Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Extended Reality Market by Technology (AR, VR, MR), Offering (Hardware, Software), Device Type (AR Devices, VR Devices, MR Devices), Application (Consumer, Commercial, Enterprises, Automotive) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The extended reality market is projected to reach USD 111.5 billion by 2028 from USD 40.1 billion in 2023, at a CAGR of 22.7% from 2023 to 2028.
The major factors driving the market growth of the extended reality market include availability of affordable VR devices, the increasing demand for extended reality in entertainment and gaming industry, and the surging adoption of extended reality in healthcare sector. Moreover, the requirement of incorporation of extended reality technology in aerospace & defense sector, and continuous developments in 5G technology are expected to provide ample growth opportunities for market players in the extended reality market.
MR technology segment is likely to register the highest CAGR during the forecast period
The MR technology segment is likely to register the highest CAGR during the forecast period. The MR market is dominated by HoloLens offered by Microsoft. However, there are also other companies, such as Meta Platforms, Inc., HTC Corporation, Google, and Apple Inc., entering the MR market with their products. For instance, Magic Leap, Inc. offers Magic Leap 2, an XR headset specially designed for consumer, commercial, and enterprises applications. In January 2023, HTC Corporation launched the VIVE XR Elite, an MR headset designed for consumer applications such as gaming, productivity, and fitness.
VR devices segment is expected to account for the largest share of the extended reality market in 2023
In 2023, the VR devices segment held the largest share of the extended reality market and is expected to exhibit a similar growth pattern during the forecast period. The growth of the segment is driven by the increased demand for VR head-mounted displays (HMDs) among end users for different applications, including gaming, commercial, enterprise, and aerospace & defense. HMDs offered by key players, including Sony Group Corporation, Meta Platform, Inc., HTC Corporation, Samsung Electronics Co., Ltd., Microsoft, and Google, have received an overwhelming response from users. For instance, in June 2022, Sony Group Corporation reported that 21.7 million cumulative hardware units of the PlayStation 5 and more than 117.2 million cumulative hardware units of PlayStation 4 were sold globally.
Asia Pacific is expected to account for the highest CAGR during the forecast period
The extended reality market in Asia Pacific is projected to witness significant growth in the next few years owing to the increased adoption of this technology in Japan, China, and South Korea. China and Japan are the economic powerhouses of the region. In India, digitalization is rapidly gaining traction. The use of smartphones and tablets is very high in the country. For instance, according to the India Brand Equity Foundation (IBEF), smartphone shipments in India in 2021 were valued at USD 173 million, which was a 14% increase from 2020.
Market Dynamics
Drivers
- Surging Deployment of Extended Reality in Education Sector and Industrial Training
- Increasing Adoption of Extended Reality in Healthcare Sector
- Rising Demand for Extended Reality in Entertainment and Gaming Sectors
- Availability of Affordable VR Devices
- Increasing 'Zoom Fatigue' Resulting in Rising Adoption of Xr Technologies
Restraints
- High Installation and Maintenance Costs of Extended Reality Devices
- Health Issues Caused by Excessive Use of Extended Reality Devices
Opportunities
- Adoption of Extended Reality in Automotive and Enterprise Sectors
- Requirement of Incorporation of Extended Reality Technology in Aerospace & Defense Sector
- Continuous Developments in 5G Technology
- Growth of Global Travel & Tourism Industry
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 223 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $40.1 Billion |
| Forecasted Market Value (USD) by 2028 | $111.5 Billion |
| Compound Annual Growth Rate | 22.7% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Types of Extended Reality Devices
6.1 Introduction
6.2 Mobile Extended Reality Devices
6.2.1 Smartphone Extended Reality Devices
6.2.2 Standalone Extended Reality Devices
6.3 Pc-Tethered Extended Reality Devices
7 Applications of Extended Reality Solutions by Different Enterprises
7.1 Introduction
7.2 Small Enterprises
7.3 Mid-Sized Enterprises
7.4 Large Enterprises
8 Extended Reality Market, by Technology
8.1 Introduction
8.2 AR Technology
8.2.1 Marker-Based AR Technology
8.2.1.1 Passive Markers
8.2.1.1.1 Use Computer Vision Methods for Recognition
8.2.1.2 Active Markers
8.2.1.2.1 Use LEDS to Track Objects
8.2.2 Markerless AR Technology
8.2.2.1 Model-Based Tracking
8.2.2.1.1 Used to Track Position and Orientation of Physical Objects in Real Time
8.2.2.2 Image Processing-Based Tracking
8.2.2.2.1 Requires Optical Scanners or Cameras to Process Images
8.2.3 Anchor-Based Ar Technology
8.2.3.1 Used to Overlay Virtual Images in Real Space
8.3 VR Technology
8.3.1 Non-Immersive
8.3.1.1 Can be Experienced on Wide Range of Devices
8.3.2 Semi-Immersive and Fully Immersive
