Extended Reality Market Outlook
The Extended Reality market is expected to grow US$ 25 Bn by 2021, with a significant growth rate of 30% during the period 2021-2031. Extended reality is an immersive technology that can merge the physical and virtual worlds. Technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR) all come under Extended reality (XR). Owing to significant advantages offered by Extended reality, its demand is expected to increase in the coming period. Extended Reality technologies are largely used in various applications as the demand for penetration of smartphones and connected devices are growing.
What is Driving Demand for Extended Reality?
As the penetration of connected devices and mobility is increasing, the adoption of extended reality technology is largely increased and owing to this the growth can be seen in industries such as gaming, media and entertainment, medical and healthcare, military and aerospace and others. In addition to this, the technology is offering augmented & virtual reality solutions in various industry applications, which is further driving the demand for extended reality technology solutions.
The rising application of Extended reality technologies in healthcare is estimated to improve the costs and outcomes for medical treatments and healthcare trainings. The XR-based applications are playing a crucial role for medical training and simulation, empowering the healthcare professionals to practice with risk-free simulations and diagnostics.
The extended reality solution providers are increasingly offering advanced solutions to help surgeons explore the target organs in 3D models, for efficient surgeries. Such capabilities would drive the demand for extended reality technology in the healthcare sector.
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Interactive Learning to Proliferate Extended Reality
There has been an increase in interactive classes as education gets more global. The demand for more focused education is growing as the talent war is on a rise with increased job specialization. Students are finding the traditional classroom training ineffective, thus the need for interactive classroom sessions is increasing day by day.
Further, Extended reality solutions like virtual reality, augmented reality, and virtual interactivity help in increasing the retention capacity, save money and provide an on-demand experience. XR technology has been increasingly applied in education. Hence the increased adoption of extended reality technologies in the education sector is expected to create more opportunities in the years to come.
North America Demand Outlook for Extended Reality
The demand for extended realityis anticipated to grow at a significant rate in North America owing to increasing penetration of smartphones and connected devices in healthcare, media and entertainment, gaming and other industries. In addition, most of the key players have presence in this region, thus it is another significant factor that North America bagged the largest share in the extended reality market in the year of 2020.
Key factors like an increase in use of smartphones and adoption of AR/VR technology in various applications are driving the growth of extended reality in both US and Canada. During the spread of coronavirus in 2020, the supply chain was impacted and affected extended reality products sales. However, the demand for extended reality solution would recover in the second-half of 2021, when the supply chain becomes steady.
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Europe Demand Outlook for Extended Reality
Europe is expected to mark the fastest growth as compared to other regions, during the period 2021-2031. There are favorable initiatives taken by governments in the region such as investment and funds to benefit extended reality companies, which is further driving the demand for extended reality solutions. The European Commission started their first initiative called “XR4ALL” to strengthen the extended reality technology adoption across the European region. This would benefit XR technology developers, investors, evangelists and end-users in Europe to take advantage of the extended reality breakthroughs. Such initiatives by the European government would drive the demand for extended reality solutions in the coming years.
Who are the Key Vendors of Extended Reality?
Some of the leading vendors of extended reality include
- Oculus VR
- Samsung Electronics
- Seiko Epson
Key players in the market are focusing on expanding and deploying new lineup of extended reality solutions to meet rising demands from various end-user industries. For instance, Microsoft is a leading provider of extended reality solutions. The company’s products are largely used in applications that helps in merging the physical and virtual worlds. The company largely focuses on strategic acquisitions to broaden its product offerings.
An Adaptive Approach to Modern-day Research Needs
Extended Reality Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Virtual Reality
- Augmented Reality
- Mixed Reality
By Organization Size
- Small & Medium-Sized Enterprises
- Large Enterprises
By End-use Industry
- Healthcare & Life Sciences
- Governments & Public Sector
- Consumer Goods & Retail
- Media & Entertainment
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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