Extended Reality (XR) Market to reach USD 457.06 Billion, with a 58.2% CAGR by 2030
The extended reality (XR) industry is projected to grow from USD 18.4 Billion in 2022 to USD 457.06 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 58.2% during the forecast period (2022 - 2030).
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Extended Reality (XR) Market Overview
The global Extended Reality (XR) Market is garnering significant traction. Growing demand for innovative standalone headsets and smart glasses to provide real-time information, schematics, and related visuals benefits the market growth. The extended reality (XR) industry is projected to grow from USD 18.4 Billion in 2022 to USD 457.06 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 58.2% during the forecast period (2022 - 2030).Besides, extensive uses of VR remote platforms for sales meetings, schools, and universities allow the market to create substantial revenues.
With the rising usages of XR hardware, software, and services in manufacturing industrial industries, the XR market value is expected to reach significant heights during the next few years. According to Market Research Future (MRFR), the global extended reality market is estimated to perceive significant revenues gains by 2030, growing at a colossal CAGR during the assessment period (2022-2030).
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Based on the search results, the latest trends in Extended Reality (XR) include:
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Immersive Technologies: Extended Reality (XR) is an umbrella term for immersive technologies such as virtual reality, augmented reality, and mixed reality. The technology is being used in a variety of fields like gaming, education, healthcare, and more.
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Collaborative 3D worlds: XR technology is rapidly advancing in the area of collaborative 3D worlds, creating virtual environments where people can interact and collaborate in real-time.
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5G Streaming: The advent of 5G networks has enabled faster and more reliable streaming of XR content, improving the user experience significantly.
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New Headsets: Major companies in the AR/VR industry, including Facebook and Apple, are releasing new AR/VR headsets that take advantage of advancements in display technology and user interaction.
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Technological advancements in immersive technologies: Continuous technological advancements in immersive technologies like XR and Metaverse are blurring the lines between virtual and real-world experiences.
Overall, XR technology appears to be progressing rapidly and the technology is finding a wide range of applications.
Extended Reality (XR) is the umbrella term that covers virtual reality (VR), augmented reality (AR), mixed reality (MR), and other immersive technologies. It is a broad classification of technologies that enable a user to engage in an 3-dimensional electronically created virtual environment. XR technologies are used to create artificial environments that can simulate physical presence in the real world, allow for interaction with virtual objects, provide a sense of immersion, and support interaction between the user and the environment. XR technologies are used in a wide range of applications, including entertainment, gaming, education, training, and medical research.
Extended Reality (XR) is important because it provides a unique way to interact with digital content in an immersive and engaging way. XR technology provides a more realistic, 3D experience that is more engaging than traditional media, allowing users to gain an increased field of view, read text, and see the intricate details using 3D imagery. XR technology has also been used to create realistic hard and soft skills practice, allowing learners to develop their skills more effectively. Additionally, XR technology offers improved learning, effective training and development, better customer experience, enabling remote work, and enhanced customer engagement.
The latest trends in Extended Reality (XR) include the mass adoption of XR, better headsets all-around, increased mobility and connectivity, and the use of XR for training without risk. Additionally, XR technology is being used in increasingly creative ways, such as for mental health diagnosis and treatment, immersive entertainment experiences, virtual tourism, and more. As the technology continues to evolve, new applications and use cases are being developed, and new trends are emerging.
Additionally, the increasing demand for XR technology from the retail, e-commerce, and transportation sectors accelerates the market shares. Also, the rising uptake of XR technology in the healthcare and media entertainment industries allows the market to create a substantial revenue pocket. Increasing investments in AR and VR developments that can improve customer experience foster market growth.
Conversely, the lack of highly connected infrastructure, interoperability issues of immersive 3D graphics, and power thermal efficiency of standalone headsets are major factors expected to impede the market growth. However, advances in display motion tracking technologies and the advent of 5G technology would support the market growth throughout the anticipated period.
Global Extended Reality Market – Segments
The report is segmented into types, components, delivery models, end-users, and regions. The type segment is sub-segmented into mobile XR and PC-tethered XR. The component segment is sub-segmented into hardware, software, and services. The hardware segment is further bifurcated into sensors, cameras, transducers, speakers, and others.
The service segment is further bifurcated into professional services managed services. The delivery models segment is sub-segmented into consumer-based and business-based. The end-users segment is sub-segmented into healthcare, media entertainment, manufacturing industrial, retail e-commerce, transportation, and others.
Extended Reality (XR) Outlook:
- Customer engagement
- Business engagement
Extended Reality (XR) Type Outlook:
- Mobile XR
- PC tethered XR
Extended Reality (XR) Component Outlook:
- Software
- Hardware
- Services
Extended Reality (XR) End User Outlook:
- Healthcare
- Media
- Industrial
- Manufacturing
- Retail and eCommerce
- Transportation
Extended Reality (XR) Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Global Extended Reality (XR) Market – Geographical Analysis
North America leads the global extended reality market. Factors such as advances in augmented reality (AR) and virtual reality (VR) technologies and increasing demand for high-end custom immersive presentations in small medium companies, schools, and universities boost the market demand. Besides, substantial investments made by tech giants such as Qualcomm Incorporated, Microsoft Corporation, and Google act as a key tailwind for the regional market growth.
Global Extended Reality Market – Competitive Landscape
Characterized by the presence of several technology providers, the global XR market appears to be highly competitive. Matured players incorporate collaboration, acquisition, partnership, expansion, and technology launch to gain a competitive advantage and maintain their positions in the market. These players compete based on pricing and reputation.
Major Players
Players leading the global XR market include HP Reveal (US), Qualcomm Incorporated (US), Gofind Inc. (US), Dassault Systèmes SolidWorks Corporation (France), Accenture (Ireland), Agile Lens (US), Tata Exlsi (India), Medtronic (US), AugRay (US), Semcon (Sweden), Softserve (US), Northern Digital Inc. (Canada), Mirari LLC (US), Talespin (US), VRee (The Netherlands), and SphereGen (US), among others.
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Industry/Innovation/ Related News:
Sep. 01, 2021 --- PIXO, a leading provider of extended reality (XR) solutions, announced a strategic partnership with Energy WorldNet, Inc. (EWN), a training and safety solutions company to provide XR solutions to the energy industry. The partnership would enable PIXO to provide VR, AR, and MR technology training solutions to EWN’s global clientele.
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