8.3.2.1 More Expensive Than Non-Immersive Systems
8.4 MR Technology
8.4.1 Holographic Technology
8.4.1.1 Can Place Digital Content in Real World
8.4.2 Immersive Technology
8.4.2.1 Creates Sense of Presence by Hiding Physical World and Replacing It with Digital Experience
9 Extended Reality Market, by Offering
9.1 Introduction
9.2 Hardware
9.2.1 Sensors
9.2.1.1 Help Detect Motion, Velocity, Magnetic Field, and Presence of Objects
9.2.1.2 Accelerometers
9.2.1.3 Gyroscopes
9.2.1.4 Magnetometers
9.2.1.5 Proximity Sensors
9.2.2 Semiconductor Components
9.2.2.1 Controllers and Processors Among Core Components in Extended Reality Devices
9.2.2.2 Controllers and Processors
9.2.2.3 Integrated Circuits
9.2.3 Displays and Projectors
9.2.3.1 to Hold Significant Share of Extended Reality Hardware Market
9.2.4 Position Trackers
9.2.4.1 Help Maintain Position Accuracy in Extended Reality Devices
9.2.5 Cameras
9.2.5.1 Form Crucial Components to Measure Depth and Amplitude of Objects
9.2.6 Others
9.3 Software
9.3.1 Software Development Kits
9.3.1.1 Provide Tools to Design, Create, and Test Ar, VR, and MR Experiences
9.3.2 Cloud-Based Services
9.3.2.1 Support High-Resolution Graphics
10 Extended Reality Market, by Device Type
10.1 Introduction
10.2 AR Devices
10.2.1 Head-Mounted Displays (Hmds)
10.2.1.1 Show Integrated Images of Real and Virtual Environments
10.2.1.2 Ar Smart Glasses
10.2.1.2.1 Adopted by Companies to Improve Work Efficiency
10.2.1.3 Smart Helmets
10.2.1.3.1 Used in Construction Sector to Optimize Workflow
10.2.2 Heads-Up Displays (Huds)
10.2.2.1 to be Widely Used for Different Applications in Future
10.3 VR Devices
10.3.1 Head-Mounted Displays (Hmds)
10.3.1.1 Increasing Being Used in Gaming and Entertainment Applications
10.3.2 Projectors and Display Walls
10.3.2.1 Offer New Growth Avenues for VR Hardware Manufacturers
10.3.3 Gesture-Tracking Devices
10.3.3.1 to Play Crucial Role in Healthcare and Gaming Applications
10.3.3.2 Data Gloves
10.3.3.3 Others
10.4 MR Devices
10.4.1 Place Objects or Virtual Beings into Physical Situations for Users
11 Extended Reality Market, by Application
11.1 Introduction
11.2 Consumer
11.2.1 Gaming
11.2.1.1 Enhances Gaming Interactivity and Provides Highly Immersive Experience to Gamers
11.2.2 Sports and Entertainment
11.2.2.1 Sports
11.2.2.1.1 Enhances Training and Viewing Experience for Players and Audience
11.2.2.2 Entertainment
11.2.2.2.1 Enhances Viewing Experience and Interactivity of Visitors in Museums, Theme Parks, and Exhibitions
11.3 Commercial
11.3.1 Retail and E-Commerce
11.3.1.1 Jewelry
11.3.1.1.1 Enables Consumers to Try Jewelry Before Buying
11.3.1.2 Beauty and Cosmetics
11.3.1.2.1 Virtual Testing of Cosmetic Products to Drive Growth of Extended Reality Market Worldwide
11.3.1.3 Apparel Fitting
11.3.1.3.1 Virtual Trial Rooms to Attract Customer Attention
11.3.1.4 Grocery Shopping
11.3.1.4.1 Provides Personalized Product Tips to Buyers During Grocery Shopping
11.3.1.5 Footwear
11.3.1.5.1 Virtual Try-Before-You-Buy Feature Contributes to Use of Extended Reality in Footwear
11.3.1.6 Furniture and Light Designing
11.3.1.6.1 Reduced Product Exchange Rates Owing to Use of Extended Reality in Furniture and Light Designing
11.3.1.7 Advertisements and Demonstration
11.3.1.7.1 Enables Proper Virtual Demonstration of Products
11.3.2 Travel and Tourism
11.3.2.1 Used to Enhance Traveling Experience of Tourists
11.3.3 E-Learning
11.3.3.1 Enables Interactive Learning Experience for Students
11.4 Enterprises (Manufacturing)
11.4.1 Aids Enterprises in Providing Improved Training to Their Workforce by Visualizing Conten
11.5 Healthcare
11.5.1 Surgeries
11.5.1.1 Help Save Lives and Treat Patients Seamlessly Irrespective of Severity of Issues
11.5.2 Fitness Management
11.5.2.1 Helps Add Interactivity and Fun to Workouts
11.5.3 Patient Management
11.5.3.1 Remote Consulting Feature Drives Use of Extended Reality in Patient Management
11.5.4 Pharmacy Management
11.5.4.1 Enables Improved Scheduling of Medicine Flow
11.5.5 Medical Training and Education
11.5.5.1 Enrich Learning Experience for Students
11.5.6 Others
11.6 Aerospace and Defense
11.6.1 Simulation Training to be Key Factor for Adoption of Extended Reality in Aerospace and Defense Applications
11.7 Energy
11.7.1 Xr Technology Helps Ensure Safety in Oil and Gas Industry
11.8 Automotive
11.8.1 Likely to Register Highest Growth Rate During Forecast Period
11.9 Others
11.9.1 Telecommunications/It Data Centers
11.9.2 Agriculture
11.9.3 Real Estate
11.9.4 Geospatial Mining
11.9.5 Transportation and Logistics
11.9.6 Construction
11.9.7 Public Safety
12 Extended Reality Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Appendix
Companies Mentioned
- Apple Inc.
- Continental Ag
- Eon Reality
- Fusion VR
- Htc Corporation
- Intel Corporation
- Lenovo
- Magic Leap, Inc.
- Maxst Co. Ltd.
- Meta Platforms, Inc.
- Microsoft
- Northern Digital Inc.
- Panasonic Holdings Corporation
- Ptc Inc.
- Qualcomm Technologies, Inc.
- Samsung Electronics Co. Ltd.
- Seiko Epson Corporation
- Sony Group Corporation
- Tata Elxsi
- Ultraleap
- Virtuix
- Visteon Corporation
- Vuzix Corporation
- Xiaomi Corporation
For more information about this report visit https://www.researchandmarkets.com/r/n8wcmi
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