Vancouver, British Columbia–(Newsfile Corp. – April 1, 2022) – The global extended reality (XR) market is expected to reach a market size of USD 1,246.57 Billion at a steady CAGR of 24.2% in 2035, according to latest analysis by Emergen Research. The ongoing trend of Industry 4.0 and digital transformation enables smart objects to be designed, monitored, and controlled via digital twins, and these controls are visualized in augmented reality and virtual reality. Growing popularity in Augmented Reality (AR) gaming is fostering growth of the market.
AR gaming is the integration of audio and visual content with a user’s environment in real-time. Augmented reality gaming uses the existing environment and creates a playing field within it, unlike virtual reality, which requires a separate room. The immersive environment that extended reality creates in games such as Pokemon GO, Ingress Prime, Dragon Quest Walk, Jurassic World Alive, among others, is a key factor driving market growth.
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Market players are investing significantly into research & development of XR products and technologies, which is boosting growth of the market. In February 2021 for instance, Touchcast Inc., which is a virtual experience and event platform, announced that it had raised USD 55 million in early funding – led by Accenture and other companies – to scale up the company’s virtual event platform.
Key Highlights of Report
VR uses computer technologies to create a simulated environment that places users inside an experience. VR is used as a training tool, particularly in medical school, and is also used to train next generation surgeons, such as for robotic surgery. Apple is planning to launch a VR headset by 2022 and will display 3D digital environment for watching videos, gaming, and communicating.
External reality is used in businesses to improve sales and devise new approaches for customer engagement. In August 2019, Indian telecom giant, Reliance Jio, launched Jio HoloBoard MR Headset, which offers mixed reality services. The headset will allow users to create a 3D hologram of a surface and place it in front of the user’s eyes. It will provide a cinematic experience in mixed reality education, movie watching, shopping, and hands-free video calling.
Extended reality is used in the healthcare sector to train employees to perform or experience surgeries without any risk of patient welfare. Patients and clinicians are able to access real-time reports on health conditions with the help of extended reality.
Asia Pacific market revenue is expected to register the fastest CAGR as compared to other regional markets during the forecast period. Favorable initiatives by governments in countries in the region such as investment and funds to benefit extended reality companies are driving growth of the market currently. In 2019, Japan introduced 5G commercial services, which have led to strategic initiatives being taken by telecommunication companies to offer virtual reality and augmented reality viewing platforms using 5G connectivity.
Key players in the market include Accenture PLC, Qualcomm Technologies Inc., Softweb Solutions Inc., Varjo Technologies OY, SphereGen Technologies, Microsoft Corporation, Apple, Qualcomm Technologies Inc., Augray Ltd., and Intel.
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Emergen Research has segmented the global extended reality market on the basis of type, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2021-2035)
Application Outlook (Revenue, USD Billion; 2021-2035)
Virtual Reality (VR)
Mixed Reality (MR)
End-use Outlook (Revenue, USD Billion; 2021-2035)
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