The Extended Reality Market is projected to grow from $42.55 billion in 2020 to $333.16 billion by 2025, at a CAGR of 50.9% from 2020 to 2025. The growth in the extended reality market is expected to be driven by the ongoing trend of industry 4.0 and digital transformation. Extended reality technologies are based on spatial computing concepts, which is expected to put a significant change in currently available computing solutions.
The extended reality technology has garnered adoption in various end-use segments such as consumer and enterprise applications. During the forecast period, the extended reality market is aligned more toward the consumer applications, such as gaming, entertainment, and education. Gaming applications have the highest potential for XR during the forecast period, since XR elevates consumer experience and allows users to either fully immerse into the virtual environment or interact with the virtual content, which is not possible in the traditional gaming platforms. Education sector is also expected to have significant use of XR technologies. The traditional ways of teaching or delivering lectures may completely change with the inclusion of XR technologies. This will not only help improve learning experience but also increase the potential of teaching.
The enterprise application segment includes manufacturing, healthcare, and retail, among others. Manufacturing is expected to be the most impacted end-use application as the extended reality technology has the potential to change common industrial operations into more efficient procedures. Many early adopters have reported an increase in productivity, decrease in delays and increased efficiency in core industrial operations, such as assembly line and maintenance.
The Healthcare industry is one of the crucial and essential industries that is not only supporting the economy but also sustenance of human life. Extended reality is likely to affect the industry in various possible applications. Although extended reality is currently being deployed in healthcare training and some operational applications, such as diagnosis, with proper integration extended reality can increase overall effectiveness of the industry.
Competitive Landscape
The competitive landscape for the extended reality market demonstrates an inclination toward companies adopting strategies such as product launch and development and partnerships, collaborations, and joint ventures. Among all the strategies adopted, partnerships and collaborations have been the most prominent strategy adopted by the key players in the market. In September 2020, Facebook announced a partnership with Logitech to develop a physical keyboard in VR. In March 2019, HTC VIVE announced a strategic collaboration with Qualcomm Technologies to pre-integrate and optimize VIVE Wave for Snapdragon standalone XR HMDs and 5G smartphones.
The market players also focused on product development and innovations. In September 2020, Facebook launched the latest version of Oculus headsets, the Oculus Rift 2. In February 2020, HTC launched the cosmos series of its VIVE VR headsets.
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Key Questions Answered in this Report :
• What is the expected extended reality market size during the forecast period, 2020-2025?
• What is the expected future scenario and revenue generated by the different extended reality technologies such as augmented reality, virtual reality, and mixed reality?
• What is the expected future scenario and revenue generated by different products and offering types such as hardware (HMD, gesture tracking, projector and display wall, smart glasses, HUD, MR headset, 3D holographic display), software and services?
• What is the expected future scenario and revenue generated by the application segments for which extended reality technologies are offered, including consumer and enterprise applications?
• Which region is the largest market for the extended reality market?
• What is the expected future scenario and the revenue generated by different regions and countries in the extended reality market, such as North America, Europe, Asia-Pacific & Japan, China, U.K., South America, and the Middle East and Africa?
• What is the competitive strength of the key players in the extended reality market on the basis of the analysis of their recent developments, product offerings, and regional presence?
• Where do the key extended reality companies lie in their competitive benchmarking compared to the factors of market coverage and market potential?
• How are the adoption scenarios, related opportunities, and challenges impacting the extended reality markets?
• How is the funding and investment landscape in the extended reality market?
• Which are the leading consortiums and associations in the extended reality market, and what is their role in the market?
• How classified is the patent landscape in this market with segmental understanding by technology, status, patent office, and organization?
• How can organizations that intend to use extended reality calculate their return-on-investment (ROI)?
• What is the consumer’s perspective on the adoption of extended reality in terms of potential benefits, purchase decision making factors, and applications?
• What are the market dynamics of the extended reality market, and what is their role in the market, including market drivers, restraints, and opportunities?
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Extended Reality Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the extended reality market include Augray Ltd., HTC Corporation, Microsoft Corporation, Northern Digital Inc., Qualcomm Technologies Inc., SoftServe Inc., Softweb Solutions Inc., SphereGen Technologies, and VertexPlus Softwares Pvt.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Extended Reality Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/extended-reality-market/download-sampleMarket DynamicsThe rising penetration of smartphones and mobile gaming is the significant factor that drives the extended reality market across the glob e. In addition, a rise in the adoption of augmented & virtual reality solutions in many diverse industries such as education, entertainment, and healthcare also boosts the market growth.
Moreover, the use of extended reality technology in the healthcare sector reduces costs, and improving outcomes for individuals without taking risking, propels the demand.
However, the lack of infrastructure and interoperability issues of immersive 3D graphics are some of the hindering factors for the growth of the market during the forecast period.
The report "Extended Reality Market with COVID-19 Impact Analysis by Technology (AR, VR, MR), Application (Consumer, Commercial, Enterprises, Healthcare, Aerospace and Defense), Offering, Device Type, and Region(North America, Europe, APAC) - Global Forecast to 2026", is expected to grow from USD 33.0 billion in 2021 to USD 125.2 billion by 2026, at a CAGR of 30.6%.
The market growth can be attributed to several factors, such as surging deployment of extended reality in education sector and industrial training, rising demand for extended reality devices and technology in global automotive industry, surging adoption of extended reality in healthcare sector, and increasing demand for extended reality in entertainment and gaming industry.
Browse 138 market data Tables and 70 Figures spread through 229 Pages and in-depth TOC on "Extended Reality Market with COVID-19 Impact Analysis by Technology (AR, VR, MR), Application (Consumer, Commercial, Enterprises, Healthcare, Aerospace and Defense), Offering, Device Type, and Region(North America, Europe, APAC) - Global Forecast to 2026"Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=147143592 VR devices to account for the largest share of extended reality market in 2020On the basis of device type, the market is categorized into AR devices, VR devices, and MR devices.
The growth of the VR devices segment of the market is expected to be led by HMD.
The consumer segment of the market comprises gaming and entertainment applications wherein AR technology is used to create 3D visual objects in the real world.
VR technology also offers remarkable results regarding visual effects when used in gaming and sports broadcasts.
