Dublin, April 17, 2023 (GLOBE NEWSWIRE) -- The "Global Extended Reality Market, By Component, By Technology, By Application, By Industry, Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The global extended reality market held a market value of USD 31.26 billion in 2021 and is estimated to reach USD 357.38 billion by the year 2030. The market is anticipated to register a CAGR of 31.80% during the forecast period.
The rise in demand for immersive entertainment, including augmented and virtual reality is gaining traction. Moreover, the increasing access and improvement in outcomes for patients drives the growth of the extended reality market in healthcare industries.
In addition to that, the rising technological advancements for brand and consumer engagement in different industries.The global extended reality market is likely to grow at a steady rate owing to the rising inclination towards immersive technologies and methods, coupled with rising demand for AR and VR devices.
The surge in extended reality usage in healthcare is also contributing heavily towards the growth rate. However, the struggle of integration, high cost of hardware, and the privacy concerns is anticipated to restrain the market growth.
In addition, the key market players are actively involved in strategic collaborations, launches, product development, joint ventures, mergers and acquisitions. The market is segmented based on components, technology, application, and industry.
Growth Influencers:
Increasing demand for immersive entertainment and digital environments
The rising demand for digital technologies has given rise to immersive entertainment modes. The companies operating in the industry are focused on highlighting their extended reality products by using different strategies.
For instance, in December 2021, Mawari, one of the leading XR streaming solution providers, announced that its 3DXR Content Streaming Platform for the Metaverse will debut on the AWS Marketplace, a managed and curated software catalogue from Amazon Web Services that permits customers to find, buy and immediately deploy third party software.
Competitive Landscape
The key four players in the market hold more than 70% of the market share. These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market.
Regional Overview
The North American market for extended reality is expected to account for an opportunity of more than USD 130 billion during the forecast years 2022 to 2030. In addition to that, the Asia Pacific market for extended reality is likely to grow at the highest growth rate of 32.46%.
The European market for extended reality is growing at a steady rate owing to increasing inclination towards newer technology applications.
Segments Overview:
- The hardware segment is estimated to hold more than 50% of the market share in 2022.
- The mixed reality segment is projected to hold the highest growth rate of 33.77% owing to the growing inclination of mixed reality and rising adoption rate in the developed as well as developing regions.
- The business engagement segment is likely to hold an opportunity of more than USD 100 billion during 2022 to 2030. This segment is estimated to grow heavily owing to the high demand for extended reality software and services for business engagement purposes.
- The media and entertainment segment is estimated to cross the mark of USD 25 billion revenue by 2027.
A selection of companies mentioned in this report includes
- Dell Technologies Inc.
- Atheer, Inc.
- Blippar.com Ltd.
- EON Reality, Inc.
- Honeywell International, Inc.
- Google, Inc.
- HTC Corp.
- Manus Machinae B.V.
- Magic Leap, Inc.
- Microsoft Corp.
- Oculus VR LLC
- Nokia Corp.
- Qualcomm Incorporated
- Semcon
- Samsung Electronics Co., Ltd.
- VirZOOM, Inc.
- Sony Interactive Entertainment LLC
- Vuzix Corporation
For more information about this report visit https://www.researchandmarkets.com/r/3buink
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