Extended Reality Market worth $84.86 billion by 2029 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Dec. 17, 2024 /PRNewswire/ -- The extended reality market is expected to reach USD 84.86 billion by 2029, up from USD 24.42 billion in 2024, at a CAGR of 28.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of extended reality technology can be attributed to growing use of extended reality in education, industrial, healthcare, and gaming applications, increasing focus of technology providers on developing affordable VR devices, integration of spatial computing in extended reality applications, and development of GenAI in extended reality applications. Furthermore, the availability of 5G networks coupled with AI-fueled applications of extended reality also aids in the market expansion.

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Extended Reality Market Report Scope:

Based on device type, Augmented reality (AR) and Virtual reality (VR) devices will hold the largest market share in the extended reality market during the forecast period.

In the metrics of the extended reality market by device type, augmented reality (AR) and virtual reality (VR) devices will dominate the market during the forecast period. This is attributed to the rising usage of augmented and virtual reality in different sectors, namely gaming, healthcare, retail, and education, among others. Moreover, the market growth of AR and VR devices is because of technological developments such as AI incorporation, connectivity via 5G technology, and availability of better-performance hardware devices that help to improve user experience and enhance device usage. VR devices are becoming less expensive and more versatile. AR devices are growing in use for industrial training, distant teamwork, and medical imaging equipment, increasing their popularity worldwide.

Hardware to account for the highest CAGR in the offering segment during the forecast period.

The hardware segment is anticipated to record the highest CAGR for the offering segment of the extended reality industry throughout the forecast period. This growth is attributed to the increasing uptake of sophisticated AR and VR equipment, such as head-up displays, smart glasses, and VR headsets. There is an expansion in user acceptance and engagement due to active technological improvements in hardware systems, with better displays, lightweight devices, powerful processors, and the combination of those devices with AI and 5G networks. Furthermore, the increasing use of extended reality hardware in gaming, healthcare, automotive, and industrial training creates the need for more powerful and durable devices. Moreover, low-priced and high-performing devices presented by key players in the market are also enabling more people to use XR hardware. This is also due to more resources allocated toward developing next-generation hardware and the growing trends of using wearable extended reality devices in the workplace.

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North America to account for the largest market share during the forecast period.

During the forecast period, North America is expected to witness leading region in terms of market share. This can be attributed to its well-developed digital abilities, such as the widespread provision of 5G services, and the provision of high-band internet facilitated the growth of the extended reality apps in the region. Several sectors in North America are quick to incorporate extended reality technologies, including gaming, healthcare, retail, and education. Furthermore, consumers in North America tend to have strong purchasing power, factors that encourage greater use of extended reality devices within the region.

The report profiles key players in extended reality companies such as Meta Platform Inc. (US), Microsoft (US), Sony Group Corp. (Japan), Apple Inc. (US), Google (US), HTC Corp (Taiwan), PTC Inc. (US), Seiko Epson Corporation (Japan), Qualcomm Technologies Inc. (US), Samsung Electronics Co. Ltd (South Korea), Lenovo Group Ltd. (China). These players have adopted various organic and inorganic growth strategies such as product launches, expansions, partnerships, collaborations, acquisitions, contracts, and agreements.

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Augmented and Virtual Reality Market by Enterprise, Technology (Augmented Reality, Virtual Reality), Offering (Hardware, Software), Device Type (HMDs, HUDs, Gesture Tracking Devices), Application and Region - Global Forecast to 2029

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