Extended Reality Market Research Report- Forecast till 2025
Extended reality (XR) is a term encompassing technologies of augmented reality (AR), virtual reality (VR), and mixed reality (MR). It can blend the virtual reality into the real world and provide immersive experiences to the user. The global extended reality market report by Market Research Future (MRFR) provides invaluable insights on user interfaces, developments in immersive environments, and headsets as well as new opportunities and niche trends for the period of 2019 to 2025 (forecast period). The sudden COVID-19 outbreak and its impact on the industry as well as its functions have been explored in high detail.
The global extended reality market is expected to reach USD 393 billion by 2025 with a CAGR of 69.4% during the forecast period. It was valued at USD 27 billion in 2018.
Major factors driving market growth are investments in AR and VR, demand in enhanced customer experience, technological advances in motion tracking, head-pose tracking, and display, and emergence of new communication networking technologies such as 5G. Collaborative learning experiences and team-driven courses for endowing knowledge on latest upgrades on machinery, technology, and processes in industries of manufacturing, construction, and automotive can bode well for the market.
But the lack of connected infrastructure, thermal inefficiency of headsets, and interoperability concerns of the software on all headsets are factors hindering market growth.
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The global extended reality market has been segmented by type, component, delivery model, and end user.
By component, the global extended reality market has been bifurcated into hardware, solutions, and services. Furthermore, by hardware, the market has been sub-divided into cameras, sensors, transducers, and speakers. By services, the market is sub-segmented into professional services and managed services. The hardware sub-segment is expected to gain the maximum share of the market owing to rapidly falling prices of sensors and cameras. But the services segment is likely to showcase the highest growth rate during the assessment period owing to the tools used by XR solution providers to be elemental in training and providing access to data for higher learning.
Based on type, the XR market is categorized into mobile XR and PC-tethered XR. The former is expected to display a stellar growth rate during the forecast period owing to the procurement of portable devices. On the other hand, the PC-tethered XR segment is estimated to dominate the market due to the use of cloud services.
By delivery model, the market has been segmented into business-based and consumer-based.
Furthermore, based on end-user, the global XR market caters to transportation, healthcare, media and entertainment, retail and e-commerce, manufacturing and industrial, and others. The retail and e-commerce segment is likely to generate huge revenues for the global extended reality market owing to the technology tracking customer eye directional movements and catering to their demands.
The global extended reality Market has been categorized on the basis of geography into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America.
North America accounted for the largest market share in 2018 and expects to dominate the global XR market during the forecast period. The market growth can be attributed to the enhancement in augment reality (AR) and virtual reality (VR) and increased investments by tech giants such as Qualcomm Incorporated, Microsoft Corporation, and Google in headsets and AR/VR sensors.
On the other hand, the APAC is anticipated to be the fastest-growing in the global XR market during the assessment period. The market growth can be attributed to a surge in the number of vendors offering training services related to AR and VR applications. Investments in entertainment parks, healthcare sector, and ecommerce can bode well for the market. Rising adoption of internet of things (IoT) is expected to be a plus for the market.
Agile Lens, Accenture, Medtronic, VRee, Semcon, Dassault Systèmes SolidWorks Corporation, AugRay, SphereGen, Mirari LLC, Tata Exlsi, Northern Digital Inc., Talespin, Gofind Inc., HP Reveal, Softserve, and Qualcomm Incorporated are key players of the global extended reality market.
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Extended Reality (XR) Market Research Report: By Component (Hardware [Sensors, Cameras, Transducers and Speakers], Software and Services [Professional Services Managed Services]), Type (Mobile XR and PC-tethered XR), Delivery Model (Consumer-Based and Business-Based), End User (Healthcare, Media and Entertainment, Manufacturing and Industrial, Retail and E-Commerce, Transportation and others) – Forecast till 2025
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