Press release
Extended Reality (XR) Market 2020: Forecast by HP Reveal, Qualcomm, Accenture, Dassault Systèmes SolidWorks, Tata Exlsi, Semcon, Northern Digital, Medtronic, AugRay, Softserve, Talespin, SphereGen, VRee, Gofind, Agile Lens
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Market Synopsis
Advancement in head-pose tracking, increased investment in AR and VR technology, an increase in demand for improving the customer experience, technological advancements in display, motion tracking, and emergence of 5G technology are some of the factors propelling the market growth.
Factors responsible for driving the growth of the market include advancements in head-pose tracking, increased investment in AR and VR technology, increase in demand to improve the customer experiences, technological advancement in display, motion tracking, and emergence of 5G technology. On the other hand, lack of highly intense connected infrastructure, interoperability issues of immersive 3D graphics, power, and thermal efficiency of standalone headsets are hindering the growth of the Extended Reality (XR) market during the forecast period.
Key Players
MRFR identifies some prominent players of the extended reality market. They are; HP Reveal (US), Qualcomm Incorporated (US), Accenture (Ireland), Gofind Inc. (US), Agile Lens (US), Dassault Systèmes SolidWorks Corporation (France), Tata Exlsi (India), Semcon (Sweden), Northern Digital Inc. (Canada), Medtronic (US), AugRay (US), Softserve (US), Talespin (US), SphereGen (US), Mirari LLC (US), and VRee (The Netherlands).
Segmental Outline
The global XR market has been segmented based on type, component, delivery model, application, end-user, and region.
By component, the global XR market has been bifurcated into hardware, solutions, and services. The hardware segment accounted for the largest market share in 2018 and expected to dominate the market during the forecast period owing to declining prices of sensors and advancements in motion-tracking technology. On the other hand, the services segment is anticipated to exhibit the highest CAGR during the forecast period. Furthermore, based on services, the XR market has been subdivided into professional services and managed services. The growth of the managed services segment is attributed to a surge in demand for technical services.
By type, the XR market is bifurcated into mobile XR and PC-tethered XR. The PC-tethered XR segment accounted for the larger market size owing to the availability of seamless cloud-based solutions that can be easily integrated with other hardware modules. However, the mobile XR segment is expected to witness the highest CAGR during the forecast period. The market growth is attributed to the increase in demand for wearable technology.
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Based on the delivery model, the market has been bifurcated into business-based engagement and consumer-based engagement. The business-based engagement accounted for the larger market size owing to an increase in demand for immersive technologies that help them to increase job productivity and employee efficiency.
Based on end-user, the global XR market has been categorized as healthcare, media and entertainment, manufacturing and industrial, retail and e-commerce, transportation, and others. The media and entertainment segment accounted for the largest market share in 2018, owing to the early adoption of AR and VR headsets. However, the healthcare segment is presumed to register the highest CAGR during the forecast period owing to an increase in the need for advanced imaging technologies for delicate surgeries.
Regional Analysis
The rapid expansion of the extended reality market in North America can be attributed to the technological advancements, such as virtual reality (VR) and augment reality (AR), and increase in their adoption across different verticals. The presence of well-established companies and their deliberate efforts in diversifying their product portfolio, triggering investments by tech giants, are expected to impel the extended reality market in the North America region.
In Asia Pacific, the extended reality (XR) market is anticipated to expand at a high pace in the review period. The growing demand for extended reality in training is likely to boost the APAC market growth. In addition, the rise in AR and VR applications in the media and entertainment sector can gain considerable traction for the regional market.
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