Extended Reality Market By Existing Services, Growing Demand, Top Industries

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.

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Regional Analysis

Based on the region, the global extended reality market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), the Middle East and Africa, & South America. Of these, North America will lead the market over the forecast period. Increasing investments by technology giants and enhancement in VR and AR are adding to the global extended reality market growth in the region.

The global extended reality market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing adoption of VR and AR technology in media & entertainment and increasing vendors offering VR and AR application training services is adding to the global extended reality market growth in the region.

The global extended reality market in Europe is predicted to have healthy growth over the forecast period. High technical expertise to develop a high power algorithm and a growing number of extended reality technology that offer VR/AR headsets is adding to the global extended reality market growth in the region.

The global extended reality market in MEA and South America is predicted to have sound growth over the forecast period.

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Techfuture Joined: October 1st, 2020