Hyderabad, July 04, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Extended Reality (XR) Market Report (2023-2028)," the market is estimated at USD 105.58 billion in 2023. It is expected to register a CAGR of 34.93% during the forecast period.
Extended reality (XR) is an umbrella word for immersive technologies, such as augmented reality, virtual reality, and mixed reality, along with other future realities that these technologies are expected to bring. An intensified demand for better visual information drives the market. Improvements in smart devices and miniaturization trends are expected to boost the XR industry further.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 105.58 billion |
| Market Size (2028) | USD 472.39 billion |
| CAGR (2023-2028) | 34.93% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing popularity of live virtual entertainment. |
| Miniaturization trend and improvements in smart devices. |
Who are the Top Companies in the Extended Reality (XR) Market?
The global extended reality market is highly fragmented. Companies rely on partnerships, innovations, investments, and mergers and acquisitions to augment their product offerings and obtain sustainable competitive advantage.
The significant players holding the global XR market size are:
- Qualcomm Technologies Inc.
- Accenture PLC
- SoftServe Inc.
- SphereGen Technologies LLC
- Northern Digital Inc.
- Microsoft Corporation
- Softweb Solutions Inc. (Avnet Inc.)
- Tata Elxsi Limited
- Varjo Technologies Oy
- Talespin Reality Labs Inc.
Other Reports That Might Be of Your Interest:
- Extended Reality Display Market Report - The extended reality display market size is expected to grow from USD 1.31 billion in 2023 to USD 8.76 billion by 2028, at a CAGR of 46.06% during the forecast period (2023-2028).
- Augmented Reality and Mixed Reality Market Report - The augmented reality market is expected to register a CAGR of 41.50 %. In comparison, the Mixed Reality market is expected to register a CAGR of 43.28% over the forecast period.
Key Highlights from the Extended Reality (XR) Market Report:
Media and Entertainment End-user Segment Holds a Significant Market Share
- Media companies have examined XR technology as a new frontier for storytelling and a possible advertising outlet. They have partnered with companies developing virtual reality (VR) headsets and software developers broadcasting VR events, attempting to determine how to build the best VR content. Furthermore, some firms are also beginning to invest in VR companies.
- Factors such as the availability of capable hardware at an affordable price, 5G implementations and adoption, and technology maturity aid the demand for extended reality in media and entertainment. The development of time-critical communications over 5G networks has made it possible to offload sections of the XR processing and functionality to the edge cloud, consequently enhancing user experience with lightweight and cost-efficient head-mounted displays (HMDs).
North America Owns Significant Market Share
- The United States has been the most crucial market for highly innovative augmented reality (AR), Virtual Reality (VR), and mixed reality (MR). Owing to high technology exposure, most companies advancing this technology are based in the United States.
- Telecom companies based in the region are constantly making efforts to attract customers to use their 5G networks. Regional vendors are investing and innovating software and platforms for the development of AR applications by leveraging the upcoming 5G technology.
What are the Latest Developments in the Extended Reality (XR) Market?
- In November 2022, Varjo launched a ready-to-use enterprise Software-as-a-Service (SaaS) for Unreal Engine and Unity projects. It enables real-time VR/XR cloud streaming capabilities to the supported devices anywhere, at any time.
- In October 2022, Talespin announced new funding from the WestRiverGroup. The contract includes Talespin's strategic acquisition of the 'Pioneer Adaptive Learning Platform' and the inclusion of new employees and advisors from Singularity.
Mordor Intelligence has Segmented the Extended Reality (XR) Market Based on Solution, Application, End-user Industry, and Geography:
- By Solution (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Consumer Engagement
- Business Engagement
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Virtual Reality (VR)
- Augmented Reality (AR)
- Mixed Reality (MR)
- By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Education
- Retail
- Industrial and Manufacturing
- Healthcare
- Media and Entertainment
- Other End-user Industries
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- Europe
- Asia-Pacific
- Rest of the World
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Extended Reality (XR) Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Virtual Reality Market in Education Market Report - The Virtual Reality (VR) market in education is expected to register a CAGR of 42.5% over the next five years.
- Immersive Virtual Reality Market Report – The Immersive Virtual Reality market is expected to register a CAGR of 21.5% over the forecast period.
- Virtual Reality in Gaming Market Report - The Virtual Reality (VR) in the gaming market is expected to witness a CAGR of 32.75% over the forecast period.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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