Extended Reality Market Size to Reach $161.5 Billion at a CAGR of 30.1% by 2028
Extended Reality Market is projected to reach a value of USD 161.5 Billion by 2028 at a CAGR of 30.1% over the forecast period.
The Global Extended Reality Market is valued at USD 33.3 Billion in 2021 and is projected to reach a value of USD 161.5 Billion by 2028 at a CAGR of 30.1% over the forecast period.
The extended reality (XR) market is a rapidly growing industry that includes virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies. XR transforms how people interact with digital content by immersing them in fully digital or blended real and virtual environments. This market is expected to grow rapidly in the coming years due to technological advancements and increasing demand for immersive experiences in various industries.
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The gaming and entertainment industry is the largest segment of the XR market, followed by the healthcare and education industries. In the gaming and entertainment industry, XR provides immersive gaming experiences and creates virtual environments for users. In the healthcare industry, XR is used for training, education, and therapy; in the education industry, XR is used to create immersive learning environments for students. In the retail industry, XR provides customers with virtual try-on experiences and improves the shopping experience.
Top Companies in Extended Reality Market
- Accenture PLC (Ireland)
- Unity Technologies (U.S.)
- Adobe Inc. (U.S.)
- Qualcomm Incorporated (U.S.)
- Alphabet Inc. (U.S.)
- Sony Corporation (Japan)
- Facebook Inc. (U.S.)
- SoftServe Inc. (U.S.)
- Northern Digital Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Tata Elxsi (India)
Extended Reality Market Dynamics:
Extended Reality Market is the term combining augmented reality (AR) and virtual reality (VR) technologies. Sometimes, the abbreviation "XR" can refer to these technologies. These technologies simulate or create a mirror world with a "digital world" to interact with. The global Extended Reality Market is expected to flourish during the forecast period due to rising demand from the educational sector and industrial training, increasing demand for Extended Reality Market devices and technology, and rising adoption within the entertainment and gaming industry. Additionally, these devices are being adopted widely due to their cost-effectiveness.
Adopting Extended Reality Market within the healthcare sector is expected to sustainably propel the market’s growth. Medical practitioners promise a healthier future by integrating these devices as they offer a reduced cost of treatment solutions and improved outcomes for individuals without the actual treatment. Surgeons can explore the target organ by picturing subtleties of the patient's body before initiating any medical procedure. This makes the upcoming procedure a completely risk-free endeavor. A risk-free approach is expected to contribute to the rising adoptive rate of XR devices during the forecast period.
Overview of Extended Reality
Extended reality (XR) refers to a spectrum of immersive technologies that include virtual reality (VR), augmented reality (AR), and mixed reality (MR). These technologies create an interactive experience that blurs the line between the physical and virtual world.
Virtual reality (VR) technology provides a completely simulated digital environment that immerses users in a fully digital world. Augmented reality (AR) technology overlays digital information onto the real world, enhancing the user's perception and interaction with the physical environment. Mixed reality (MR) technology blends the digital and physical world, allowing users to interact with digital objects in a real-world environment.
Extended reality has applications in various industries, including gaming, entertainment, education, healthcare, and manufacturing. It can be used for training, simulation, visualization, and collaboration, among other things.
The use of XR is growing rapidly, driven by advancements in technology, the increasing availability of affordable hardware, and the demand for immersive experiences in various industries. The XR market is expected to continue to grow in the coming years, as more industries adopt these technologies and as they become more accessible and affordable to consumers.
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Extended Reality Market Challenges
Cost: XR hardware and software costs can be prohibitive for some users, particularly for smaller businesses and consumers. This limits the market size and adoption of these technologies.
Content creation: Creating compelling XR content can be difficult and time-consuming, and requires a high level of expertise. This can limit the availability of quality XR content and slow the adoption of these technologies.
Technical limitations: XR technologies are still in the early stages of development and face technical limitations such as low resolution, limited field of view, and battery life. These limitations can impact the quality of the user experience and limit the adoption of these technologies.
Safety concerns: XR technologies can cause motion sickness, eye strain, and other health issues. These safety concerns must be addressed to ensure the long-term viability of the XR market.
Standards and interoperability: The lack of standardization and interoperability among XR hardware and software can make it difficult for users to switch between different devices and platforms, limiting the overall market size.
Privacy concerns: The use of XR technologies raises privacy concerns, particularly around user data collection and use. Clear regulations and guidelines must be established to address these concerns and ensure user trust.
- November 2021: Immersivecast announced they would launch the XR Metaverse Workspace. This product launch is a service environment expected to enable multi-dimensional Web 3.0 to further integrate NFT, AR, and VR processes. This will streamline the creation of content for many end users. This product unveiling is expected to create a first-ever 5G network slicing test with Deutsche Telekom, Samsung, and Ericsson.
- September 2021: Facebook Inc. said they would be investing USD 50 million to engage with organizations to build metaverse sustainably. Facebook announced that they had invested significantly in an augmented reality environment wherein people can interact with various gadgets. The new XR programs and Research Fund is expected to spend internationally over two-plus years to ensure the Metaverse technology is being implemented inclusively.
- December 2021: HTX Labs, a leader in providing immersive learning solutions, announced that they received a reward for a new Small Business Innovations Research (SBIR) phase II contract from the US Air Force's 821 Contingency Response Squadron (CRS). The SBIR contract expands the company's EMPACT immersive training platform for better development, creation, and deployment of immersive environments. This development is expected to improve CRS mobility on a global scale.
- December 2021: Oppo announced they were unveiling the Air Glass, an AR glass featuring a Cicada Wing Design and an internally developed Spark Micro Projector. These Air Glasses offer diffraction and waveguide displays that can support various functionality through inputs such as touch, voice, head tracking, and gestures. Oppo has announced that integrating glasses with the rest of its ecosystem will enable a seamless experience for its consumers.
Extended Reality Market Regional Analysis
The Extended Reality Market in North America is expected to occupy the largest market share during the forecast period owing to many prominent players such as Microsoft, Facebook, Qualcomm Incorporated, Unity Technologies, Adobe Inc., and Alphabet Inc, among others. The United States has spearheaded the development of AR, VR, and MR technology development during the development phase. Higher demand for such products from the region can be attributed to growing technological exposure to consumers and increasing accessibility and availability of these devices at an effective price.
Europe is expected to grow with the fastest-growing CAGR during the forecast period owing to rising technological adoption in the region. Additionally, increasing the adoption of AR and VR training and simulations in the manufacturing sector will prove fruitful for the Extended Reality Market during the forecast period.
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