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Extended Reality Market Analysis by Latest Trends, Demand, Key Companies, Sales Data, Recent Developments, Emerging Technologies

06-14-2021 03:20 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Extended Reality Market Analysis by Latest Trends, Demand, Key

The mushrooming usage of connected devices and smartphones is one of the major factors fueling the demand for extended reality (XR) solutions across the globe. As per a report produced by the GSM Association in March 2020, as of December 2019, there were as many as 5.2 billion unique mobile subscribers around the world, or around 67% of the total population of the world were using smartphones. Moreover, this number is predicted to rise to 5.8 billion by 2025.

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This means that nearly 70% of the global population will use mobile phones in 2025. Besides this factor, the increasing adoption of virtual reality (VR) and augmented reality (AR) solutions by the general public and businesses is also fueling the expansion of the extended reality market across the world. Many organizations and common citizens are increasingly using head-mounted displays (HMD) for entertainment and knowledge purposes and for also providing a highly interactive experience.

This is, in turn, driving the advancement of the global extended reality (XR) market. As a result, the valuation of the market will grow from $18.6 billion in 2019 to $1,005.9 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 48.3% between 2020 and 2030. Depending on device type, the market is divided into headset, personal computer (PC), and mobile. Out of these, the headset category will exhibit the fastest growth in the coming years.

This is credited to the soaring requirement for VR/AR headsets all over the world and the development of advanced headsets by the industry players. For example, VIVE Focus Plus, which is a standalone headset that consists of a pair of updated motion controllers, was launched by HTC Corporation in February 2019. This product supports six degrees of freedom (6DoF) tracking and it is powered by Qualcomm Snapdragon 835. It also consists of a 3K active-matrix organic light-emitting diode (AMOLED) display.

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Geographically, the extended reality (XR) market will demonstrate the fastest growth in Asia-Pacific (APAC) in the coming years, as per the estimates of the market research company, P&S Intelligence. This is credited to the growing proliferation of various AR/VR mobile applications and the increasing adoption of immersive technologies in media & entertainment and gaming applications in the region. Additionally, the soaring expenditure on the development of immersive technologies is also driving the progress of the market in this region.

Hence, it is safe to say that the demand for extended reality solutions will skyrocket all over the world in the forthcoming years, primarily because of the growing popularity of immersive technologies in various applications and the ballooning usage of connected devices and smartphones in several countries.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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