Press release
Extended Reality (XR) Hardware Market Size, Regional Overview, Competitive Landscape, Business Growth, Share Analysis And Forecast To 2033
Extended Reality (XR) Hardware Market
According to The Business Research Company's, the XR hardware market size has grown exponentially in recent years. It will grow from $95.62 billion in 2023 to $135.57 billion in 2024 at a compound annual growth rate (CAGR) of 41.8%. The growth in the historic period can be attributed to increasing adoption of gesture-based computing, growing trend of miniaturization in smart devices, increasing investments and easy availability of low-priced VR headsets, government initiatives, and high demand for improved visual information.
The XR hardware market size is expected to see exponential growth in the next few years. It will grow to $550.36 billion in 2028 at a compound annual growth rate (CAGR) of 41.9%. The growth in the forecast period can be attributed to growing gaming and entertainment sector, increased competition and advancements in component technology, rising use of XR for enterprise applications, growing tech adoption and digital literacy, and surging adoption of XR in the healthcare sector. Major trends in the forecast period include technological advancements, advancements in component technology, growing demand for marketing and advertising campaigns, advancements in internet connectivity, and continuous innovations in XR software and hardware.
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Market Drivers and Trends:
The expansion of the video gaming sector is expected to propel the growth of the extended reality (XR) hardware market going forward. The video gaming industry encompasses developing, marketing, and monetizing video games. The internet has revolutionized the gaming industry, enabling online multiplayer experiences, game streaming, and digital distribution platforms that have transformed business models and player engagement. Extended Reality (XR) hardware enhances the video gaming sector by providing immersive and interactive experiences, enabling realistic graphics and innovative game mechanics, and promoting social interaction and physical activity. For instance, in February 2024, according to the Entertainment Software Association, a US-based trade association, and Circana, a US-based media company, in US total video game sales reached $57.2 billion in 2023, rising from $56.6 billion in 2022. Additionally, spending on video game content increased to $48.0 billion from $47.5 billion, driven by a 13% rise in digital download spending on console platforms and an 11% increase in digital premium downloads on PC, cloud, and non-console VR platforms. Therefore, the expansion of the video gaming sector is driving the growth of the extended reality (XR) hardware market.
Major companies operating in the XR hardware market are developing innovative products with advanced technologies, such as natural sight vision technologies, to enhance the user experience in virtual and augmented environments. Natural sight vision technologies are focused on delivering higher resolution and better clarity, strengthening the XR experience's realism and immersion. For instance, in November 2023, Varjo, a Finland-based manufacturer of virtual reality, augmented reality, and mixed reality headsets launched the XR-4 series, including XR-4, XR-4 Focal Edition, and XR-4 Secure Edition, featuring high-resolution displays, foveated capture, advanced LiDAR depth sensing, and gaze-directed autofocus cameras. The XR-4 series aims to deliver mixed reality experiences nearly indistinguishable from natural sight, targeting industrial applications.
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Major Key Players of the Market:
Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies Inc. , Sony Group Corporation, Lenovo Group Limited, Intel Corporation, Qualcomm Incorporated, ASUSTeK Computer Inc., Epson America Inc., Acer Inc., SoftServe Inc., Unity Software Inc., Dynabook Inc., Tata Elxsi, Magic Leap Inc., High Tech Computer Corporation (HTC), Varjo Technologies Oy, SphereGen Technologies LLC, Vuzix Corporation, Xreal IncWe Offer Customized Report, Click @
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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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 specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
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