ID: MRFR/ICT/7080-HCR | February 2021 | Region: Global | 111 pages
Extended Reality (XR) Market Overview:
The Global Extended Reality Market was valued at USD 27 Billion in 2018; it is expected to reach USD 393 Billion by 2025 with a CAGR of 69.4% during the forecast period, 2019–2025.. Connected devices are also increasing the scope for XR. It is a platform that includes immersive technologies. Virtual reality augmented reality, mixed reality is some of the crucial segments in the XR platform. With the higher number of smartphones users. There is much demand for quality video content. The number of video streaming and video content is growing due to the prevalence of smartphones.
People have demand rich visual content. The service providers are implementing XR to provide an exceptional experience for the users. With developing XR platform supportive technologies re are increasing. The XR platform is great potential for service providers. Many industries are using this platform to uplift their services. The adoption of the XR product line is massive globally. Extending reality is changing the experience of immersive observation in virtual environments. As it is an efficient and feasible platform many are adapting to it rapidly. All these factors contribute to high Extended Reality (XR) Market Profit.
Extended Reality (XR) Market Covid Analysis:
The global industries are affected by the covid 19 pandemics. The lockdowns and limitations are the challenges in the market. Also, the delivery, deployment, distribution issues are common problems during this period. In the primary stage, the demand for the XR market declined. However, the demand started to rising some regions. Businesses have become more dependent on AR and VR platforms.
The work from home trend is leading to more exposure for the market. There is demand from various verticals for the market. Most industries prefer video conferencing for business meetings. It is another factor growing the overall extended reality market. The key players are using this situation to their advantage. Further, there are new gen solutions developed through XR technology. It will drive more demand for the market during the forecast period. Also, post covid 19 the growth rate of the market will become steady.
Crucial Market Drivers:
Extended reality is gaining traction in both personal and professional applications. There is a need to enhance user experience in many businesses. It is a crucial demand driving factor for the market. Also, the customer experience is an asset for the service providers. The need for receiving exceptional users experience is a key factor that will enhance the market. Also, it will lead to high Extended Reality (XR) Market Sales in the forecast period. The investment for the XR technology is rising in many regions. Millions of investments are allocated for VR and AR technology.
The rising investment rate for the market is a crucial driver in the forecast period. The XR platform can create a delusional experience for the users. It takes the users to an entirely different digital world. Due to its immense potential, the investment is rising. The education, retail, tourism, gaming and healthcare sectors are inventors for the market. Further, there is a high demand for head pose tracking technology. These technologies increase the demand for the extended reality market. Further, eye-tracking cameras, sensors are some of their technologies in the market having high demand. All these crucial drivers lead to massive developments in the Extended Reality (XR) Industry.
Further, gesture-based computing will open new ways for development. Gesture-based computing is gaining traction in IT and telecommunication networks. XR can assist this form of computing. It is another factor responsible for the high growth of extending reality Extended Reality (XR) Business. The adoption of a 5g network is a crucial opportunity for the business. 5G network will provide exceptional ways to launch more XR technologies and features. All these growth opportunities will raise the profitability of the market.
Also, the lack of user experience and design is responsible for the slow growth rate. These are issues in the extended reality market that can affect the adoption rate in the forecast period. There is more need for product exposure and training in this market. The less effective user experience design can lead to a decline in demand.
The launch of this computing solution can create massive competition for the extended reality market. The edge computing solution provides management benefits to the organisation. Also, it is computing solutions easily integrable will many systems. The functions of this solution can lead to less demand or the XR market.
Due to these crucial drivers, the market will witness high eosin rare in the forecast period the demand will increase due to developments in customer experience measures of industries. Few factors hamper the market growth. The emergence of 5G and advancement in edge computing solutions pose a great challenge. However, the integration of 5G in the XR platform will create more opportunities for the market.
XR has plenty of benefits in the educational sector. Rich visual learning is possible through this technology. Also, students with disabilities can learn effortlessly through extended reality platforms. Further, the growth of XR in the US military is providing more demand for the market. The defence training is effective with the XR technology. All these factors will propel the overall growth of the extended reality market in North America.
Extended Reality (XR) Market Segment Overview:
Extended Reality (XR) Market Competitive Landscape:
The extended reality market is facing moderate competition. There are few players in the market expanding their services globally. The advancement in immersive technology is increasing the number of new players in the market. The key players are enhancing their services and expanding their business operations. Market acquisitions and developments are key strategies of the market.
Extended Reality (XR) Market Regional Analysis:
The extended reality market is fragmented into North America, Europe and Asia pacific. North America is accountable for maximum market revenue. There are plenty of drivers for this market in North America.
High investment rates and powerful key players are key reasons for high demand. The Asia Pacific is the region with the fastest growth. The advancement of technology is the key driver for market growth. Favourable initiatives by the government are raising the demand in this region. Japan is launching 5 G services that result in high XR market demand. Europe is facing moderate demand due to arguments and virtual reality platforms.
The key players of the XR market are
The key players of the market are launching extended reality devices in the healthcare sector. It offers support for minimally invasive heart procedures and clinical support.
The rise in production of lens, glass and hospital equipment is increased by the key players.
Frequently Asked Questions (FAQ) :
The modernization in head-pose tracking and amplified investment in AR and VR technology are anticipated to boost the market to a great extent in the coming years.
The companies that are expected to shape the market are Qualcomm Incorporated (US), HP Reveal (US), Gofind Inc. (US), Accenture (Ireland), Dassault Systèmes SolidWorks Corporation (France), Agile Lens (US), Semcon (Sweden) and Tata Exlsi (India) to name a few.
The market in the North American region is expected to be well placed to harvest the growth of the extended reality (XR) market in the future.
The market is expected to record an income level touching USD 393 Billion by 2025 with a CAGR of 69.4% in the forecast period.
The media and entertainment segment is anticipated to boost the expansion of the extended reality (XR) market in the approaching period.