Market Highlights
Extended reality (XR) is quickly advancing toward significant enterprises, enhancing human reality extraordinarily. The innovation empowers organizations to accumulate outstanding worth, further developing the client excursion and business and worker execution. XR can assist ventures with making experiential learning laborers’ requirements by joining genuine and virtual conditions and human-machine associations.
Innovation offers exceptionally computerized encounters with photorealistic visuals by incorporating on-gadget handling, 5G, and edge cloud handling advancements. Developing interest for weighty independent headsets and brilliant glasses to give constant data, schematics, and related visuals make significant incomes. Broad employments of VR distant stages for deals gatherings, schools, and colleges permit the market to earn gigantic footing around the world.
Because of the rising utilizations of XR equipment, programming, and administrations in assembling and modern ventures, the extended reality market is collecting critical footing around the world. Also, the rising take-up of XR innovation in the medical care and media and media outlets raises the market interest. With the expanding interest for XR innovation from retail, web based business, and transportation areas, the market deal is projected to speed up further.
In such manner, Market Research Future (MRFR) affirms that the global extended reality (XR) market is relied upon to arrive at outstanding valuation by 2027, developing at an amazing CAGR during the forecast period (2020 – 2027). Expanding AR and VR innovation speculations and the interest for further developed client experience are significant main impetuses behind the market development.
On the other side, absence of profoundly serious associated framework, interoperability issues of vivid 3D designs, and power and warm effectiveness of independent headsets are significant headwinds for the market development. All things considered, propels in show and movement following innovations, close by the approach of 5G innovation, would uphold the market development.
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Segmentation:
The report is segmented into types, components, delivery models, end-users, and regions. The type segment is sub-segmented into mobile XR and PC-tethered XR. The component segment is sub-segmented into hardware, software, and services. The hardware segment is further bifurcated into sensors, cameras, transducers, speakers, and others. The service segment is further bifurcated into professional services managed services.
The delivery models segment is sub-segmented into consumer-based and business-based. The end-users segment is sub-segmented into healthcare, media & entertainment, manufacturing & industrial, retail & e-commerce, transportation, and others.
Global XR Market – Regional Analysis
Globally, North America is the largest market for extended reality. Factors such as advances in augmented reality (AR) and virtual reality (VR) technologies and increasing demand for high-end custom immersive presentations in small & medium companies, schools, and universities boost the market demand. Besides, substantial investments made by tech giants such as Qualcomm Incorporated, Microsoft Corporation, and Google act as a key tailwind for the regional market growth.
Europe is the second-largest extended reality (XR) market witnessing substantial advancements such as the private beta of new remote platforms. Additionally, the proliferation of intelligent connected devices and the burgeoning automotive and IT industry in this region push the growth of the XR market. Furthermore, the well-established infrastructure in the region propels market growth, allowing faster implementation of advanced technologies.
The extended reality (XR) market in the Asia Pacific region is brisk. The market is driven by the surging numbers of technology providers offering training services related to AR and VR applications. Moreover, the increasing adoption of AR-VR technology in the media & entertainment sectors fosters regional market development.
Global Extended Reality (XR) Market – Competitive Analysis
The market appears fiercely competitive, with several key players forming a competitive landscape. These players incorporate strategic approaches, such as mergers & acquisitions, collaboration, expansion, and product/ technology launch to gain sizable market share. They make substantial investments to drive research & development activities and expansion plans. XR companies strive to transform the future business landscape, expanding their existing portfolio and global footprints.
Major Players
Players leading the global extended reality market include HP Reveal (US), Gofind Inc. (US), Qualcomm Incorporated (US), Dassault Systèmes SolidWorks Corporation (France), Agile Lens (US), Accenture (Ireland), Tata Exlsi (India), Medtronic (US), Semcon (Sweden), Softserve (US), AugRay (US), Northern Digital Inc. (Canada), Talespin (US), VRee (The Netherlands), Mirari LLC (US), and SphereGen (US), among others.
Industry/Innovation/ Related News:
May 11, 2021 — Agora, Inc. (the US), a pioneer and leading platform for real-time engagement APIs, announced a partnership with HTC to power the next generation of AR and XR innovation. The partnership would bring real-time engagement to premier virtual reality and extended reality platform HTC VIVE.
The ISV program enables developers to create applications and platforms within HTC VIVE’s VR and extended reality (XR) ecosystem to integrate Agora’s voice seamlessly, video, messaging and interactive live streaming technology.
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Extended Reality (XR) Market Research Report: By Component (Hardware [Sensors, Cameras, Transducers and Speakers], Software and Services [Professional Services Managed Services]), Type (Mobile XR and PC-tethered XR), Delivery Model (Consumer-Based and Business-Based), End User (Healthcare, Media and Entertainment, Manufacturing and Industrial, Retail and E-Commerce, Transportation and others) – Forecast till 2027
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