Market Highlights
Market Research Future (MRFR) reveals that the extended reality market 2020 was worth USD 27 Billion in 2018. The global market can touch a valuation of USD 393 Billion by 2025-end, while advancing at a rate of 69.4% between 2019 and 2025, considered to be the forecast period.
Market Drivers and Main Restraints
Extended Reality or XR is the combination of augmented reality (MR), virtual reality (VR), mixed reality (MR), as well as other technologies that blend the real and virtual world to give rise to an immersive experience. XR not only connects but also engages customers at a deeper level. The emergence of extended reality has revamped how a person experiences the virtual and physical environments, moving from mere observation to complete immersion.
With the rising integration of XR with the business ecosystem, the former’s applicability across various enterprise verticals is bound to surge in the approaching years. The technology is touted to be a form factor that facilitates all-day use along with a clear ROI because of its manufacturing efficiency. The high convergence of mobile VR headset, AR glasses and smartphone into a single XR wearable is expected to replace every other type of screen, be it smartphones or smart TV screens. Therefore, it makes sense to assume that XR can turn into one of the most disruptive and ubiquitous computing platforms in the world.
Established vendors are in the process of designing intriguing XR experiences, leveraging the potential held by the human experience revolution with the use of artificial Intelligence as well as Internet of Things. The mounting demand for immersive technology has resulted in the high application of artificial intelligence (AI), Internet of Things (IoT), and cloud in systems across businesses and more.
Segmentation:
The extended reality market has been extensively discussed in the MRFR report, with the primary segments identified as type, component, delivery model and end user.
The components analyzed in the report are solutions, services and hardware. The types of hardware available in the market are cameras, sensors, speakers and transducers. The services listed in the report are professional services as well as managed services.
The market segments, depending on the type, are mobile XR and PC-tethered XR.
The delivery model-based segments are consumer-based and business-based.
The prominent end-users in the market are retail and e-commerce, manufacturing and industrial, healthcare, transportation, media and entertainment, and others.
Regional Insight
The COVID-19 analysis of Extended reality market share is bound to note growth across the regions of Europe, the Middle East and Africa (MEA), Asia Pacific (APAC), South America and North America.
In 2018, MRFR recognized North America as the top-performing market for extended reality, given the surge in augment reality (AR) as well as virtual reality (VR) across various sectors. The growth in investments by tech companies like Microsoft Corporation, Google and Qualcomm Incorporated, seems to be another factor working in favor of the market in North America. A number of educational institutions in the United States (U.S.) are making extensive use of virtual platforms to teach students with learning disabilities and autism in schools, which gives a considerable push to the regional market growth. The military and defense sector in the US is increasingly using immersive technologies like XR for training purposes, which also benefits the North American market.
The extended reality market in APAC can progress at the fastest rate during the review timeframe, on account of the rising number of vendors that offer training services such as AR and VR. Surging adoption of AR and VR technologies in media and entertainment sectors also fosters the market growth. Given the favorable growth of the immersive technology in APAC, new companies are striving to boost their market presence by expanding their services and business footprint in emerging countries like India and China.
Leading Players
The extended reality (XR) market size is expected to increase on account of the intense efforts being given by leading players like HP Reveal (US), Softserve (US), Northern Digital Inc. (Canada), Accenture (Ireland), Dassault Systèmes SolidWorks Corporation (France), Qualcomm Incorporated (US), Tata Exlsi (India), Medtronic (US), VRee (The Netherlands), Agile Lens (US), Gofind Inc. (US), AugRay (US), Mirari LLC (US), Talespin (US), SphereGen (US), Semcon (Sweden), to mention a few.
