Global Extended Reality Market Share To worth USD 111.5 billion by 2028 | CAGR of 22.7%

The extended reality market is projected to reach USD 111.5 billion by 2028 from USD 40.1 billion in 2023, at a CAGR of 22.7% from 2023 to 2028. The major factors driving the growth of the extended reality market include availability of affordable VR devices, increasing demand for extended reality in entertainment and gaming industry, and the surging adoption of extended reality in healthcare sector.
The report profiles key players such as 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).

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Extended Reality Market Dynamics

Driver: Availability of affordable VR devices

The availability of affordable VR devices has not only increased the number of consumers using XR technology but has also encouraged the development of new and innovative XR applications. This has led to a proliferation of XR content, including games, simulations, and training programs, all of which are driving the growth of the XR market. In addition, the affordability of VR devices has encouraged businesses to explore the use of XR technology in a range of industries, including healthcare, education, and entertainment. This has led to the development of new XR applications that are tailored to specific industries, further driving the growth of the XR market.

Restraint: Excessive use of extended reality devices cause health issues

Extended reality devices are highly sophisticated ones, but they have also become the focus of health concerns. The most common risk is injuries caused to users due to their bumping into real objects while being engrossed in the virtual world. A number of users have also reported headaches, eye strain, dizziness, and nausea after using extended reality devices. According to research by the University of Leeds, exposure to virtual reality for 20 minutes is expected to affect the ability of some children to discern the distance to objects. Moreover, the regular use of such devices is anticipated to accelerate the propagation of myopia at a global level.

Opportunity: Growth of global travel and tourism industry

The travel and tourism industry is one of the fastest-growing industries worldwide. Extended reality technology is witnessing acceptance across various sectors, such as hospitality. It is also being adopted in airlines and travel services. Extended reality technology can create magic by delivering immersive experiences to users that will change the way one connects with people and information for enhanced experiences. For instance, Air New Zealand uses the HoloLens of Microsoft to enhance the in-flight experiences of passengers. The cabin crew of airlines uses HoloLens headsets to access key information such as the choice of meals, drinks, onward travel plans, and even the emotions of passengers. Hotel Marriott International launched extended reality technology-based services such as VRoom services and VR postcards to allow guests to experience exotic locations in the comfort and convenience of their hotel rooms.

Challenge: Display latency and limited field of view

The major challenge faced by these AR/VR manufacturers is to provide a wide field of view (FOV). The field of view is defined as the extent of the observable world at any given moment. Ideally, a human eye has a visual field of ~200° horizontally and 135° vertically. Currently, AR and VR devices are able to provide a FOV of up to 90°. For AR devices to create immersive experiences, they must capture as much of the FOV as possible.

Meta Platforms, Inc. is a social media and technology company, offering technology solutions for social platforms and end users. The company has a strong customer base and presence worldwide with offices in more than 90 cities and 13 data centers in more than 40 countries. It has been consistently investing huge amount in R&D activities. This allows the company to develop cutting-edge products and solutions that can deliver immersive AR/VR/MR experiences to users.

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The extended reality market in Asia Pacific is expected to grow at a high rate owing to its adoption in the healthcare, commercial, and consumer sectors. The increasing number of players in the region is projected to drive the growth of the extended reality market in Asia Pacific. The thriving commercial and consumer markets are a key factor driving the growth of the extended reality market in the region as these markets are witnessing increased investments in countries such as Japan, India, and China. The use of extended reality has increased in commercial and consumer markets in Asia Pacific owing to the easy availability of extended reality technology in the region. The low-priced VR headsets are easily available in countries of Asia Pacific. This, in turn, helps the market in the region to grow at a high pace.

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