NEW
YORK, June 17, 2024 /PRNewswire/ -- The global
extended reality (XR) market size is estimated to grow by
USD 1.04 trillion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of almost 56.45% during the forecast period.
Rapid improvements in sensor technology is driving market
growth, with a trend towards advent of 5G.
However, infrastructural and integration issues poses a
challenge. Key market players include 3D Systems Corp., ABB Ltd.,
Accenture Plc, Alphabet Inc., Canon Inc., HTC Corp., Intel Corp.,
Lenovo Group Ltd., Magic Leap Inc., Meta Platforms Inc., Microsoft
Corp., NVIDIA Corp., PTC Inc., Qualcomm Inc., Roper Technologies
Inc., Seiko Epson Corp., SoftServe Inc., Sony Group Corp., Tata
Sons Pvt. Ltd., and VertexPlus Technologies Ltd..
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
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Extended Reality
(XR) Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
56.45%
|
Market growth
2024-2028
|
USD 1040.6
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
44.25
|
Regional
analysis
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 40%
|
Key
countries
|
US, China, Germany, UK,
and Japan
|
Key companies
profiled
|
3D Systems Corp., ABB
Ltd., Accenture Plc, Alphabet Inc., Canon Inc., HTC Corp., Intel
Corp., Lenovo Group Ltd., Magic Leap Inc., Meta Platforms Inc.,
Microsoft Corp., NVIDIA Corp., PTC Inc., Qualcomm Inc., Roper
Technologies Inc., Seiko Epson Corp., SoftServe Inc., Sony Group
Corp., Tata Sons Pvt. Ltd., and VertexPlus Technologies
Ltd.
|
Market Driver
The extended reality (XR) market is set to experience
significant growth with the rollout of 5G technology. This
next-generation wireless technology offers high bandwidth and low
latency, enabling real-time, immersive XR experiences. 5G enables
the use of AR in live, outdoor environments and facilitates
cloud-based gaming. Vendors like Qualcomm and Samsung are
partnering with telecom providers to offer affordable 5G
subscriptions. By 2025, global 5G deployment is expected, unlocking
new XR applications in remote collaboration, training, and
education.
The Extended Reality (XR) market is experiencing significant
growth with technologies such as Virtual Reality (VR), Augmented
Reality (AR), and Mixed Reality (MR) gaining traction. According to
recent studies, the global XR market is projected to reach new
heights, with VR devices and simulations becoming increasingly
popular in industries like gaming, healthcare, and training.
The use of XR in education and simulation training is also on
the rise, providing new opportunities for businesses. Furthermore,
the integration of AR in consumer applications, such as shopping
and entertainment, is driving market growth. The future of XR looks
promising, with advancements in technology and increasing adoption
across various sectors.
Research report provides comprehensive data on
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Report
Market Challenges
- The extended reality (XR) market faces challenges due to
unequal geographic penetration. Many countries lack advanced
internet infrastructure, hindering XR adoption. This issue is more
pronounced in the enterprise segment, where strong internet
connectivity is essential. Potential customers are waiting for
improved user experience through better hardware, content, and
infrastructure. The lack of high-speed Internet in several regions
may hinder market growth during the forecast period.
- The Extended Reality (XR) market is experiencing significant
growth, with technologies such as Virtual Reality (VR), Augmented
Reality (AR), and Mixed Reality (MR) gaining traction. However, the
industry faces several challenges. One major challenge is the high
cost of XR hardware and software, limiting its accessibility to
businesses and consumers. Another challenge is the lack of
standardized XR content and platforms, making it difficult for
developers to create and distribute content.
- Additionally, concerns around privacy and security in XR
applications need to be addressed. Furthermore, the integration of
XR technology into existing business processes and workflows
requires careful planning and investment. Lastly, the need for
skilled professionals in XR development and implementation is
increasing, posing a challenge for organizations in terms of talent
acquisition and retention.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
- Application
- Component
- 2.1 Hardware
- 2.2 Software and services
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 VR- XR Market, which includes Virtual
Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), is
experiencing significant growth. Businesses are adopting XR
technologies to enhance customer experiences, improve training
programs, and increase productivity. VR provides immersive
environments, while AR overlays digital information onto the real
world. MR combines elements of both. XR is revolutionizing
industries such as healthcare, education, and manufacturing.
Companies are investing in XR to gain a competitive edge. The
market is expected to continue expanding due to advancements in
technology and increasing demand.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Extended Reality (XR) market encompasses Virtual Reality
(VR), Augmented Reality (AR), and Mixed Reality (MR) technologies.
This sector is experiencing significant growth due to the
increasing demand for immersive experiences in various industries.
In the healthcare sector, XR technology is revolutionizing
contemporary healthcare institutions by enabling doctors and
surgeons to visualize target organs in 3D, enhancing precision and
effectiveness.
In the education sector, XR technology is transforming
industrial training through simulations and games, providing
students with interactive and engaging learning experiences. The
entertainment industry, including online gaming, is also leveraging
5G technology and XR devices to deliver high-definition XR content.
The gaming industry is witnessing a surge in the adoption of XR
technology, offering players a more immersive and interactive
gaming experience. Overall, the XR market is poised for exponential
growth, with applications spanning across multiple industries and
use cases.
Market Research Overview
The Extended Reality (XR) market encompasses immersive
technologies, including Virtual Reality (VR), Augmented Reality
(AR), and Mixed Reality (MR). XR technologies offer transformative
experiences by merging digital information with the physical world.
The global XR market is experiencing significant growth due to
increasing demand for immersive experiences in various sectors such
as education, healthcare, entertainment, and manufacturing.
The use of XR in training and simulation, product design, and
remote collaboration is driving market expansion. Furthermore,
advancements in technology, such as haptic feedback and
eye-tracking, are enhancing user experience and increasing market
potential. The market is expected to continue its upward
trajectory, offering numerous opportunities for businesses and
innovators alike.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Component
-
- Hardware
- Software And Services
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio