Extended Reality Market 2020 - SWOT analysis, trends, major market players by 2026 | Augray Ltd., HTC Corporation, Microsoft Corporation, Northern Digital Inc., Qualcomm Technologies Inc

Extended reality (XR) is a term for all immersive technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). All these immersive technologies extend reality experience by either blending virtual and physical worlds or by creating a fully immersive experience. Furthermore, increase in trend of adoption of smart devices is one of the major factors that drives the demand for extended reality (XR). Moreover, augmented reality and virtual reality technologies are proving to be very beneficial for retailers and media & entertainment industries such as motion picture, and promotional campaigns. In addition, users can virtually try clothes, shoes makeup, and other wearables, which is anticipated to fuel demand for extended reality during the forecast period.

Rise in penetration of smartphones and mobile gaming is the major factor that drives the extended reality market. Increase in adoption of augmented & virtual reality solutions in various industry verticals such as education, entertainment, and healthcare also propels the extended reality market growth. However, lack of effective user experience design and slow growth among underdeveloped economies hinders the extended reality market growth. Contrarily, increase in investments in the market and advancements in technologies across various industry verticals such as media & entertainment, marketing, manufacturing, and IT is expected to create growth opportunities for the extended reality market in the coming years.

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Video game is one of the major applications of augmented and virtual reality technology. In the past, number of gamers worldwide has increased at a rapid pace, mobile games comprise 33% of all app downloads, 74% of consumer spend, and 10% of all time in-app spent. This is expected to rise demand for augmented and virtual reality-based games, which drives the market growth.

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Augmented and virtual reality technologies can be used for collaborative seminars, meetings, public lectures, flight training, military training, training for nurses & medical professionals, and self-learning process. Furthermore, to introduce enhanced products or solutions, key players are anticipated to emphasize on product innovation through continuous investments in product development, which further results in advancements of AR/VR technology.

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Major players analyzed in the market include Augray Ltd., HTC Corporation, Microsoft Corporation, Northern Digital Inc., Qualcomm Technologies Inc., SoftServe Inc., Softweb Solutions Inc., SphereGen Technologies, and VertexPlus Softwares Pvt. Ltd.

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