Extended Reality Market is anticipated to grow at a CAGRof ~66% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Extended Reality Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Global Extended Reality Market accountedto be~US$31.5 billion in2019. The market is anticipated to grow at a CAGRof ~66% from 2020 to 2030.
The growth of the extended realitymarket can be attributed to several factors, which haveled toits wide-scale adoption.Continuous advancements in technology,expansion of the gaming industry, and increasing adoption of augmented & virtual reality solutions in education and rising investments in AR &VR, among others, are anticipated to further contribute to the growth of the market during the forecast period.However,technological complexities in the implementation process coupled with cost and slow growth in underdeveloped economies are likely to restrain growth of the market to a certain extent.
To obtain better insights intothe market scenario, prominent players are increasingly focusing on collaborative initiativeswith several institutes, research centers, and companies. For instance, in June 2019, Qualcomm Technologies, Inc., made a joint demonstration with ZTE,on 5G-powered cloud gaming on a live 5G network. The demonstration utilized the cloud gaming solutions from Tencent Instant Play on 5G smart phones of OnePlus, Vivo, Xiaomi and ZTE. The demonstration was aimed to establish that console-quality mobile gaming experiences are achievable over live 5G networks and showed the immense growth opportunity for cloud-gaming ecosystem.
Technological advancements in XR technologiessuch as augmented & virtual reality solutions is expected to attract significantrevenue in the extended reality marketglobally. For instance, in Sept 2019, Qualcomm Technologies launched the Qualcomm XR enterprise program to accelerate innovation in extended reality (XR). This programs aims to bring XR technologies based on Qualcomm Snapdragon XR Platforms together with enterprise solution providers,to collaborate, innovate and enhance the adoption of AR and VR acrossvarious industries. Few of these industries include manufacturing, energy, healthcare, aerospace, education, insurance, and retail, among others.
Browse key industry insights spread across 185 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/extended-reality-market/132
Moreover, increasing use of XR technologies for educational purposes is in turn expected to propel the growth of the Advanced XR technologiesmarket. With features such as voice activation and sophisticated visual display walls, XR technologies, offers detailed learning experiences by extending the learning environment. For instance, by using XR as an educational tool, medical students can look inside the human body to study physiological processes with no real-world consequences.
However, complexities in the implementation process in terms of technology as well as costarefew of the major factorswhich are anticipated to hamper the prosperous growthof themarket. Customers are fascinated by the latest technologies, but hesitate to invest in AR/VR hardware owing to its high cost.
Asia Pacific is the fastest-growing market for extended reality and is anticipated tocontributesignificantlyto the global market share. The growth inthis region can be attributed to the rise in adoption of latest technologies and increasingareas of application of extended reality among diverseindustries. Countries in the APAC region, including India, China, and Japan, are anticipated to provide significant growth opportunities for the global extended reality market.
Some of theprominent players in the extended reality market includeQualcomm Technologies, Inc., HP Reveal, Accenture, Dassault Systèmes Solid Works Corporation, Agile Lens, LLC, Tata Elxsi Limited, Northern Digital Inc., SoftServe, AugRay, and Mirari LLC, among others.
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