Extended Reality (XR) Market To Witness 48.3% Revenue Explosion during 2020-2030

Growth factors such as the increasing adoption of augmented reality (AR)/virtual reality (VR) solutions, surging penetration of smartphones and connected devices, and rising number of partnerships and collaborations among players are expected to drive the growth of the extended reality (XR) market at a CAGR of 48.3% during the forecast period (2020-2030). With this growth rate, the market size is projected to reach $1,005.9 billion by 2030 from $18.6 billion in 2019.

The increasing penetration of AR/VR solutions among people and industries is a key factor that will improve the extended reality market growth scenario in the coming years. To gain knowledge and for entertainment purposes, people are increasingly adopting head-mounted displays (HMDs), which is why market players are offering these solutions to provide an engaging and interactive customer experience. AR and VR add to or completely replace the visual reality for people, thus transporting them to a completely different world, which is exciting.

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The surging penetration of connected devices and smartphones across the world is another main factor boosting the demand for XR solutions. The penetration of smartphones has grown rapidly in advanced economies, and it is now growing significantly in emerging nations too. According to the Global System for Mobile Communication Association (GSMA), in March 2020, there were 5.2 billion smartphone connections as of December 2019, with this number expected to reach 5.8 billion by 2025.

The categories within the component segment of the extended reality market include hardware, software, and services. Among these, the hardware category is expected to witness significant growth during the forecast period. This can be attributed to the declining cost of hardware components, such as cameras, displays, position trackers, and sensors, and surging penetration of smartphones and connected devices. In these devices, hardware components are widely used, which makes them compatible with XR programs.

Based on device type, the extended reality market is classified into mobile, personal computer (PC), and headset. Among these, the mobile category is expected to witness the fastest growth during the forecast period due to the rising use of smartphones for VR/AR technologies. This is why XR solution providers are increasingly launching their products as mobile applications, to leverage the burgeoning sales of smartphones for increasing the accessibility of their XR apps.

Globally, the North American extended reality market held the largest revenue share in 2019, and it is expected to maintain its dominance during the forecast period. This is ascribed to the presence of key market players, rapid deployment of XR solutions, and high adoption rate of AR/VR technologies in various industries, such as retail, education, industrial & manufacturing, healthcare, media & entertainment, and gaming, in the region. Additionally, the high disposable income of the tech-savvy population allows it to purchase such products.

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The Asia-Pacific (APAC) extended reality market is projected to record the fastest growth during 2020-2030. This can be attributed to the increasing adoption of AR/VR solutions and other technologies by several industries in China, India, and Indonesia. Additionally, the increasing investments in the development of immersive technologies are contributing to the market growth in the region. For instance, as per the Infocomm Media Development Authority (IMDA) of Singapore, the spending on AR/VR in the region (excluding Japan) increased by over 100%, from $4.6 billion in 2017 to $11.1 billion in 2018.

Thus, the rising adoption of AR/VR solutions and increasing penetration of smartphones are projected to propel the market growth in the coming years.

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This release was published on openPR.