Rise in Demand for Compact VR & AR Headsets, Controllers to Offer Sales Opportunities in Extended Reality (XR) Market; Global Market Valuation to Reach US$ 1.1 Trn by 2030, Notes TMR

- Extended reality (XR) market is estimated to expand at a CAGR of 45% during the forecast period. Rising adoption of augmented reality, virtual reality, and mixed reality by varied industries is foreseen, which will aid in growth of the market.

- Players are engaging in technological innovations to stay ahead in the competitive market

ALBANY, N.Y., Aug. 23, 2021 /PRNewswire/ --

Extended Reality (XR) Market: Overview

Extended reality (XR) is deployed across different end-use industries. The new technology is used for personal as well as commercial purposes. Augmented realty, mixed realty, and virtual reality are some of the prominent technologies in the global extended reality (XR) market.

A new study published by Transparency Market Research (TMR) highlights that the global extended reality market is expected to exceed the valuation of 1.1 Trn by the end of forecast period from 2020 to 2030.

Extended Reality (XR) Market: Key Findings

• Gaming Sector Driving Market Expansion

The concept of extended reality (XR) is being adopted across various industries, including education, healthcare, media & entertainment, gaming, and real-estate industry. Of these, gaming is a prominent sector that is likely to offer lucrative avenues to the global extended reality (XR) market players due to popularity of various games.

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• Increased Smartphone Penetration, Advancements in Computer Technologies Fuel Product Sales

Significant rise in the penetration of smartphones in developed and developing countries and advancements in the computer technology have resulted in increased rate of innovations across the extended reality (XR) market ecosystem. These factors are translating into extensive growth of the global market.

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Extended Reality (XR) Market: Growth Boosters

• Rising popularity of augmented reality and virtual reality technologies and their applicability across various end-use industries are expected to translate into promising growth of the market in the near future. Enterprises in the market may concentrate on the development of extended reality solutions by collaborating with new market players, specifically in developed regions, including Europe and North America.
• In the recent years, there is significant growth in the demand for stimulated digital environment. This is one of the prominent factors that may boost the growth opportunities in the extended reality (XR) market. Moreover, the market is anticipated to grow on the back of increased number of tech startups across the globe.
• Popularity of augmented reality has increased over the period in the past few years. One of the key reasons for this scenario is noteworthy advancements in the overlaying of digital graphics and sound in the real world with the help of animations, images, and texts.
• Various types of electronic products such as tablets and smartphones are available at reasonable prices across major parts of the globe. This scenario has resulted into the substantial rise in the demand for augmented reality, thereby offering promising expansion opportunities for the market. However, the growth of market may be hindered due to the high costs of the hardware.
• In terms of region, the extended reality (XR) market is likely to gather lucrative avenues in the Asia Pacific region during the forecast period of 2020 to 2030. One of the key reasons for this development includes increased technology adoption in the region.

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Extended Reality (XR) Market: Key Players

The report performs profiling of key players working in the extended reality (XR) market. It offers important data on financial status, product portfolios, sales, production, and revenues of each player in the market.

Some of the key players operating in the global extended reality (XR) market are:

• Blippar.com Ltd.  Atheer, Inc.
• EON Reality, Inc.
• Dell Technologies Inc.
• Honeywell International, Inc.
• Google, Inc.
• Magic Leap, Inc.
• HTC Corp.
• Microsoft Corp.
• Manus Machinae B.V.
• Oculus VR LLC
• Nokia Corp.
• Samsung Electronics Co., Ltd.
• Qualcomm Incorporated
• Sony Interactive Entertainment LLC
• Semcon
• VirZOOM, Inc.
• Varjo Technologies Oy
• Vuzix Corporation

Global Extended Reality (XR) Market: Segmentation

Extended Reality (XR) Market, by Component

• Hardware (Head Mounted Devices)
• Software

Extended Reality (XR) Market, by Technology

• Virtual Reality
• Augmented Reality
• Mixed Reality

Extended Reality (XR) Market, by Application

• Media & Entertainment
• Retail
• Real-estate
• Education
• Healthcare
• Military & Defense
• Engineering

Extended Reality (XR) Market, by End Use

• Personal
• Commercial

Extended Reality (XR) Market, by Region

• North America
• U.S.
• Canada
• Rest of North America
• Europe
• U.K.
• Italy
• France
• Rest of Europe
• Asia Pacific (APAC)
• Japan
• China
• India
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
• South America
• Brazil
• Rest of South America

Explore Transparency Market Research's award-winning coverage of the Global IT & Telecom Industry:

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