XR Headset Market is Expected to Expand at a CAGR of 28.3% | Demand, Scope, Size, and Growth by 2031

According to the report, the global XR headset industry generated $38.1 million in 2021, and is anticipated to generate $401.4 million by 2031, witnessing a CAGR of 28.3% from 2022 to 2031.

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The growing use of XR headset in the media and entertainment sector drive the growth of the global XR headset market. However, the e shortage of skilled technical personnel having good XR technology knowledge along with a lack of awareness about the technology in developing countries is predicted to hamper the market growth. Moreover, the industry players are investing a lot of effort on the R&D of smart and unique strategies to sustain their growth in the market, thereby presenting new opportunities in the coming years.

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Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a negative impact on the global XR headset market, owing to increased use of XR headsets across various sectors including healthcare, education, automotive, e-commerce, and others.

• Due to the implementation of strict lockdowns across the globe, several organizations mandated their employees to work from home, thus, raising the need for virtual meetings, training, and conferences.

Based on the solution, the consumer engagement segment held the highest market share in 2021, accounting for more than half of the global XR headset market, and is estimated to maintain its leadership status throughout the forecast period. XR headsets increase customer engagement by stimulating their senses as they interact with the goods that are for sale.

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However, the business engagement segment is projected to manifest the highest CAGR of 29.0% from 2022 to 2031. Interaction between employers, vocational rehabilitation (VR), and other workforce development and education organizations that results in measurable improvements in desired outcomes for both parties is referred to as business engagement. Additionally Better insight through data visualization. It's improved internal communication and collaboration. Because all of this extended reality had become more common in the business world.

Based on end user, the media and entertainment segment held the highest market share in 2021, accounting for nearly one-thirds of the global XR headset market, and is estimated to maintain its leadership status throughout the forecast period. Due to individuals being forced to stay at home and engage in activities that promote social isolation, the use of XR headsets in the media and entertainment sector has significantly expanded, since 2020. However, the healthcare segment is projected to manifest the highest CAGR of 29.9% from 2022 to 2031.

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Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global XR headset market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 29.9% from 2022 to 2031 and is likely to dominate the market during the forecast period. The region's media and entertainment sector's increasing use of VR and AR technologies is largely contributing to this huge rise. Additionally, improvements in 5G infrastructure in China and India are anticipated to boost XR headset sales in this region over the course of the projection period.

The key players profiled in this report include are Varjo, HTC Corporation, HP Development Company, L.P., Trimble Inc., Microsoft, Meta, Valve Corporation., Samsung, Advanced Micro Devices, Inc, Google, and others.

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