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Extended Reality Market Growth, Analysis, Latest Trends and Forecast till 2028
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The increasing focus of key players in the extended reality market on development of XR devices is expected to fuel the growth of the market. For instance, Apple Inc. is about to launch AR glasses and AR/VR/MR headsets in 2023. Similarly, in March 2023, Meta Platforms, Inc. announced that it will launch Meta Quest 3, successor of its existing Meta Quest 2 by 2024. Also, the company is expected to launch its first AR glasses by 2027.
The AR devices segment of the extended reality market is expected to register the highest CAGR during the forecast period. The growth of the segment can be attributed to the increased use of AR HMDs and heads-up displays (HUDs) for consumer, aerospace & defense, healthcare, enterprises, commercial, and automotive applications due to their ability to combine the real world with virtual objects.. In addition, the use of AR in mobile applications for Android- and iOS-based devices has significantly contributed to the growth of this segment.
The extended reality market in Asia Pacific is projected to grow at the highest CAGR from 2023 to 2028. The region houses numerous extended reality solution providers, such as Sony Group Corporation, HTC Corporation, Seiko Epson Corporation, and Samsung Electronics Co., Ltd., as well as end users. Moreover, the growing use of smartphones, increasing adoption of smart electronic devices, and surging demand for extended reality technology in various applications are the key factors fueling the growth of the extended reality market in the region.
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Key players in the extended reality market are Microsoft (US), Sony Group Corporation (Japan), Meta Platforms, Inc. (US), HTC Corporation (Taiwan), Google (US), PTC Inc. (US), Seiko Epson Corporation (Japan), Apple Inc. (US), Qualcomm Technologies, Inc. (US), and Samsung Electronics Co., Ltd. (South Korea). These players not only have a comprehensive and diverse product portfolio, but also have a strong geographic presence. These players can focus on developing innovative extended reality solutions owing to the emergence of new application areas for extended reality.
News also Covered: https://www.prnewswire.com/news-releases/extended-reality-market-worth-111-5-billion-by-2028---exclusive-report-by-marketsandmarkets-301802778.html
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