Burlingame, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, "Extended Reality Market, By Technology Type (Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR)), By Application (Gaming and Entertainment, Healthcare, Education and Training, Manufacturing and Industries, Retail and E-Commerce), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis.” According to the report, the global extended reality market is estimated to be valued at US$ 46.3 billion in 2022 and is expected to exhibit a CAGR of 23% during the forecast period (2022-2030).
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Analysts’ Views on Global Extended Reality Market
Growing demand for immersive and interactive experience from wide range of industries such as education, entertainment, gaming, healthcare, and manufacturing sector. Extended reality is widely used in gaming sector for creating immersive and interactive experience. Advent of Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) technologies are further anticipated to foster market growth.
Key Trends and Analysis of the Global Extended Reality Market:
Increasing use of extended reality in corporate for product design and visualization, employee training, remote partnership, and data visualization is a growing trend. In August 2023, Theorem Solutions has launched TheoremXR (2023.2). Theorem's suite of extended reality (XR) products targets those focused on engineering and manufacturing with spatial computing. This release introduces enhancements such as Time and Motion capabilities, specifically designed for mixed and virtual reality users. Additionally, augmented reality users can now benefit from new embedded QR Code features, which allow for model loading.
Global Extended Reality Market - Drivers
Growing use of extended reality in mobile device with advanced features to foster market growth
The mobile apps for virtual reality and augmented reality market is growing rapidly worldwide. For instance, in June 2023, Apple has introduce a "mixed reality" headset that offers both virtual reality and augmented reality, a technology that overlays virtual images on live video of the real world. An AR/VR headset would be Apple's biggest hardware product launch since the debut of the Apple Watch in 2015.
Extended Reality Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 46.3 Bn | |
| Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 23% | 2030 Value Projection: | US$ 197.3 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Meta Inc., HTC Corporation, Unity Technologies, Microsoft Corporation, Samsung Electronics Co., Ltd., Magic Leap, Sony Corporation, Vuzix Corporation, Apple Inc, Niantic Inc., Northern Digital Inc., Snap Inc., SoftServe, and Accenture | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Increasing use of extended reality in healthcare sector to augment market growth
Extended reality technologies are widely gaining adoption in healthcare sector for patient care, medical training, and surgical simulations. In June 2023, Amrita Hospital, Kochi has developed a first-of-its-kind Extended Reality (XR) Supported ecosystem in healthcare which leverages Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) technologies to significantly enhance capabilities in patient care, medical training, and research.
Global Extended Reality Market – Restrain
Concerns associated with privacy and data protection is expected to hinder the market growth
AR-enabled devices are highly subjects of data/information collection. Due to this data security and privacy play important role in AR-enbaled devices. Therefore, augmented reality technology is susceptible to various cyber-attacks and security threats. The data and privacy issues related to AR-enbaled devices is expected to hamper the market growth.
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Global Extended Reality Market – Opportunities
Advent of 5G technology is expected to offer significant market growth opportunities
Introduction of 5G technology is anticipated to improve supply of processing power. Due to this, key manufacturer are introducing innovative solution for AR-enable smartphone device. For instance, in November 2021, Qualcomm Technologies, Inc. introduced Snapdragon Spaces™ XR Developer Platform, a headworn Augmented Reality (AR) developer kit to enable the creation of immersive experiences that seamlessly blur the lines between our physical and digital realities.
Global Extended Reality Market - Key Developments
In September 2022, The Ministry of Electronics and Information Technology (MeitY) Startup Hub (MSH) in collaboration with Meta, formerly known as Facebook Inc, will launch a programme to support and accelerate XR (eXtended Reality) technology startups across India.
In Febuary 2023, Samsung Electronics Co has announced that it has partnered with Qualcomm and Google to build an ecosystem for extended reality (XR)
In October 2022, Ericsson has extended the scope of its collaboration with the University of Texas (UT) at Austin on groundbreaking research into 6G-powered extended reality (XR). The extension reinforces the partners’ ambition to develop the foundation for future immersive and seamless XR experiences even in the most-demanding use cases.
Key Market Takeaways:
Global extended reality market size is expected to exhibit a CAGR of 23% during the forecast period, owing to the growing adoption of extended reality technologies in healthcare, entertainment, and manufacturing sector.
On the basis of Technology Type, Virtual Reality (VR) segment is expected to hold a dominant position, owing to the growing demand for extended reality in entertainment and educational use.
On the basis of Application, Gaming and Entertainment segment is expected to hold a dominant position, owing to the growing demand for immersive gaming experiences.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to strong presence of key players such as Meta Inc, Microsoft, Qualcomm Incorporated, Adobe Inc., Unity Technologies, and Alphabet Inc. in the region.
Competitive Landscape:
Key players operating in the global extended reality market include Meta Inc., HTC Corporation, Unity Technologies, Microsoft Corporation, Samsung Electronics Co., Ltd., Magic Leap, Sony Corporation, Vuzix Corporation, Apple Inc, Niantic Inc., Northern Digital Inc., Snap Inc., SoftServe, and Accenture.
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Detailed Segmentation:
- Global Extended Reality Market, By Technology Type:
- Augmented Reality (AR)
- Virtual Reality (VR)
- Mixed Reality (MR)
- Global Extended Reality Market, By Application:
- Gaming and Entertainment
- Healthcare
- Education and Training
- Manufacturing and Industries
- Retail and E-commerce
- Global Extended Reality Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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