Extended Reality (XR) Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2028: Qualcomm Technologies Inc. and AugRay LLC. are key players.
The prime factors propelling the growth of the extended reality market are the advancements in digital audio and visual effect technology, along with the growing demand for stimulation methods in different industries.
As per the report, the market of extended reality is expected to grow at a steady pace.
Extended reality is integrating a computerized virtual environment with other technological software to stimulate real-world interactions. The significant increase in smartphone access and the advancements in computer technology are resulting in increased demand and application of extended reality in the form of virtual reality, augmented reality, and mixed reality across different industries, including the gaming industry, advertising and marketing industry, housing and real estate industry, education industry, and healthcare industry. The use of extended reality technology in the medical profession is reducing expenses and increasing patient outcomes without endangering patient lives. For example, extended reality technology enables surgeons to visualize the intricate anatomy of a patient's body before any medical procedure, which aids the surgeons in examining the target organs precisely and performing the surgery efficiently. However, the high cost associated with the manufacturing and sales process of XR systems and the ethical issues related to the privacy of customers could restrain the development of the extended reality market over the forecast period.
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The extended reality market has been categorized based on offering, component, enterprise size, end-user, and geography.
By offering, the market has been classified based on virtual reality (VR), augmented reality (AR), and mixed reality (MR). The application of virtual reality in the education sector enables students and teaching faculty to interact and enact situations engaging real-world items and people. Mixed reality merges computer hardware equipment, visuals, and other inputs to connect the physical and digital worlds. The application of augmented reality in the retail, fashion, and training areas assists in enhancing the user experience.
By component, the market is segmented into two parts, namely, hardware and software & services. The software & services sector is expected to hold a significant share of the extended reality market over the forecast period. Furthermore, based on enterprise size, the market has been divided into small and medium-sized enterprises and large enterprises.
Based on the end-users implementing XR technology, the market has been categorized into education, retail, industrial and manufacturing, healthcare, media and entertainment, and others. Education and retail sectors are witnessing an expansion in their market share of the extended reality market due to the increasing adoption of XR technology in the functioning and activities of these sectors. In the media and entertainment industry, the gaming industry contributes majorly to the expansion of XR technology.
By region, North America is expected to retain a considerable market share due to the active investments of prominent US-based technological companies to innovate new applications using XR technology. In addition, the Asia Pacific region shall significantly grow its extended reality market over the forecast period due to the expansion of its gaming industry and retail sector fueled by the increasing adoption of AI technology, growth in internet technology and penetration, and increased smartphone accessibility in this region.
As a part of the report, the major players operating in the Extended Reality (XR) Market that have been covered are Qualcomm Technologies Inc., Varjo, Northern Digital Inc., SoftServe, Dassault Systèmes SolidWorks Corporation, SphereGen Technologies LLC, Microsoft, VertexPlus Softwares Pvt. Ltd., XR Labs, AugRay LLC., and Meta.
This Extended Reality (XR) Market has been analyzed into the following segments:
• By Offering
o Virtual Reality (VR)
o Augmented Reality (AR)
o Mixed Reality (MR)
• By Component
o Software & Services
• By Enterprise Size
o Small and Medium-sized Enterprises
o Large Enterprises
• By End-User
o Industrial and Manufacturing
o Media and Entertainment
• By Geography
o North America
o South America
• United Kingdom
o The Middle East and Africa
• Saudi Arabia
o Asia Pacific
• South Korea
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