extended reality market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), the Middle East and Africa, & South America. Of these, North America will lead the market over the forecast period. Increasing investments by technology giants and enhancement in VR and AR are adding to the global extended reality market growth in the region.
The global extended reality market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing adoption of VR and AR technology in media & entertainment and increasing vendors offering VR and AR application training services is adding to the global extended reality market growth in the region.
The global extended reality market in Europe is predicted to have healthy growth over the forecast period. High technical expertise to develop a high power algorithm and a growing number of extended reality technology that offer VR/AR headsets is adding to the global extended reality market growth in the region.
The global extended reality market in MEA and South America is predicted to have sound growth over the forecast period.
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Key Players
Eminent contenders profiled in the global extended reality market report include VRee (The Netherlands), SphereGen (US), Talespin (US), Mirari LLC (US), AugRay (US), Softserve (US), Northern Digital Inc. (Canada), Medtronic (US), Tata Exlsi (India), Semcon (Sweden), Agile Lens (US), Dassault Systèmes SolidWorks Corporation (France), Accenture (Ireland), Gofind Inc. (US), HP Reveal (US),and Qualcomm Incorporated (US).
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