NEW YORK, Sept. 1, 2020 /PRNewswire/ -- Around the world, the adoption of the augmented reality (AR) and virtual reality (VR) technologies by individuals and enterprises is surging rapidly. As a result, the revenue generated in the global extended reality (XR) market is projected to witness an explosive 48.3% CAGR between 2020 and 2030. This way, the industry value will rise massively from merely $18.5 billion in 2019 to more than $1,005.9 billion by 2030, according to P&S Intelligence.
The adoption of these two technologies drives the extended reality market, as AR and VR are included under the wider concept of XR. Businesses are deploying VR and AR to increase the awareness about their products and build brand trust, by engaging with customers in a more fun and interactive way. Similarly, individuals are adopting these technologies for entertainment and knowledge purposes.
The COVID-19 pandemic is having a bittersweet effect on the extended reality market, as, on one hand, the increasing number of people working from home is leading to the growing trend of virtual training sessions and meetings, which is resulting in an increasing demand for AR/VR products. On the other hand, the lockdown measures initiated in countries around the world have led to slow or no manufacturing of enabling hardware systems, which has impacted the industry growth rate.
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During the next decade, the higher CAGR in the extended reality market, of 57.3%, is predicted in the consumer engagement category, under the delivery model segment. This would be a result of the rising adoption of AR/VR for gaming and entertainment purposes by individuals. In addition, several AR/VR apps are being developed for travel and tourism purposes, which would further drive the market for the customer engagement delivery model.
Browse report with detailed TOC on Extended Reality (XR) Market Research Report: By Component (Hardware, Software, Services), Device Type (Mobile, Personal Computer, Headset), User (Single-User, Multi-User), Delivery Model (Consumer Engagement, Business Engagement), Application (Virtual Reality, Augmented Reality, Mixed Reality), Industry (Retail, Education, Industrial & Manufacturing, Healthcare, Media & Entertainment, Gaming, Aerospace & Defense) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/extended-reality-xr-market-insights
In the immediate future, the highest revenue in the extended reality market would be generated by the industrial & manufacturing industry. In industries such as mining, oil & gas, and manufacturing, immersive technologies are being adopted for training purposes. Moreover, companies that have incorporated XR into their operations have reported a higher productivity, which is further making AR, VR, and MR popular in the industrial & manufacturing niche.
Asia-Pacific (APAC) would witness the fastest extended reality market growth in the future, on account of the rapid incorporation of upcoming technologies and a strong focus in China, India, Indonesia, and other developing countries on XR. For instance, a report by the National Association of Software and Service Companies (NASSCOM) says that from $0.6 billion in 2017, the Chinese AR market would experience a CAGR of over 90%, to grow to $15.6 billion by 2022.
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Currently, product launch is proving to be the most effective growth strategy in the extended reality market, as via these, industry players are:
- Helping in the creation of intelligent AR content
- Offering better central processing unit (CPU) and graphics processing unit (GPU) performance, improved resolution, artificial intelligence (AI) integration, and more bandwidth in AR platforms
- Allowing companies to build AR apps on iOS without the requirement for coding
- Providing computer vision and advanced machine learning capabilities in their XR platforms
- Supporting real-time eye tracking functions
The major companies operating in the global extended reality market are Accenture plc, Qualcomm Incorporated, Unity Technologies, Adobe Inc., Alphabet Inc., SoftServe Inc., Northern Digital Inc., Sony Corporation, Facebook Inc., Microsoft Corporation, Tata Elxsi, Semcon, and HTC Corporation.
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SOURCE P&S Intelligence