Extended Reality (XR) Market

Global Extended Reality (XR) Market is valued at USD 33 Billion in 2021 and expected to reach USD 254.2 Billion by 2028 with a CAGR of 33.9% over the forecast period.

Global Extended Reality (XR) Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: The rising adoption of VR and AR is expected to drive the worldwide extended reality (XR) industry over the forecast period. The significant increase in disposable income along with rising consumer desire for an all-around entertainment session are  expected to stimulate the need for extended reality innovation over the evaluation timeframe.

Scope of Global Extended Reality (XR) Market

Extended reality (XR) is the combination of immersive visual solutions like virtual reality (VR), augmented reality (AR), and mixed reality (MR). It is based on programs and headgear that generate realistic sounds and graphics to create an immersive virtual encounter. It is now extensively employed in a variety of corporate recruiting procedures, such as induction, staff development, and diversity and inclusion (D&I). It is also used by businesses all over the world to market their goods and solutions while lowering costs and offering consumers hands-on expertise.

Due to the COVID-19 outbreak, the key companies in the industry faced significant challenges owing to the global lockdown and restricted supply of labor and rawmaterials. XR technology does a great deal of industry-specific jobs. The pandemic has paved way for the  emergence of  techniques like AR, VR, as well as MR that enable virtual shopping and distant labor. Throughout COVID-19, AR innovation had the biggest industry percentage over the forecast period. People may use these immersive platforms to speak, shop, and interact. AR and VR apps may assist end-users in breaking the confinement of the COVID-19 shutdown, from facilitating web-based learning to the beginning entrance to cultural activities and experiences.

The global Extended Reality (XR) market is segmented based on the application, solution, end-use, and region & country level. Based on application, the global Extended Reality (XR) market is segmented into Augmented Reality, Virtual Reality, and Mixed Reality. By solution, the market is segmented into Consumer Engagement and Business Engagement. By end-user, the global Extended Reality (XR) market is segmented into Retail, Education, Industrial and Manufacturing, Media and Entertainment Healthcare, and Other End-User Industries.

The regions covered in the global Extended Reality (XR) market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Extended Reality (XR) is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Extended Reality (XR) Market Segmentation

By Application:

• Augmented Reality
• Virtual Reality
• Mixed Reality

By Solution:

• Consumer Engagement
• Business Engagement

By End-User:

• Retail
• Education
• Industrial and Manufacturing
• Media and Entertainment Healthcare,
• Other End-User Industries

Key Players of Global Extended Reality (XR) Market

Some major key players for the global Extended Reality (XR) market report cover prominent players like

• Accenture PLC
• Augray
• Dassault Systèmes
• SolidWorks Corporation
• Medtronic PLC
• Qualcomm Incorporated
• Microsoft Corporation
• SphereGen, Semcon
• SoftServe Inc.
• Samsung Display Co.
• Softweb Solutions Inc. (Avnet Inc.)
• Varjo and VertexPlus Softwares Pvt. 

News

Meity Startup Combined With Meta Announced the Creation Of An Accelerator Program

On September 14^th, 2022;  the IT Ministry's startup organization Meity Startup Hub with Facebook's parent company Meta announced the creation of an accelerator program to assist and develop augmented reality technology firms throughout India. Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, stated that the XR Startup Program is a significant milestone in the field of Metaverse, which is a critical aspect of the internet's growing future.

Qualcomm Technologies announced the Opening of Extended Reality (XR) Labs in Europe

On February 9^th, 2022; Qualcomm Technologies Inc. confirmed the establishment of Extended Reality (XR) Labs across Europe. Europe currently has a robust AR/VR ecosystem, and Qualcomm Technologies is dedicated to making XR the destiny of personal technology. The XR Labs will concentrate their efforts on XR research and development, engineering, and critical technological development domains such as improved hand monitoring and motion control, 3D Mapping and SLAM/Localization solutions, multi-user interactions, and computer vision.

