Advancement in head-pose tracking, increased investment in AR and VR technology, an increase in demand for improving the customer experience, technological advancements in display, motion tracking, and emergence of 5G technology are some of the factors propelling the market growth.
According to MRFR analysis, the XR Market was valued USD 27.0 Billion in 2018 and is expected to reach USD 393 Billion by 2025, at a CAGR of 69.4% during 2019–2025.
Market Drivers and Main Restraints
With the rising integration of XR with the business ecosystem, the former’s applicability across various enterprise verticals is bound to surge in the approaching years. The technology is touted to be a form factor that facilitates all-day use along with a clear ROI because of its manufacturing efficiency. The high convergence of mobile VR headset, AR glasses and smartphone into a single XR wearable is expected to replace every other type of screen, be it smartphones or smart TV screens. Therefore, it makes sense to assume that XR can turn into one of the most disruptive and ubiquitous computing platforms in the world.
Extended Reality or XR is the combination of augmented reality (MR), virtual reality (VR), mixed reality (MR), as well as other technologies that blend the real and virtual world to give rise to an immersive experience. XR not only connects but also engages customers at a deeper level. The emergence of extended reality has revamped how a person experiences the virtual and physical environments, moving from mere observation to complete immersion.
Established vendors are in the process of designing intriguing XR experiences, leveraging the potential held by the human experience revolution with the use of artificial Intelligence as well as Internet of Things. The mounting demand for immersive technology has resulted in the high application of artificial intelligence (AI), Internet of Things (IoT), and cloud in systems across businesses and more.
By region, the Global Extended Reality (XR) Industry has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America accounted for the largest market in 2018. The region is driven by the US and Canada owing to the early adoption of AR and VR technology and the presence of a number of vendors offering enhanced XR solutions that include Qualcomm, Northern Digital Inc., and Agile Lens.
Europe gained the second spot in the XR market due to the increasing number of startups in the XR technology offer AR/VR headsets and high technical expertise in developing a high-power algorithm.
The extended reality market has been extensively discussed in the MRFR report, with the primary segments identified as type, component, delivery model and end user.
The components analyzed in the report are solutions, services and hardware. The types of hardware available in the market are cameras, sensors, speakers and transducers. The services listed in the report are professional services as well as managed services.
The market segments, depending on the type, are mobile XR and PC-tethered XR.
The delivery model-based segments are consumer-based and business-based.
The prominent end-users in the market are retail and e-commerce, manufacturing and industrial, healthcare, transportation, media and entertainment, and others.
The extended reality (XR) market size is expected to increase on account of the intense efforts being given by leading players like HP Reveal (US), Softserve (US), Northern Digital Inc. (Canada), Accenture (Ireland), Dassault Systèmes SolidWorks Corporation (France), Qualcomm Incorporated (US), Tata Exlsi (India), Medtronic (US), VRee (The Netherlands), Agile Lens (US), Gofind Inc. (US), AugRay (US), Mirari LLC (US), Talespin (US), SphereGen (US), Semcon (Sweden), to mention a few.
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