The global extended reality (XR) market reached a value of US$ 42.86 Billion in 2021. Looking forward, the analyst expects the market to reach a value of US$ 465.26 Billion by 2027 exhibiting a CAGR of 46.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different industries. These insights are included in the report as a major market contributor.
Extended reality (XR) refers to the amalgamation of immersive graphics technologies, such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). It relies on applications and headsets that create an interactive virtual experience by generating realistic sounds and images. At present, it is widely used in various corporate recruitment processes, including onboarding, employee training, and diversity and inclusion (D&I). It is also leveraged by companies across the globe to advertise their products and services while reducing expenditure and providing hands-on experience to users.
Extended Reality (XR) Market Trends: Due to the global spread of coronavirus disease (COVID-19) and the growing concerns about workplace safety, several enterprises have shifted to the remote working environment via the cloud. This represents one of the key factors catalyzing the demand for XR to enable employees to visualize a live environment of their offices, attend virtual meetings, and work from home efficiently. Apart from this, the increasing number of individuals opting for online gaming as a profession due to significant improvements in internet connectivity and the easy availability of advanced gaming peripherals is contributing to the market growth. Additionally, the thriving entertainment industry is driving the use of XR for experiencing live events like concerts and sports competitions on smartphones remotely. Besides this, XR is employed in modern imaging technologies, such as magnetic resonance imaging (MRI) and computerized tomography (CT) scans. This, in confluence with the rising prevalence of chronic diseases and the escalating need for improving diagnostic efficiency, is positively influencing the application of XR in the healthcare industry. Furthermore, the growing awareness of the benefits of XR is anticipated to expand its usage in the retail, defense, transportation, and travel and tourism industries worldwide.
Key Market Segmentation: the analyst provides an analysis of the key trends in each sub-segment of the global extended reality (XR) market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, type, organization size, application and end user industry.
Breakup by Component: Hardware Software Services
Breakup by Type: Consumer Engagement Business Engagement
Breakup by Organization Size: Small and Medium-sized Enterprises Large Enterprises
Breakup by End User Industry: Education Retail Industrial and Manufacturing Healthcare Media and Entertainment Others
Breakup by Region: North America United States Canada Asia-Pacific China Japan India South Korea Australia Indonesia Others Europe Germany France United Kingdom Italy Spain Russia Others Latin America Brazil Mexico Others Middle East and Africa
Competitive Landscape: The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture PLC, Augray, Dassault Systèmes SolidWorks Corporation (Dassault Systèmes SE), Medtronic PLC, Microsoft Corporation, Qualcomm Incorporated, Samsung Display Co. Ltd. (Samsung Electronics Co. Ltd.), Semcon, SoftServe Inc., Softweb Solutions Inc. (Avnet Inc.), SphereGen, Varjo and VertexPlus Softwares Pvt. Ltd.
Key Questions Answered in This Report: How has the global extended reality (XR) market performed so far and how will it perform in the coming years? What has been the impact of COVID-19 on the global extended reality (XR) market? What are the key regional markets? What is the breakup of the market based on the component? What is the breakup of the market based on the type? What is the breakup of the market based on the organization size? What is the breakup of the market based on the application? What is the breakup of the market based on the end user industry? What are the various stages in the value chain of the industry? What are the key driving factors and challenges in the industry? What is the structure of the global extended reality (XR) market and who are the key players? What is the degree of competition in the industry?
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