Pune, India, July 20, 2022 (GLOBE NEWSWIRE) -- The Extended reality market size is growing significantly as it benefits businesses to accelerate their speed by interacting with the digital environment. Another reason for the growing demand for the technology is the requirement to provide a better standard of education.
Fortune Business Insights™ has examined these responses in a research report titled, “Extended Reality Market, 2022-2029.”
Key Industry Development:
- December 2021: Varjo Base improves the accessibility of software by providing better flexibility in supporting more creative activities.
- September 2021: Facebook Inc. introduced metaverse to create a digital environment where people with different devices can move and communicate in a virtual environment.
Growing Use of Virtual Technologies to Propel Market Growth
The emergence of the COVID-19 pandemic has had a significant impact on the extended reality market growth. Most companies supported remote work, thereby boosting the requirement for virtual training, meetings, and conferences. In addition, the flexibility offered by the extended reality platforms in the field of education during outbreaks gives students a chance to grasp visuals and absorb lessons more practically at a lower cost.
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Drivers & Restraints-
Increase in Adoption of Extending Reality Services to Promote Investment
In modern healthcare organizations, extended reality has opened the gateway for medical practitioners to improve outcomes for individuals without risking patients' lives at lesser costs. Furthermore, the growing interest in the gaming sector has made a newer gaming experience even more sound and accessible. However, one of the most prevalent dangers users faces is getting injured when they accidentally collide into real items while immersed in a real one. It may act as a major roadblock to the industry growth.
Segments-
In terms of type, the market is bifurcated into business engagement and consumer engagement. Based on application, the industry is divided into augmented reality, mixed reality and virtual reality. With regards to industry vertical, the market is divided into BFSI, media and entertainment, consumer goods and retail, telecommunication & IT, manufacturing, government & public sector, healthcare and life science and others. The market is categorized into LAMEA, Europe, North America, and the Asia Pacific in terms of region.
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By Application
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By Industry Vertical
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By Geography
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Report Coverage-
Secondary and primary sources are used to get a detailed overview of the study in a prominent way. The qualitative and quantitative approach is also considered in the context of the report to achieve the detailed analysis. Meetings with the upper management, such as the board of directors and employees, have contributed to thoroughly recognizing the industry in the best possible way. For secondary resources, various press releases and journals are used to fetch the details of the industry. The report also include COVID-19 analysis to boost the market coverage.
Regional Insights
Investments in Technologies Boost Growth in North America Market
North America is contributing significantly to the extended reality growth as the U.S. & Canada are well-established for technological advancements in virtual and mixed to ease the operations of businesses. Furthermore, the extended reality market share is expected to grow due to the increased adoption of the latest technologies, such as augmented reality and virtual reality to improve the end-users experience.
The Asia Pacific region is expected to grow due to the adoption and growing investment in the latest technology. With the arrival of technological revolutions in regions such as China, Japan and India, the demand for this technology has grown effectively, which gives individual a chance to enjoy more interactive learning
Competitive Landscape
Major Leading Companies Emphasize on Technical Expansions to Penetrate a Market
Leading companies, such as Facebook Inc., introduced metaverse to gain a competitive edge. Major industry players are expected to invest in product launches, product innovation, partnerships and mergers & acquisitions to get an additional lead. Developments in the business include:
List of Key Players Mentioned in the Report:
- Microsoft Corporation,
- Google Inc.
- Qualcomm Technologies Inc.
- Soft Serve Inc.,
- Softweb Solutions Inc.,
- SphereGen Technologies,
- Vertex Plus Softwares Pvt. Ltd.,
- HTC Corporation,
- Unity technologies.
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