Autodesk, Inc. Announce The Purchase The Wild, an Internet, Extended Reality (XR) platform

On March 24^th, 2022; Autodesk, Inc. reported the signing of a formal deal to purchase The Wild, an internet, extended reality (XR) platform comprising of its entities, namely, The Wild and IrisVR. The Wild allows architectural, engineering, and construction (AEC) specialists to present, discuss and analyze proposals in realistic and dynamic environments from any location and at any moment. This purchase allows Autodesk to address the AEC industry's growing need for augmented reality (AR) as well as virtual reality (VR) technological breakthroughs, as well as to better assist AEC clients across the overall project lifecycle.

Increasing entertainment and gaming Industry and Increasing Industrial Application are Some of the Major Factors Driving the Market Growth

The foundations of the extended reality (XR) business are augmented technology and virtual reality. Furthermore, these innovations are expected to develop throughout the projected period, resulting in a rapid increase in acceptance rates. One of the primary aspects that are likely to open up a multitude of chances for firms participating in the present extended reality (XR) industry environment is the rising desire for stimulating digital environments. Throughout the projected period, the entertainment and gaming industries are anticipated to be at the vanguard of augmented reality deployment. While virtual reality remains prevalent throughout the globe, augmented reality has grown in prominence in recent years, and this trend is expected to remain over the period considered.

As the popularity of linked gadgets and mobility grows, so does the acceptance of augmented reality innovation, which can be observed in sectors like gaming, multimedia and leisure, healthcare and medical, defense and aviation, and others. Furthermore, the innovation is providing augmented and virtual reality alternatives in a variety of industrial applications, which is increasing the need for expanded reality technological solutions.

Having identified a significant opportunity in the XR domain, various businesses are creating complementary technologies that may aid in the global commercialization of XR technology. For example, in December 2021, Mawari, a major developer of XR streaming solutions, announced the launch of their 3DXR Content Broadcasting Infrastructure for the Metaverse on the AWS Marketplace. Customers may search, purchase, and quickly install third-party software using Amazon Web Services' controlled and regulated software catalog.

Extended reality gadgets are incredibly advanced, but there have also sparked health problems. The most prevalent danger is injuries induced by users colliding with real-world items while immersed in the virtual environment. After utilizing extended reality gadgets, some users have suffered migraines, eye strain, nausea, and nausea. As per a University of Leeds study, 20 minutes of virtual reality exposure is likely to impair certain children's ability to judge the distance between things.

North America is Expected to Capture a Major Share in the Global Extended Reality (XR) Market

The North American extended reality industry is predicted to develop considerably throughout the projected timeframe, owing to the existence of various manufacturers, including Microsoft and Qualcomm, and many others, undertaking large investments in industry advancements. Countries like the United States have been at the forefront of extremely inventive Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) sectors. The majority of firms creating these technical improvements are situated in the United States. Greater exposure to technology and the ease of use of smart gadgets have produced considerable demand in the area. Microsoft's augmented reality (AR) device, Hololens, was well welcomed by consumers when it was originally debuted in the United States and Canada. The number of smartphone customers in North America is predicted to reach 328 million by 2025, in accordance with the GSMA. Furthermore, by 2025, the area is predicted to see a rise in mobile (86%) and internet (80%) adoption rates, ranking second internationally. Because smart devices, particularly smartphones, play a significant influence in the advancement of Ar applications, the area represents a significant potential for the industry examined throughout the projection period.

Because of the growing prevalence of AR/VR mobile apps and expanding adoption of immersive innovations for media & amusement, sports, and other reasons, APAC will have the greatest development in the next years. Furthermore, rising spending on immersive solutions for research and education would drive market expansion in APAC.

By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2022 - 2028
Market Size in 2021:	USD 33 Billion
Base year considered	2021
Forecast Period CAGR %:	33.9%
Market Size Expected in 2028:	USD 254.2 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Accenture PLC, Augray, Dassault Systèmes SolidWorks Corporation (Dassault Systèmes SE), Medtronic PLC, Qualcomm Incorporated, Microsoft Corporation, SphereGen, Semcon, SoftServe Inc., Samsung Display Co. Ltd. (Samsung Electronics Co. Ltd.),Softweb Solutions Inc. (Avnet Inc.), Varjo and VertexPlus Softwares Pvt. Ltd
Segments Covered	By Application, By Solution, By End-User.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa