Extended Reality Technology is the largest segment driving the growth of Extended Reality Market
The global Extended Reality Market is estimated to be valued at US$ 46.3 Bn or Mn in 2023 and is expected to exhibit a CAGR of 2.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Extended reality encompasses augmented reality (AR), virtual reality (VR), and mixed reality (MR) and allows users to experience digital content mixed with physical real-world environments. Extended reality improves user experience in fields of education, training, product design, and more.
Market key trends:
One of the key trends in the extended reality market is increasing demand from various industries. Extended reality is finding increasing applications in education, healthcare, manufacturing, retail, and others. AR and VR help in visualizing products before actual development and improving collaboration. For example, VR is being used for surgical training and medical imaging. Manufacturers are using AR and VR for product designing and assembling processes. The education sector is also adopting these technologies for online learning and virtual field trips. Immersive learning through extended reality technologies is improving student engagement.
Market key trends:
Extended reality or XR is fast emerging as the next wave of computing after mobile. The key trend in the extended reality market is the convergence of augmented reality, virtual reality and mixed reality technologies. VR focuses on completely virtual environments while AR supplements the real world with computer-generated perceptions. MR combines real and virtual worlds to produce new environments where physical and digital objects co-exist and interact in real time. Going forward, the distinction between these realities will blur as more immersive and integrated experiences are developed.
SWOT Analysis
Strengths: XR enables immersive user experiences and has applications across various industries like education, retail, healthcare, engineering etc. The technologies are maturing rapidly with improved device capabilities, tracking technology and content.
Weaknesses: High costs of devices, lack of quality content, health issues with prolonged use, technology limitations are weaknesses.
Opportunities: Growth of AR/VR/MR users, increasing investments, expanding use cases across sectors present major opportunities.
Threats: Privacy/security concerns, technical challenges, competition from tech giants are threats to adoption.
Key Takeaways
The Global Extended Reality Market is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing investment in immersive technologies by tech companies. North America dominated the market in 2023 with a share of over 35% due to wide presence of VR companies and supportive government initiatives for innovation.
The global market size for extended reality was US$ 46.3 Bn in 2023. Regional analysis shows that Asia Pacific is expected to be the fastest growing market, growing at a CAGR of around 27% during the forecast period due to wide consumer base and government focus on industrial applications of XR technologies.
Key players operating in the Extended Reality market include Meta Inc., HTC Corporation, Unity Technologies, Microsoft Corporation, Samsung Electronics Co., Ltd., Magic Leap, Sony Corporation, Vuzix Corporation, Apple Inc, Niantic Inc., Northern Digital Inc., Snap Inc., SoftServe, and Accenture. The companies are investing heavily in bridging the gap between the physical and digital world through innovative mixed reality platforms and services.
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