The Extended Reality Market Size 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 Market Size 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 Extended Reality Market Size. Furthermore, the well-established infrastructure in the region propels market growth, allowing faster implementation of advanced technologies.

The Extended Reality Market Size 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.

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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.

Market Highlights

Extended reality (XR) is rapidly making its way to major industries, supplementing human reality incredibly. The technology enables businesses to garner exponential value, improving the customer journey and business & employee performance. XR can help enterprises create experiential learning workers' needs by combining real and virtual environments and human-machine interactions.

Technology offers highly digital experiences with photorealistic visuals by integrating on-device processing, 5G, and edge cloud processing technologies. Growing demand for heavy standalone headsets and smart glasses to provide real-time information, schematics, and related visuals create substantial revenues. Extensive uses of VR remote platforms for sales meetings, schools, and universities allow the market to garner tremendous traction worldwide.

Due to the rising usages of XR hardware, software, and services in manufacturing & industrial industries, the extended reality market is garnering significant traction worldwide. Moreover, the rising uptake of XR technology in the healthcare and media & entertainment industries escalates the market demand. With the increasing demand for XR technology from retail, e-commerce, and transportation sectors, the market sale is projected to accelerate further.

In this regard, Market Research Future (MRFR) asserts that the global extended reality (XR) market is expected to reach exponential valuation by 2027, growing at an impressive CAGR during the forecast period (2020 – 2027). Increasing AR and VR technology investments and the demand for improved customer experience are major driving forces behind the market growth.  

On the flip side, lack of highly intense connected infrastructure, interoperability issues of immersive 3D graphics, and power & thermal efficiency of standalone headsets are major headwinds for the market growth. Nevertheless, advances in display and motion tracking technologies, alongside the advent of 5G technology, would support the market growth.

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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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