Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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.
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.
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.
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.
Please Choose One of them.