The global extended reality market is expected to grow at a steady CAGR in the forecast period, 2023-2027. High-end investments in R&D activities, increasing adoption of cloud platforms by enterprises, and the advent of smart eyewear technology and lightweight hardware are the primary factors driving the demand for the global extended reality market in the next five years.
Extended reality is a type of immersive technology that includes the application of virtual reality, augmented reality, mixed reality, and other future realities that may be discovered in the future. It combines 5G technology, edge cloud processing technologies, on-device processing capability to provide enriching photorealistic visuals and enhanced digital experiences to users. The combination of augmented reality and virtual reality technology enables the users to interact with digitalized content using headsets effectively.
The Advent of Smart Eyewear Technology Drives the Market Growth
Earlier, hardware components used in extended reality were bulky and less ergonomic. Market players were investing in R&D activities to make the AR & VR components light in weight, compact and enhanced mobility flexibility. Headsets and controllers are becoming more compact with time to integrate them with mobile devices easily. Market players introduce wireless headsets for longer battery lives and higher aesthetic appeal. AR & VR hardware components are designed keeping in mind end-users' comfort and requirements. Intense competition among the market players fuels the adoption of cutting-edge technology to launch compact devices. Smart eyewear offers a high-quality visual display and efficiently utilizes power. The proliferation of IoT-based devices and advancements in virtual reality technology and hardware is playing a major role in developing smart eyewear technology.
Rise in Applications of Virtual Reality Technology Boosts the market growth
Virtual reality technology creates a computer-generated environment making the user experience and interact with immersive surroundings. It simulates multiple senses of the user, such as vision, hearing, touch, and smell, which enriches the experience for users. The gaming industry is rapidly adopting virtual reality technology to revolutionize the gaming interface for gamers. The new gaming generation is a promising sector as it offers players an immersive gaming environment that takes the gaming experience to a higher level. With the help of virtual reality technology, digital images can be projected, which creates a 3-D view of players. Educational institutes and centers are using virtual reality to improve the standard of training. In the Aerospace and defense sector, virtual reality aids in enhancing the user experience, especially for simulation and training purposes. Learning in a simulated environment increases user knowledge retention and ensures accurate transfer of skills to users. The growing applications of virtual reality technology and high-end investments for R&D activities to find innovative virtual reality applications are expected to accelerate the global extended reality market growth.
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Market Segmentation
The global extended reality market is segmented based on component, type, delivery model, end user, application, company, and regional distribution. Based on the component, the market is divided into hardware and software and services. Based on the type, the market is divided into mobile XR and PC-tethered XR. Based on the delivery model, the market is divided into consumer-based and business-based. Based on the end user, the market is divided into healthcare, media and entertainment, manufacturing and industrial, retail and e-commerce, transportation, and others. Based on the application, the market is divided into virtual reality, augmented reality, and mixed reality.
Market Players
Qualcomm Technologies Inc., Accenture PLC, Northern Digital Inc., Softserve Inc., SphereGen Technologies, Gofind Inc., Dassault Systems SolidWorks Corporation, Agile Lens, Tata Exlsi, Medtronic Inc. are the market players operating in the global extended reality market.
| Attribute | Details |
| Base Year | 2021 |
| Historic Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | Component Type Delivery Model End User Application |
| Regional scope | North America; Asia Pacific; Europe; South America; Middle East & Africa |
| Country scope | United States; Canada; Mexico; China; India; Japan; South Korea; Australia; Singapore; Malaysia; Germany; United Kingdom; France; Italy; Spain; Poland; Denmark; Brazil; Argentina; Colombia; Poland; Denmark; Saudi Arabia; South Africa; UAE; Iraq; Turkey |
| Key companies profiled | Qualcomm Technologies Inc., Accenture PLC, Northern Digital Inc., Softserve Inc., SphereGen Technologies, Gofind Inc., Dassault Systems SolidWorks Corporation, Agile Lens, Tata Exlsi, Medtronic Inc. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
