Extended Reality Market – The New Era of Technology!

Posted by Devanshu Shrivastava on November 26th, 2020

The growing penetration of the internet and the increasing usage of connected devices and smartphones are the prominent factors fueling the adoption of extended reality in various applications. The rising utilization of AR applications on smartphones is further pushing up the popularity of extended reality. The GSM Association published a report in March 2020, which said that there were as many as 5.2 billion users of mobile phones in December 2019, which constituted around 67% of the worldwide population.

Furthermore, as per the organization, the total number of mobile phone users in the world will rise to 5.8 billion in 2025, which would account for nearly 70% of the global population in that year. With the ballooning number of smartphone users, many major XR developing companies are increasingly announcing collaborations and partnerships with each other for making the XR technology available and accessible to several users in various industries such as education, retail, and hospitality.

For example, Qualcomm Incorporated and Accenture plc collaborated with InterContinental Hotels Group in January 2020 for pilot running a solution that utilizes VR and AR to enhance the experience of event planning. The XR Event Planner solution, developed by Accenture plc, places hotel staff, buyers, and event planners on a common virtual renovation platform or event space, which allows them to remotely envision and configure the complete layout in real time.

Because of the aforementioned factors, the adoption of XR would grow enormously in the coming years, which would, in turn, cause the expansion of the global extended reality market. As a result, the value of the market would rise from 18.6 billion dollar to 1,005.9 billion dollar from 2019 to 2030. Furthermore, according to the forecast of P&S Intelligence, a market research company based in India, the market would progress at a CAGR of 48.3% between 2020 and 2030.

Hence, it can be said without any hesitation that the demand for extended reality technology would rise considerably across the world in the upcoming years, primarily because of the rising requirement for immersive technologies in media and entertainment and gaming applications and the growing usage of AR/VR solutions in connected devices and smartphones.