Pune, India, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The global Extended Reality Market size was valued at USD 92.88 billion in 2022 and is projected to reach USD 1,134.79 billion by 2030, exhibiting a CAGR of 36.0% during the forecast period. Fortune Business Insights presents this information in their report titled Extended Reality Market Forecast, 2023–2030.
Extended Reality (XR) is an emerging concept that integrates Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) technologies, offering mobility and accessibility across various electronic devices. Its rising adoption is expected to experience remarkable growth in the forecast period.
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Key Industry Development
January 2023: HTC revealed the Vive XR Elite, an Extended Reality headset with AR, VR, and MR capabilities, featuring dual microphones and embedded speakers for digital audio, showcased at CES 2023.
Key Takeaways
- AR and VR Technologies Drove Employee Connectivity in Remote Workforce amid Pandemic
- Surge in Advancement of 5G Technology Boosts the Product Demand
- BY TYPE ANALYSIS: Rising Usage of Virtual Reality for Professional Training Helps to Dominate the Market
- Extended Reality Market Size in North America was USD 38.93 Billion in 2022
- This propels the demand for VR headsets in gaming and entertainment applications, which helps to drive market growth.
Discover the Leading Players Featured in the Report:
“Companies leading the Extended Reality Market are Qualcomm Technologies Inc. (U.S.), HTC Corporation (Taiwan), Meta (U.S.), SOFTENGI (U.S.), AVEVA Group Limited (U.K.), SoftServe Inc. (U.S.), SphereGen Technologies LLC (India), VertexPlus Technologies Limited. (India), Accenture PLC (Ireland), Theorem Solutions (U.K.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 36% |
| 2030 Value Projection | USD 1,134.79 Billion |
| Base Year | 2022 |
| Extended Reality Market Size in 2022 | USD 92.88 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 110 |
| Segments covered | Type, Industry and Geography |
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Drivers and Restraints
XR Gaming Revolution: VR Headsets Driving Demand and Market Growth
Virtual Reality (VR) and alternate reality games present a futuristic perspective in the gaming industry. The utilization of Extended Reality (XR) enables users to interact with data and analytical representations of current or past games, contributing to the increasing demand for VR headsets for gaming and entertainment and driving market growth.
However, the high cost of providing a high-quality XR experience, including headsets and tactile sensors, hampers the implementation and the extended reality market growth.
Segmentations:
By Type
- Virtual Reality
- Augmented Reality
- Mixed Reality
By Industry
- Healthcare
- Education
- Retail & E-commerce
- Gaming
- Automotive
- Media & Entertainment
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Insights
North America Leads the Way with Gaming Industry at the Helm
North America dominates the market due to multiple players and a tech-savvy population, benefiting from advanced technology and increased smart device usage, leading to higher demand for XR experiences and enhanced connectivity in the U.S. and Canada. The gaming industry holds the largest extended reality market share in the region of 25%.
Asia Pacific is projected to grow with the highest CAGR during the forecast period due to rising AI, AR, VR, and Big Data adoption in e-commerce, entertainment, and retail, creating immersive virtual experiences.
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Competitive Landscape
Strategic Collaborations and Innovations Drive Sustained Growth
The extended reality market is characterized by companies functioning as XR technology providers/generators, with a focus on strategic partnerships, acquisitions, and collaborations to expand their business and distribution networks, ensuring sustained market growth. Industry leaders are projected to make substantial investments in the development of advanced products aimed at enhancing the XR experience for users.
FAQ’s
How big is the Extended Reality Market?
Extended Reality Market size was USD 92.88 billion in 2022.
How fast is the Extended Reality Market growing?
The Extended Reality Market will exhibit a CAGR of 36.0% during the forecast period, 2023-2030
Related Reports:
Augmented Reality Market Size, Share, Trends, Growth 2030
Virtual Reality [VR] Market Size, Growth, Share, Trends
Mixed Reality Market Size, Industry Share, Forecast 2030
Virtual Reality in Gaming Market Size, Global Analysis
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