Dublin, April 06, 2023 (GLOBE NEWSWIRE) -- The "Extended Reality Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Component (Hardware [Sensors, Cameras, Transducers and Speakers], Software and Services), By Type, By Delivery Model, By End User, By Application, and By Region" report has been added to ResearchAndMarkets.com's offering.
The global extended reality market is expected to grow at a steady CAGR in the forecast period, 2023-2027.
Companies Mentioned
- Qualcomm Technologies Inc.
- Accenture PLC
- Northern Digital Inc.
- Softserve Inc.
- SphereGen Technologies
- Gofind Inc.
- Dassault Systems SolidWorks Corporation
- Agile Lens
- Tata Exlsi
- Medtronic Inc.
High-end investments in R&D activities, increasing adoption of cloud platforms by enterprises, and the advent of smart eyewear technology and lightweight hardware are the primary factors driving the demand for the global extended reality market in the next five years.
Extended reality is a type of immersive technology that includes the application of virtual reality, augmented reality, mixed reality, and other future realities that may be discovered in the future. It combines 5G technology, edge cloud processing technologies, and on-device processing capability to provide enriching photorealistic visuals and enhanced digital experiences to users. The combination of augmented reality and virtual reality technology enables users to interact with digitalized content using headsets effectively.
The Advent of Smart Eyewear Technology Drives the Market Growth
Earlier, hardware components used in extended reality were bulky and less ergonomic. Market players were investing in R&D activities to make the AR & VR components light in weight, compact, and enhanced mobility flexibility. Headsets and controllers are becoming more compact with time to integrate them with mobile devices easily. Market players introduce wireless headsets for longer battery lives and higher aesthetic appeal.
AR & VR hardware components are designed keeping in mind end-users comfort and requirements. Intense competition among the market players fuels the adoption of cutting-edge technology to launch compact devices. Smart eyewear offers a high-quality visual display and efficiently utilizes power. The proliferation of IoT-based devices and advancements in virtual reality technology and hardware is playing a major role in developing smart eyewear technology.
A rise in Applications of Virtual Reality Technology Boosts the market growth
Virtual reality technology creates a computer-generated environment making the user experience and interacting with immersive surroundings. It simulates multiple senses of the user, such as vision, hearing, touch, and smell, which enriches the experience for users.
The gaming industry is rapidly adopting virtual reality technology to revolutionize the gaming interface for gamers. The new gaming generation is a promising sector as it offers players an immersive gaming environment that takes the gaming experience to a higher level. With the help of virtual reality technology, digital images can be projected, which creates a 3-D view of players. Educational institutes and centers are using virtual reality to improve the standard of training.
In the Aerospace and defense sector, virtual reality aids in enhancing the user experience, especially for simulation and training purposes. Learning in a simulated environment increases user knowledge retention and ensures the accurate transfer of skills to users. The growing applications of virtual reality technology and high-end investments for R&D activities to find innovative virtual reality applications are expected to accelerate the global extended reality market growth.
Report Scope:
In this report, the global extended reality market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Extended Reality Market, By Component:
- Hardware
- Sensors
- Cameras
- Transducers
- Speakers
- Software
- Services
- Professional Services
- Managed Services
Extended Reality Market, By Type:
- Mobile XR
- PC-tethered XR
Extended Reality Market, By Delivery Model:
- Consumer-Based
- Business-Based
Extended Reality Market, By End User:
- Healthcare
- Media and Entertainment
- Manufacturing and Industrial
- Retail and E-Commerce
- Transportation
- Others
Extended Reality Market, By Application:
- Virtual Reality
- Augmented Reality
- Mixed Reality
For more information about this report visit https://www.researchandmarkets.com/r/viqoh
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