WASHINGTON, Feb. 21, 2023 (GLOBE NEWSWIRE) -- 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 (Compound Annual Growth Rate) of 30.1% over the forecast period 2022-2028.
Market Overview
The increase in smartphone and mobile game usage worldwide is one of the major drivers of expanding the Extended Reality market. The Extended Reality market is growing as a result of the broad use of XR across a variety of business sectors and the integration of smartphones, AR glasses, and mobile VR headsets into a single XR wearable that has the potential to replace all other screens.
We forecast that the hardware category in Extended Reality market sales will account for more than 53% of total sales by 2028. The Extended Reality market offers a variety of hardware items, such as VR headsets and electronic sensor gloves, that give the intended user a VR experience.
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Market Dynamics
Expanded Reality Adoption Across the Supply Chain will Increase to Support Market Expansion
Rising applications in the supply chain industry, such as supply chain management, product development, prototyping, and quality control in the automotive industry, will drive market growth. The three key use cases are virtual prototypes, immersive showrooming, and augmented training. Engineers and manufacturing firms may employ virtual reality-based prototypes to simulate vehicle parts' volume, size, and distance. In a virtual setting where defects and conception errors may be easily seen, they can better see all the essential components. As a result, it is projected that the Extended Reality market will rise due to the increased use of XR in the automotive sector.
Increased Investment in the Extended Reality Industry to Drive the Market Growth
The market's increasing investment rate is a significant driver throughout the predicted period. Users of the XR platform risk having a hallucinogenic experience. It transports users to a completely different digital environment. The investment is increasing because of its enormous potential. The industries of education, retail, tourism, gaming, and healthcare are market innovators.
Furthermore, head pose monitoring technology is in high demand. The market for Extended Reality is increasingly in demand thanks to these technologies. Additionally, eye-tracking cameras and sensors are some of their innovations that are highly sought-after in the market. The Extended Reality (XR) market is therefore driven by rising investment in technology.
Top Players in the Global Extended Reality Market
- Accenture PLC (Ireland)
- Qualcomm Incorporated (United States)
- Unity Technologies (United States)
- Adobe Inc. (United States)
- Alphabet Inc. (United States)
- SoftServe Inc. (United States)
- Northern Digital Inc. (Canada)
- Sony Corporation (Japan)
- Facebook Inc. (United States)
- Microsoft Corporation (United States)
- Tata Elxsi (India)
- Semcon (Sweden)
- HTC Corporation (Taiwan)
For Additional Information on Extended Reality Market Players and Detail List, Download a Report PDF Brochure
Top Trends in the Global Extended Reality Market
- One trend that Vantage Market Research (VMR) expects to see in the Extended Reality industry is the advancement of 5G technology. In both business and personal situations, Extended Reality technologies are increasing. It is believed that the development of 5G technology would address these problems by making it possible to deploy processing power effectively. To bring 5G to every corner of the globe, enormous sums of money have been invested.
- Another trend that VMR predicts will continue in the Extended Reality industry is its increased adoption in the healthcare sector. The use of Extended Reality in the healthcare industry creates new options for doctors and has promise for the future, particularly for contemporary healthcare institutions. Extended Reality technology in the healthcare industry is lowering costs and improving patient outcomes without endangering patients' lives.
Top Report Findings
- Based on Technologies, the VR technology category controls most of the Extended Reality market's revenue. The essential component of virtual reality technology is using computers to create a simulated environment. Contrary to traditional user interfaces, virtual reality immerses the user in an experience, allowing them to interact with a 3D world rather than simply viewing a monitor. This fosters the segment's growth.
- Based on the Offerings, most of the Extended Reality market's revenue is controlled by the hardware category. The increasing use of smart devices and falling prices for parts like sensors, screens, cameras, and position trackers are responsible for this.
- Based on Device Types, most of the Extended Reality market's revenue is controlled by the VR devices category. The customer response to these displays, made by manufacturers like Sony, Oculus, HTC, Samsung, and Google, has been overwhelmingly positive. The main uses of HMD are for entertainment and gaming. Due to their increasing use in consumer applications, gesture-tracking tools have become an essential component of VR gear.
- Based on Applications, most of the Extended Reality market's revenue is controlled by the consumer category. The gaming and entertainment apps that use AR technology to produce 3D visual objects in the real world fall within the consumer segment of the market. AR technology is increasingly used in consumer applications due to the booming gaming, sports, and entertainment industries.
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Recent Developments in the Global Extended Reality Market
- 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 that will 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 it 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.
VR Devises Category in Extended Reality Market to Generate a Major Chunk in Terms of Revenue
Vantage Market Research has analyzed the market for Extended Reality to understand its current state and potential future growth factors. For better understanding, based on the device type, the Extended Reality market is divided into AR devices, VR devices, and MR devices.
During the forecast period, the market for Extended Reality is anticipated to experience the highest CAGR for the VR devices category. This results from customers and end-user enterprises using VR gear, such as virtual reality headsets, screens, and hand-tracking gadgets.
On the other hand, the AR devices category is anticipated to grow significantly. The significant demand for AR hardware and software in the e-commerce, retail, and healthcare sectors brought this on. Additionally, increasing expenditures in AR around the globe and increasing consumer demand for technology contribute to the category's expansion.
North America Region in Extended Reality Market to Generate the Most in Terms of Revenue
North America dominates the market throughout the projection period. The North American region has been a market leader in the early adoption of cutting-edge immersive technologies, including augmented reality, virtual reality, and mixed reality.
Browse Market Data Tables and Figures spread through 142 Pages and in-depth TOC on Extended Reality Market Forecast Report (2022-2028).
Global Extended Reality Market Segmentation
By Technologies
- AR Technology
- VR Technology
- MR Technology
By Offerings
- Hardware
- Software
By Device Types
- AR Devices
- VR Devices
- MR Devices
By Applications
- Consumer
- Commercial
- Enterprises (Manufacturing)
- Healthcare
- Aerospace & Defense
- Energy
- Automotive
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 33.3 Billion |
| Revenue Forecast by 2028 | USD 161.5 Billion |
| CAGR | 30.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Accenture PLC, Qualcomm Incorporated, Unity Technologies, Adobe Inc., Alphabet Inc., SoftServe Inc., Northern Digital Inc., Sony Corporation, Facebook Inc., Microsoft Corporation, Tata Elxsi, Semcon, HTC Corporation |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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