Press release
Extended Reality Global Market Report 2024 - By Demand, Size, Share, Trends, Forecast To 2033
Extended Reality Market
The Business Research Company offers in-depth market insights through Extended Reality Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The extended reality market size has grown exponentially in recent years. It will grow from $44.62 billion in 2023 to $57.64 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. The growth in the historic period can be attributed to increased accessibility of devices, consumer electronics adoption, gaming and entertainment adoption, military and defense applications, integration with iot.
The extended reality market size is expected to see exponential growth in the next few years. It will grow to $161.19 billion in 2028 at a compound annual growth rate (CAGR) of 29.3%. The growth in the forecast period can be attributed to integration with smart devices, e-commerce and retail integration, expanding xr content libraries, healthcare simulation and training, extended reality in sports training, xr in cultural heritage preservation. Major trends in the forecast period include advancements in hardware technologies, ai integration for personalization, blockchain for xr security, augmented reality integration.
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Market Segmentation:
The extended reality market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technologies: Augmented Reality (AR) Technology, Virtual Reality (VR) Technology, Mixed Reality (MR) Technology
3) By End User: Gaming, Retail, Healthcare, Manufacturing, Media And Entertainment, Education, Aerospace And Defense, Other End Users
Major Driver - Government Initiatives Propel Growth In Extended Reality (XR) Market
Increasing government initiatives in extended reality (XR) are expected to propel the growth of the extended reality (XR) market going forward. Government initiatives are the initiatives various governments take to support a particular industry or area in a country. Several government authorities, such as the Dubai government, are initiating several initiatives for the development of extended reality and thereby supporting the country's digital transformation. For instance, in July 2022, the Dubai government initiated a significant metaverse strategy. This initiative aims at becoming one of the top 10 extended reality (XR) economies to create a network of virtual spaces and improve the quality of life for citizens with metaverse technologies. Therefore, increasing government initiatives in extended reality (XR) drives the extended reality (XR) market.
Competitive Landscape:
Major companies operating in the extended reality market report are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc., Sony Corporation, Accenture* plc, Qualcomm Incorporated, NVIDIA Corporation, Adobe Inc., Seiko Epson Corporation, Dassault Systemes SE, PTC Inc., Unity Technologies Inc, SoftServe Inc., Tata Elxsi Ltd., Semcon AB, HTC Corporation, Northern Digital Inc., Varjo Technologies Oy, Talespin Reality Labs Inc., Ultraleap Ltd, Marxent Labs LLC, Vuzix Corporation, Avegant Corporation, Virtuix Inc., Worldviz LLC, Sixense Enterprises Inc., Daqri LLC, The Void LLC
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Top Trend - Product Innovations Surge In Extended Reality Market
Product innovations are a key trend gaining popularity in the extended reality market. Major companies operating in the extended reality market are innovating new products to sustain their position in the market. For instance, in June 2023, Apple Inc., a US-based technology, launched Apple Vision Pro, a spatial computer that seamlessly merges digital content with the physical world. It features an ultra-high-resolution display system controlled by a user's eyes, hands, and voice, offering an intuitive and natural input system. The device runs on Vision, a spatial operating system that enables multitasking and infinite screen real estate. Vision Pro revolutionizes personal computing with its advanced hardware and software technologies by creating an immersive and interactive computing environment.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Extended Reality Market Characteristics
3. Extended Reality Market Trends And Strategies
4. Extended Reality Market - Macro Economic Scenario
5. Extended Reality Market Size And Growth
…..
27. Extended Reality Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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