ALBANY, NY, April 27, 2022 (GLOBE NEWSWIRE) — Advancements in technologies underlying mixed augmented reality (AR), virtual reality (VR), and reality applications are broadening the outlook of the extended reality (XR) market. Numerous businesses in several industry verticals are pouring in money to adopt AR and VR products. The extended reality (XR) market valuation is projected to exceed 1.1 Trn mark by the end of 2030.
Introduction of compact and sleek VR headsets has spurred the penetration of VR in gaming and various applications in media and entertainment industry. Over the past few years, rise in practical applications of AR has generated massive revenue growth to the extended reality (XR) market. Hardware and software developers are working collaboratively to unveil mobile XR solutions at low price, in a bid to propel mainstream adoption.
The past few years have witnessed rapid penetration of VR in the gaming application. The TMR analysts also observe that advancements in AR hardware will extend the horizon for new applications of XR, thus creating new revenue streams for companies in the extended realty (XR) market. Growing adoption of technologically advanced AR headsets and glasses and VR controllers in numerous medical and industrial applications is bolstering the revenue growth.
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Key Findings of Extended Reality (XR) Market Study
- Demand for Mobile-based XR Solutions to Underscore Vast Revenue Opportunities: The Avenue in the extended reality (XR) market has broadened from the growing R&D for state-of-the-art computing platforms that will allow integration of headsets and controllers with mobile devices. A number of next-gen computing platforms will enable manufacturers to develop mobile XR devices.
- Growing Popularity of XR Solutions for Gaming and Media & Entertainment Applications: AR/VR/MR technologies have found widespread demand in the gaming, media & entertainment applications, and have churned out substantial revenues to the extended reality (XR) over the years. In recent years, the authors of this TMR study have found that the demand is expected to grow significantly in other verticals also, notably in retail, real-estate, education, healthcare, and military & defense.
- Constant Drive for Innovations in AR and VR Products to Catalyse Incredible Avenues in End-use Industries: Rise in application of VR products in education and healthcare is a key driver of the extended reality (XR) market. The enterprise use of VR has also been growing. On the other hand, there is a rising interest in expanding the practical applications of AR in various industries. Integration of AR with smartphones present a vast avenue for expanding the commercial applications. Advancements in immersive 3D graphics for AR is expected to pave the way for profitable avenues in the extended realty (XR) market.
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Extended Reality (XR) Market: Key Drivers
- Rapid pace of penetration of smartphones and continuous advancements in mobile computing have spurred the adoption of AR, VR, and MR, thus catalysing the evolution of the extended reality (XR) market. Recent industry initiatives on integration of smartphones with mobile VR headset and AR glasses are enriching the ecosystem.
- Advancements being made in computer vision, machine learning, and the introduction of state-of-the-art computing platforms have brought transformative potential for stakeholders to capture new streams of revenues in the extended reality (XR) market.
Extended Reality (XR) Market: Regional Growth Dynamics
- North America held a prominent share of the global extended reality (XR) market in 2020. The massive uptake of AR, VR, and MR technologies for industrial and commercial applications has helped spur the revenue generation from the regional market. The valuation is projected to reach US$497.64 Bn by the end of the forecast period of 2020–2030.
- The opportunities in the Asia Pacific extended reality (XR) market are expected to rise at prominent pace during the forecast period. Enormous demand for low-cost head-mounted displays have propelled the revenue growth.
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Extended Reality (XR) Market: Key Players
Some of the key players in the extended reality (XR) market are VirZOOM, Inc., Vuzix Corporation, Varjo Technologies Oy, Sony Interactive Entertainment LLC, Samsung Electronics Co., Ltd., Qualcomm Incorporated, Oculus VR LLC, Nokia Corp., Microsoft Corp., Manus Machinae BV, Magic Leap, Inc., HTC Corp., Google, Inc., EON Reality, Inc., Dell Technologies Inc., Blippar.com Ltd., and Atheer, Inc.
Global Extended Reality (XR) Market: Segmentation
Extended Reality (XR) Market, by Component
- Hardware (Head Mounted Devices)
Extended Reality (XR) Market, by Technology
- Virtual Reality
- Augmented Reality
- Mixed Reality
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Extended Reality (XR) Market, by Application
- Media & Entertainment
- Military & Defense
Extended Reality (XR) Market, by End Use
Extended Reality (XR) Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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