Extended Reality Market by Offering (Hardware and Software), Technology (Virtual Reality, Augmented Reality, Mixed Reality), Type (Mobile XR and PC-tethered XR), End-User Application (Consumer, Commercial, Healthcare, Aerospace & Defense, and Automotive) - Analysis & Forecast 2019-2030
Report ID : 132 | Published Date : May 2020 | Pages : 185 | Region : Global | Report Code : ICT-4
Extended Reality Market Overview and Introduction
Extended Reality (XR) Market was estimated at ~US$ 31.5 billion in 2019. The market is anticipated to further grow at a CAGR of ~66 % from 2019 to 2030.
Extended Reality (XR) is an immersive technology that refers to all real & virtual environments combined and human-machine interactions generated using computer technology and wearable’s. Extended Reality (XR) offers highly digital experiences with photorealistic visuals by integrating on-device processing, 5G, and edge cloud processing technologies. XR encapsulates Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), and everything in between.
The global extended reality market is driven by increased technological advancements and investments in AR&VR, expansion of the gaming industry, and rising demand for improved customer experience. Moreover, a rise in the penetration of smartphones & mobile gaming and increased adoption of augmented & virtual reality solutions in education are playing a pivotal role in contributing to the global extended reality market growth. However, the lack of effective user experience designs and slow growth among underdeveloped economies are likely to restrain market growth to a certain extent.
The global extended reality market can be segmented into offering, technology, device type, end-user application, and regions.
Extended Reality Market By Offering
Based on offering, the global extended reality market is segmented into hardware and software. The hardware segment consists of cameras, sensors, speakers, and transducers. The hardware segment is dominating the extended reality market and is expected to witness the highest CAGR during the forecast period owing to declining prices of sensors, advancements in motion-tracking technology and growing curiosity of people toward automation.
Extended Reality Market By Technology
Based on technology, the market is segmented into virtual reality, augmented reality, and mixed reality. The augmented reality segment is dominating the extended reality market and is expected to witness the highest CAGR during the forecast period. The growth of this segment can be attributed to rising demand from retail and healthcare sectors.
Extended Reality Market By Type
Based on type, the market is segmented into mobile XR and PC-tethered XR. The PC-tethered XR segment dominated the extended reality market owing to the availability of seamless cloud-based solutions that can be easily integrated with other hardware modules. However, the mobile XR segment is expected to witness the highest CAGR during the forecast period owing to better accessibility and increasing demand for wearable technology.
Extended Reality Market By End-user Application
Based on the end-user application, the market is segmented into consumer, commercial, healthcare, aerospace & defense, automotive and others. The consumer application segment dominated the extended reality market and is expected to witness the highest CAGR during the forecast period. The use of augmented reality and virtual reality in gaming, sports, and entertainment will significantly support the growth of this segment in the coming years.
Extended Reality Market By Region
Based on the region, the global extended reality market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the extended reality market, followed by Asia Pacific. Technological advancements in virtual reality and augmented reality, an increase in the adoption of extended reality (XR) across different sectors and the presence of several augmented & virtual reality companies are major factors that are anticipated to propel the extended reality market in North America.
Extended Reality Market By Prominent Players
Some of the prominent players in the extended reality market include Qualcomm Technologies, Inc., HP Reveal, Accenture, Dassault Systèmes SolidWorks Corporation, Agile Lens, LLC., TATA ELXSI., Northern Digital Inc., SoftServe, AugRay, and Mirari LLC, among others.