PUNE, India, Dec. 18, 2019 (GLOBE NEWSWIRE) --
Market Synopsis
Market Research Future (MRFR), in its report on the global extended reality market, states that the market is expected to thrive at a lucrative 69.4% CAGR in the forecast period (2019 to 2025). MRFR recorded the market to value at USD 27 Billion in 2018. By 2025, the market is expected to value at USD 393 Billion by 2025. It is due to the growing demand for virtual reality (VR) and augmented reality (AR) technologies in the ever-expanding media and entertainment industry, the worldwide extended reality market is expected to attain a high CAGR.
The growing popularity of extended reality (XR) comprising of virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies is expected to propel its market growth in the years to come. Extended reality technology offers highly digital experiences that is likely to escalate the extended reality market growth. The application of sophisticated photorealistic visuals coupled with on-device processing, edge cloud processing technologies, and 5G are expected to bolster the extended reality market. In addition, the combination of VR and AR technologies enables end-users to experience a high digitalized content via standalone headsets. It is observed that XR technology is significantly redefining heavy standalone headsets to smart glasses that can provide real-time schematics, information, and related visuals. These factors are expected to boost the global extended reality market growth. On the downside, lack of proper infrastructure, trained personnel, and issues regarding immersive 3D graphics can impede the extended reality market growth.
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Segmental Outline
The extended reality market is segmented by component, type, end user, and delivery model.
Component-based segments are solutions, hardware, and services. The hardware segment comprises cameras, sensors, speakers, and transducers. The growing inclination of people towards automation is promoting the use of sensors across different verticals. This is likely to propel the global extended reality market due to increase in the adoption of VR and AR technology. The service segment comprises professional services and managed services. By type, the market is sectioned into PC-tethered XR and mobile XR. The better convenience offered by mobile XR is likely to augment the extended reality market. By delivery model, the market is segmented into business-based and consumer-based. By end-user, the market is categorized by manufacturing and industrial, healthcare, media and entertainment, transportation, retail and e-commerce, and others. The entertainment sector is expected to generate numerous growth scope for the extended reality market, followed by the retail and manufacturing segments.
Regional Analysis
The rapid expansion of the extended reality market in North America can be attributed to the technological advancements, such as virtual reality (VR) and augment reality (AR), and increase in their adoption across different verticals. The presence of well-established companies and their deliberate efforts in diversifying their product portfolio, triggering investments by tech giants, are expected to impel the extended reality market in the North America region.
In Asia Pacific, the extended reality (XR) market is anticipated to expand at a high pace in the review period. The growing demand for extended reality in training is likely to boost the APAC market growth. In addition, the rise in AR and VR applications in the media and entertainment sector can gain considerable traction for the regional market.
Key Players
MRFR identifies some prominent players of the extended reality market. They are; HP Reveal (US), Qualcomm Incorporated (US), Accenture (Ireland), Gofind Inc. (US), Agile Lens (US), Dassault Systèmes SolidWorks Corporation (France), Tata Exlsi (India), Semcon (Sweden), Northern Digital Inc. (Canada), Medtronic (US), AugRay (US), Softserve (US), Talespin (US), SphereGen (US), Mirari LLC (US), and VRee (The Netherlands).
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Global Extended Reality (XR) Market Research Report: By Component (Hardware [Sensors, Cameras, Transducers and Speakers], Software and Services [Professional Services Managed Services]), Type (Mobile XR and PC-tethered XR), Delivery Model (Consumer-Based and Business-Based), End User (Healthcare, Media and Entertainment, Manufacturing and Industrial, Retail and E-Commerce, Transportation and others) and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) - Forecast till 2025
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