Extended Reality (XR) Market Share Forecast and Latest Innovations

Posted by Sakshi Mishra on May 16th, 2021

Market Analysis

The extended reality market is projected to reach USD 393 billion at a healthy 69.4% CAGR between 2019- 2025, states the new Market Research Future (MRFR) analysis. Extended reality or XR comprises of mixed reality (MR), augmented reality (AR), and virtual reality (VR), and all in between. It has wide applications in transportation, retail and e-commerce, manufacturing and industrial, media and entertainment, healthcare, and others.

Various factors are fuelling the demand for the extended reality market. Such factors, as revealed by the new MRFR analysis, include the increase in work from home jobs during the COVID-19 outbreak resulting in the rising trend for VR/AR products, rising adoption of connected devices, smartphones, and 5G, increasing partnerships and collaborations, growing focus on gesture-based computing, rapid developments in sensor technology, focus on research and development related to sensor technology, and miniaturization of sensors.

On the contrary, interoperability problems of immersive 3D graphics & thermal efficiency of standalone headsets, and lack of highly intense connected infrastructure may limit the global extended reality market growth over the forecast period.

Key Players

The Key Players in Global Extended Reality (XR) Market are identified by MRFR include Talespin (US), SphereGen (US), HP Reveal  (US), Gofind Inc (US), Dassault Systèmes SolidWorks Corporation (France), Northern Digital Inc. (Canada), Accenture (Ireland), Medtronic (US), Softserve (US), AugRay (US), Mirari LLC.,(US), Agile Lens (US), Semcon (Sweden), Tata Exlsi (India), Qualcomm Incorporated (US), and VRee (The Netherlands).

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Market Segmentation

The global extended reality market is bifurcated on the basis of end user, delivery model, component, and type.

By component, the global extended reality market is segmented into services, solutions, and hardware. The hardware segment is again segmented into speakers, transducers, cameras, and sensors. Of these, the hardware segment will lead the market over the forecast period for the advances in motion-tracking technology, and falling prices of sensors.

By services, the global extended reality market is segmented into managed services and professional services. Of these, the managed services segment will dominate the market over the forecast period for the growing demand for technical services.

By type, the global extended reality market is segmented into PC-tethered XR and mobile XR. Of these, the PC-tethered XR segment will have a major share in the market over the forecast period for the accessibility of seamless cloud-based solutions, which can be integrated easily with other hardware modules.

By delivery model, the global extended reality market is segmented into business-based and consumer-based. Of these, the business-based segment will command the largest share in the market over the forecast period for the growing demand for immersive technologies that aid them in increasing employee efficiency and job productivity.

By end user, the global extended reality market is segmented into transportation, retail and e-commerce, manufacturing and industrial, media and entertainment, healthcare, and others. Among these, the media and entertainment segment will command the largest share in the market over the forecast period for the early adoption of VR and AR headsets.

Regional Analysis

By region, the Global Extended Reality (XR) Market 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.

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