Global Extended Reality Market is expected to grow at a CAGR of 55% during 2021-2026

Extended reality is gaining popularity at an immense rate across the globe owing to factors like a boost in spatial computer technology, adopting AR in the healthcare industry to reduce errors and mistakes, and using AR in the education sectors by online tutoring firms. Additionally, the growing need for various AR applications among different verticals, escalating innovations in driver assistance systems, and the increasing demand for advanced smartphones are soaring the adoption of mobile AR technology to enhance customer experiences.

Hence, these factors are likely to accelerate the growth of the extended reality market at a CAGR of 55% during 2021-26. However, the high cost associated with XR devices is decreasing its demand & adoption among small & medium enterprises, thereby becoming likely to hinder the market growth in the forecast period.

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Key questions answered in the study
1. What are the current and future trends in the global Extended Reality market?
2. How has the market been evolving in terms of end-user demand and application areas?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global Extended Reality market?
5. What are the customer orientation, purchase behavior, and expectations from the global Extended Reality market service provider across various regions?

Virtual and Augmented Reality Accounted for Highest Market Share

According to the MarkNtel Advisors' research report, "Global Extended Reality Market Analysis 2021," the market is likely to grow at a CAGR of 55% during 2021-26. Based on application, the market bifurcates into virtual reality, augmented reality, and mixed reality. Among these segments, Virtual and Augmented Reality accounted for the highest market share in 2019. The growing AR and VR usage across different end-users such as gaming, mining, construction, oil & gas industries, healthcare, and media & entertainment is boosting the demand for extended reality.

Furthermore, the launch of advanced AR/VR headsets, augmented use of smartphones & connected devices, soaring adoptions of AR/VR solutions to enhance the overall customer experience, and massive investments in AR are factors positively impacting the segment growth in coming years.

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"Global Extended Reality Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights about the market potential, key factors impacting the market growth, hotspots, and available opportunities for XR providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure competitors' capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.

North America Dominated the Market

North America dominated the Global Extended Reality market in 2019. The US accounted for the highest market share in the North American region owing to factors like the firm foothold of giant market players, burgeoning deployment & adoption of digital reality technologies, and innovative VR headsets & controllers. The increasing number of XR startups, massive investments toward AR/VR, surging demand for mobile-based AR/VR platforms, and VR's significance in the military are likely to drive the XR market demand in the forecast period; reveals MarkNtel Advisors in their research report, "Global Extended Reality Market Analysis, 2021."

Market Segmentation:
1. By Component (Hardware [Sensors, Cameras, Transducers, Speakers], Services [Professional Services, Managed Services], Software [Handheld Mobile Apps, Content Creation & Software Engines, Development Suit])

2. By Type (Mobile XR, PC-tethered XR, Windows)

3. By Delivery Mode (Consumer Based [Gaming, Entertainment, Others], Business Based [Manufacturing & Production, Healthcare, Others])

4. By Organization Size (Small & Medium-Sized, Large Enterprises)

5. By Application (Virtual Reality, Augmented Reality, Mixed Reality)

6. By End-User (BFSI, Healthcare & Life Sciences, Telecommunications & IT, Government & Public Sector, Manufacturing, Consumer Goods & Retail, Media & Entertainment, Others)

7. By Region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)

8. By Country (U.S, Canada, Mexico, Brazil, Argentina, Italy, Spain, Germany, France, The U.K, China, South Korea, Japan, India, Australia, UAE, Saudi Arabia, South Africa)

9. By Competitors (Facebook Inc, Alphabet Inc. (Google Inc.), HTC Corporation, Unity technologies, Microsoft Corporation, Samsung Electronics CO., LTD, Magic Leap, Sony Corporation, Vuzix Corporation, Atheer, PTC, Apple Inc., Eon Reality, Niantic Inc., Snap Inc.)

Research Objectives
*To study and analyze the market value of products/services in key regions and segments, using historical data from 2016-2020 and forecasts for 2026.

*To identify the sub-segments within the Market to understand its structure.

*To analyze, identify, and describe market share, market price, market competition and SWOT analysis. Porter's Five Forces analysis is also used. Also, to develop growth strategies for key market participants over the forecast period.

*To assess the market's individual growth trends and market share contribution, as well as future prospects.

*To provide comprehensive information on market growth factors (growth potential, drivers and opportunities, industry-specific risks, challenges and threats).

*To predict the growth or dominance in key geographic areas (alongside their respective key nations).

*To determine the market's competition levels, such as new product/service launches and market expansions, deals, and acquisitions.

*To develop a strategic profile for the market leaders and perform a thorough analysis of their growth plans.

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