Extended Reality (XR) Market Size Expected to Rise at 43.5% CAGR During 2023-2028

According to IMARC Group's latest report, titled "Extended Reality (XR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." the global extended reality (XR) market size reached US$ 64.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 604.3 Billion by 2028, exhibiting a growth rate (CAGR) of 43.5% during 2023-2028.

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Extended reality (XR) is the amalgamation of all immersive technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). It relies on applications, headsets, and smart wearables that extend the reality by generating realistic sounds and images through digital materials. Nowadays, various enterprises are adopting XR for employee recruiting and training purposes. It is used to create a learning experience that is more interactive, engaging, and effective in the long term. Moreover, it is also utilized by established businesses to advertise their products and services while providing a unique experience to users.

Global Extended Reality (XR) Market Trends:

The market is primarily driven by the increasing number of employees working remotely through the cloud. XR enables employees to visualize the live environment of their offices, attend virtual meetings, and work more efficiently. Besides this, the expanding entertainment industry is also escalating the demand for XR technologies among users to experience live events such as concerts and sports competitions on smartphones remotely. In addition, the increasing number of individuals opting for professional online gaming represents another major growth-inducing factor. Moreover, XR is widely utilized in the healthcare industry to improve diagnostic efficiency. For instance, it is employed in modern imaging technologies, such as magnetic resonance imaging (MRI) and computerized tomography (CT) scans, which is creating a favorable market outlook across the globe. Furthermore, the growing awareness of the benefits associated with XR is anticipated to expand its applications across retail, defense, transportation, and travel and tourism industries.

Extended Reality (XR) Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the extended reality (XR) market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Augray
Dassault Systèmes SolidWorks Corporation (Dassault Systèmes SE)
Medtronic PLC
Microsoft Corporation
Qualcomm Incorporated
Samsung Display Co. Ltd. (Samsung Electronics Co. Ltd.)
Semcon
SoftServe Inc.
Softweb Solutions Inc. (Avnet Inc.)
SphereGen
Varjo
VertexPlus Softwares Pvt. Ltd.

Key Market Segmentation:

Breakup by Component:

Hardware
Software
Services

Breakup by Type:

Consumer Engagement
Business Engagement

Breakup by Organization Size:

Small and Medium-sized Enterprises
Large Enterprises

Breakup by Application:

Virtual Reality (VR)
Augmented Reality (AR)
Mixed Reality (MR)

Breakup by End User Industry:

Education
Retail
Industrial and Manufacturing
Healthcare
Media and Entertainment
Others

Breakup by Region:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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Key Highlights of the Report:                                                           

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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