Extended Reality Market Reach to USD 446.6 Billion by 2031 | Top Players such as - Qualcomm, Alphabet and Softserve
Factors such as increasing investments in extended reality and Increasing adoption of XR in healthcare industry primarily drive growth of the extended reality market. However, immoderate use of XR device has negative health effects and worldwide economic downturn because of COVID-19 hamper market growth to some extent. Moreover, continuous 5G technology advancements are expected to provide lucrative opportunities for market growth during the forecast period.
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The global extended reality market is segmented on the basis of component, technology, end user and region. On the basis of component, it is bifurcated into hardware, software, and services. On the basis of technology, it is segregated into virtual reality (VR), augmented reality (AR), and mixed reality (MR). On the basis of end user, it is classified into gaming, retail, healthcare, education, manufacturing, aerospace and defense, media and entertainment and others. Based on region, it is segregated into North America, Europe, Asia-Pacific, and LAMEA.
By end user, the gaming segment accounted for nearly two-fifth of the global extended reality market share in 2021 and is expected to rule the roost by 2031. The retail segment would also display the fastest CAGR of 33.3% throughout the forecast period, owing to rise in improving the shopping experience and numerous tempting applications for augmented reality in fashion has a positive impact on productivity and economic and social development drive growth of the market.
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By region, North America garnered the highest share in 2021, holding nearly one-third of the global extended reality market revenue in 2021, and is projected to retain its dominance by 2031. The Asia-Pacific region would also portray the fastest CAGR of 32.4% during the forecast period. The increased use of smartphones and other connected devices in gaming, media and entertainment, healthcare, and other sectors aiding the growth of North America extended reality market.
The extended reality industry is dominated by key players such as Qualcomm Incorporated, Adobe Inc., Alphabet Inc., Microsoft Corporation, HTC Corporation, Softserve Inc., Unity Technologies, Sony Corporation, and Facebook. These players have adopted various strategies to increase their market penetration and strengthen their position in the extended reality industry.
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● Various countries across the globe are adopting ROS for the healthcare sector to train their future doctors and students for fighting the COVID-19 pandemic.
● Rise in number of patients across the globe have led to a significant increase in the adoption of extended reality market, owing to the closing of workplaces and upsurge in the use of virtual reality in different sector such as manufacturing, retail, and healthcare.
● However, rise in organic growth strategies by the major key players has helped the market recover post-pandemic.
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