Extended Reality (XR) is the mixed term for Virtual Reality (VR), Mixed Reality (MR), Augmented Reality (AR), and all other future realities that this technology could bring. It comprises the entire range of virtual and real surroundings. The Extended Reality (XR) is the juncture of all AR, VR, and MR technologies, which incorporates them together in numerous ways to disrupt ordinary tasks. Furthermore, the increasing trend of shrinking smart devices is one of the major factors driving the demand for extended reality (XR) market. Moreover, augmented reality and virtual reality technologies are proving to be very promising for retailers and media & entertainment industries, which is also anticipated to fuel the demand for extended reality in the near future.
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Key Market Drivers and Restraints:
Increasing adoption of gesture-based computing
Gesture controls and gesture-based computing is still in nascent stages. Currently, it’s quite unreliable and comprises sensitive controls. However, for the last couple of years, VR and AR equipment has improved significantly in the form of resolution, factor, and function. The recent generation is much lighter, which allows users to wear it easily and work for a longer period of time. Moreover, hand gesture recognition, particularly in aerospace engineering and AR-based maintenance in automotive, is proving to be very essential. Thus, such a factor is cumulatively driving the demand for extended reality (XR) products & solutions.
High implementation cost
The extended reality is the combination of AR, VR, and MR, and leverages 3D and other advanced technologies to create realistic environments. In addition, it comprises complex and advanced hardware and software that contains very high costs, which in turn increases its overall costs. In addition, the implementation of XR devices and solutions further requires additional costs. Also, the support and maintenance cost further increases the overall cost structure making it very costly to deploy. Thus, such high deployment costs are hindering the extended reality (XR) market growth.
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Key Solution:
The consumer engagement segment is anticipated to dominate extended reality (XR) market during the forecast period
The consumer engagement segment is anticipated to dominate the market during the forecast period. The growth of this segment is mainly attributed to the growth in demand for XR devices among consumers due to its capabilities of creating realistic illusions. In addition, growing demand from consumers for this technology in numerous industries such as education, retailing, tourism, healthcare, gaming, and others is fuelling the growth of this segment.
Regional Market Scenario:
Asia-Pacific will lead the growth in this market
Asia-Pacific region is projected to hold the highest CAGR during the forecast period. The market growth of this region is mainly attributed to the booming adoption of IoT things and smartphones in countries such as China, India, and Japan. In addition, growth in the adoption of Virtual Reality (VR and Augmented Reality (AR) technologies in the media & entertainment industry and rise in the number of VR and AR applications related training providers are also the major factors contributing to the market growth in this region.
Key Market Players
- Accenture PLC
- Microsoft Corporation
- Qualcomm Technologies Inc.
- SoftServe Inc.
- Northern Digital Inc.
- SphereGen Technologies
- Softweb Solutions Inc.
- Northern Digital Inc.
- VertexPlus Softwares Pvt. Ltd.
Market Segments: Extended Reality (XR) Market
By Solution
Business engagement
Consumer engagement
By Application
Augmented Reality (AR)
Virtual Reality (VR)
Mixed Reality (MR)
By Industry Vertical
Media & Entertainment
Retail
Healthcare
Education
Defense
Others
By Region
North America
US
Canada
Europe
Germany
France
UK
Rest of Europe
Asia Pacific
China
India
South Korea
Japan
Middle East & Africa
UAE
South Africa
MEA
Latin America
Brazil
Mexico
Rest of South America
Key Sources
Industry Associations
Patent Websites
Company Annual Reports
Company Websites
Key industry leaders
Ministry of Electronics & IT (Govt. of India) articles
IEEE journals
Technology consultants
System Integrators
BFSI experts
Others
Key Questions Answered
What are the key growth regions and countries?
What are the important types and technologies being used?
What are the market players doing, in terms of research and development?
Which are the new applications for this market?
What are the integrations happening?
What are the recent news, developments, mergers, or large value deals?
Key Stakeholders
Products & solution providers
System Integrators
Regulatory Authorities
Research and Innovation Organizations
Technocrats
Suppliers and Distributors
Other Channel Partners
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