New York, US, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Extended Reality Market information by Type, by Components, by End User and Region – forecast to 2027” the market was valued at USD 27 Billion in 2018; it is expected to reach USD 393 Billion by 2025 with a CAGR of 69.4%.
Market Scope:
At the moment, extended reality (XR) is at a burgeoning stage, and it includes virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies. Extended reality is another immersive technology that combines on-device processing, 5G, and edge cloud processing technologies to provide highly digital experiences with photorealistic visuals. The combination of AR and VR technologies enables end-users, including individuals and businesses, to interact with highly digitalized content through standalone headsets. Furthermore, according to industry experts, XR technology will transition from heavy standalone headsets to smart glasses that will include real-time information, schematics, and related visuals.
Dominant Key Players on Extended Reality Market Covered Are:
- Dassault Systèmes SolidWorks Corporation (France)
- Qualcomm Incorporated (US)
- Agile Lens (US)
- HP Reveal (US)
- Gofind Inc. (US)
- Accenture (Ireland)
- Semcon (Sweden)
- Tata Exlsi (India)
- Medtronic (US)
- Talespin (US)
- Northern Digital Inc. (Canada)
- Softserve (US)
- AugRay (US)
- Mirari LLC (US)
- SphereGen (US)
- VRee (The Netherlands)
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Market USP Exclusively Encompassed:
XR Market Drivers
Some of the factors propelling market growth include advances in head-pose tracking, strong investment in AR and VR technology, an increase in demand for enhancing customer experience, technological advancements in display, motion tracking, and the advent of 5G technology.
However, a dearth of highly intense connected infrastructure, interoperability problems with immersive 3D graphics as well as power and thermal efficiency of standalone headsets are some of the factors impeding the growth of the extended reality market during the forecast period.
Segmentation of Market Covered in the Research:
The global extended reality industry has been segmented based on type, component, delivery model, and end-user.
By component, the global extended reality industry has been bifurcated into hardware, solutions, and services. The hardware segment has been further sub-segmented into sensors, cameras, transducers, and speakers. The services segment has been further sub-segmented into professional services and managed services.
Based on type, the global extended reality market has been categorized into mobile XR and PC-tethered XR.
By delivery model, the global extended reality market has been segmented into consumer-based and business-based.
Based on end-user, the global extended reality market has been categorized as healthcare, retail and e-commerce, media and entertainment, manufacturing and industrial, transportation, and others.
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Regional Analysis
The global extended reality industry has been categorized based on geography into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
North America had the largest market share in 2018 and is projected to continue to dominate the global XR market throughout the forecast period. The advancement of augmented reality (AR) and virtual reality (VR), as well as increased investments by tech titans such as Qualcomm Incorporated, Microsoft Corporation, and Google, are driving the market growth.
During the assessment period, Asia Pacific is expected to be the fastest-growing geography in the extended reality (XR) market. The market's expansion can be attributed to an increase in the number of vendors providing training services for AR and VR applications, as well as the growing acceptance of AR and VR technology in the media and entertainment sectors.
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COVID-19 Impact on the Global Extended Reality Market
Due to the growing need for virtual meetings and training, the ongoing COVID-19 pandemic has increased the demand for XR technology. This is due to partial or full lockdowns, which have forced workers from different companies to operate from home. However, the closure of manufacturing plants and disruptions in the supply chain have halted global production and supply of XR products. Furthermore, lower consumer spending on non-essential goods will have a negative effect on the extended reality industry in 2021.
Industry News
May 2020- Qualcomm Technologies Inc. collaborated with global operators, smartphone OEMs, and XR viewer manufacturers to deliver XR viewers to customers and businesses in the coming year. Fifteen global operators like China Mobile, China Telecom, China Unicom, Deutsche Telekom, EE, KDDI, KT, LG Uplus, NTT DOCOMO, Orange, SK Telecom, SoftBank, Telefonica, Verizon, and Vodafone, have announced plans to test and commercialize XR viewers in order to provide immersive, never-before-seen experiences over 5G. Furthermore, XR viewers can access a new generation of immersive experiences using 5G-enabled smartphones, which have high bandwidth and low latency, both of which are needed for high-quality XR.
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Competitive Landscape
The market's vendors mainly use organic and inorganic growth strategies to include enhanced Extended Reality (XR) software, platforms, and services. The vendors also stressed the importance of increasing their R&D investments in order to provide immersive technologies through virtual platforms for enterprises.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
