Request Discount

Extended Reality Market (Component - Hardware, Software, and Services; Device Type - Mobile, Personal Computer, and Headset; Delivery Model - Consumer Engagement, and Business Engagement; Application - Virtual Reality, Augmented Reality, and Mixed Reality; Industry - Retail, Education, Industrial & Manufacturing, Healthcare, Media & Entertainment, and Aerospace & Defense): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2021

  • Rep Id : ICT00248

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on the extended reality market provides an in-depth analysis of segments and sub-segments in the global as well as regional extended reality market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional extended reality market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global extended reality market. According to the report, the global extended reality market was worth USD 30 billion in 2020 and is expected to reach over USD 100 Billion by 2026, growing with a CAGR of 25.3% over the forecast period of 2020-2026.

 

Market Insight

Extended Reality (XR) is the an umbrella term used for Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR). It covers the full spectrum of real and virtual environments. A boundless XR creates immersive mobile XR experiences with photorealistic visuals by combining on-device processing, 5G, and edge cloud processing. The entertainment and video games industries are the largest users of Extended Reality.

 

 The Covid-19 pandemic has given rise to a new phenomenon wherein many more will become reliant on tools like AR, VR, and mixed reality to work, shop, and education as well. Students across the globe cannot attend school and university during this current lockdown that will adversely affect their learning. To alleviate this schools and colleges are adopted tools that make it possible for students to learn through experiences. Among these tools, platforms like virtual reality are most widely used. The surging adoption of 5G, AR, VR, smartphones, and connected devices, is attributing to the growth of the extended reality market. Furthermore, technological advancements across different verticals such as marketing, media & entertainment, IT, and manufacturing are projected to drive extended reality market growth to a significant extent.

 

In addition, extended Reality is improving healthcare by streamlining medical procedures while enhancing patient care. It allows surgeons to visualize the complexities of the organs in 3D and enabling them to plan each step of a complicated surgery well in advance and can ensure that surgeons can perform surgeries in a more safe, effective, and precise way.  In fact, 82 percent of health executives agree that extended reality is removing the hurdle of distance in access to people, information, and experiences. However, lack of effective user experience in design and slow economic growth in developing countries is affecting the growth of the market. Moreover, companies are investing significantly in the research & development of XR products and technologies will provide a significant growth opportunity for the market.

 

North America holds the largest market share in the extended reality market. The region is a pioneer in the adoption of innovations in different sectors. Such as in the military and defense sector, the US Military is looking at immersive technologies for training purposes. The United States will also be investing as much as USD 11 billion by 2022 into virtual, augmented, and mixed reality training systems, with extended reality becoming a primary focus of military innovation. Furthermore, government initiatives for the usage of extended reality are providing a growing demand for the market. For instance, In 2018, the Office of Special Education and Programs announced an investment of USD 2.5 million towards a new program that will use XR to nurture social skills in students with disabilities. 

 

Segment Covered

The report on global extended reality market covers segments such as component, device type, delivery model, application, and industry. On the basis of component, the sub-markets include hardware, software, and services. On the basis of device type, the sub-markets include mobile, personal computer, and headset. On the basis of delivery model, the sub-markets include consumer engagement, and business engagement. On the basis of application, the sub-markets include virtual reality, augmented reality, and mixed reality. On the basis of industry, the sub-markets include retail, education, industrial & manufacturing, healthcare, media & entertainment, and aerospace & defense.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Qualcomm Technologies Inc., Accenture PLC, SoftServe Inc., SphereGen Technologies, Northern Digital Inc.,  Microsoft Corporation, VertexPlus Softwares Pvt. Ltd., Varjo Technologies OY, Softweb Solutions Inc. and  Talespin Reality Labs Inc.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the extended reality market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


Other Reports in This Category
24 hour delivery through email
9923950043 Monday to Frieday 9am-7pm
looking for discount