Growing Use of Smartphones Fueling Extended Reality Market Expansion

The global extended reality (XR) market revenue stood at $18.6 billion in 2019 and it is expected to rise to $1,005.9 billion by 2030. Furthermore, the market will progress at a CAGR of 48.3% from 2020 to 2030, as per the estimates of the market research company, P&S Intelligence. The market is being driven by the soaring usage of smartphones, 5G, connected devices, and augmented reality (AR)/virtual reality (VR) solutions, increasing popularity of gesture-based computing, and the increasing number of partnerships and collaborations among players.

The mushrooming usage of connected devices and smartphones, especially in emerging economies such as India and China, is driving the demand for AR applications. For instance, as per the estimates of the India Brand Equity Foundation (IBEF), the total number of smartphone users in India will rise from around 502 million in 2019 to 780 million by 2021. Furthermore, the organization found that the contribution of the country to the global smartphone industry grew from 9% in 2016 to 16% in 2019.

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Besides the aforementioned factor, the surging adoption of AR and VR solutions is also propelling the demand for extended reality across the world. The increasing usage of head-mounted displays (HMDs) for knowledge and education purposes and among several enterprises operating in various industries for providing a highly engaging and interactive customer experience is pushing up the demand for AR and VR solutions across the world. Additionally, the soaring number of collaborations and partnerships among industry players is also fueling the growth of the market.

For instance, Qualcomm Incorporated announced a collaboration with InterContinental Hotels Group in January 2020 for pilot-running a solution that uses both VR and AR to improve the event planning experience. Depending on industry, the extended reality market is categorized into industrial & manufacturing, retail, education, media & entertainment, healthcare, aerospace & defense, and gaming. Out of these, the industrial & manufacturing category dominated the market in 2019, due to the extensive usage of immersive technologies for training and development in various heavy industries such as chemicals, mining, and oil & gas.

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Across the globe, the extended reality market is expected to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the increasing use of immersive technologies for gaming, media & entertainment, and various other purposes and soaring internet penetration in the region. In addition, the huge investments being made in the development of immersive technologies so that they can be used for training and development purposes in several industries, are also driving the expansion of the market in the region.

Hence, it can be safely said that the market will grow substantially in the coming years, mainly because of the growing usage of smartphones and connected devices and AR and VR solutions, increasing collaborations between industry players, and the ballooning requirement for immersive technologies across the world.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.