About Extended Reality (XR)
Extended reality is an emerging technology from all immersive technologies, including augmented reality, virtual reality, mixed reality, and others. This technology helps in enhancing the experience by either merging the virtual or by generating a fully immersive experience. The market for XR technology having strong growth potential in the coming years such as with the help of VR, that artificial environment. By FY 2023, it is expected that high growth to reach over 68 million units, by looking at these major companies such as Microsoft and Intel is highly investing in XR technology to capture market opportunity.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is highly fragmented by market-leading players, those are highly focusing on production technologies, improving efficiency, and other service life. There are numerous growth opportunities in the market that are captured by tracking the ongoing process improvement and enhance financial flexibility by investing in market growth strategies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Extended Reality (XR) market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Accenture (Ireland), SoftServe (United States), IBM (United States), TXT e-solutions (Italy), Qualcomm Technologies, Inc. (United States), Microsoft (United Sates), Glenfield Corporation Pty Ltd. (Australia), Google (United States), Sony Corporation (Japan) and HP (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Acer Inc. (Taiwan), Fox (United States), The Walt Disney Company (United States), Apple (United States) and Facebook (United States).
Segmentation Overview
AMA Research has segmented the market of Global Extended Reality (XR) market by and Region.
On the basis of geography, the market of Extended Reality (XR) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the Extended Reality (XR) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
High Adoption from Retail Industry to Enhance Shopping Experience, Rapid Acceptance for the Navigation Solutions and High Use for AR Powered Offerings for the Enterprise
Market Growth Drivers:
Growing Demand from Various Domain Majorly from Healthcare Industry. This Industry is Using Augmented Reality for Taking Benefits from Digital Information Over Real Life Experiences and Increasing Demand from The Tourism Industry as Augmented Reality Tools to Expand the Experience of Visitors to Museums
Challenges:
Lack of Awareness Across Under Developed Regions and Contrary Impact of Lockdowns Because of Covid-19 on Commercial Trade
Restraints:
Trade Restrictions Between the US and China
Opportunities:
Continuous Development in Technologies Such as 5G, and Others and Growing Requirement of VR in Aerospace & Defense for Training and Simulation
Market Leaders and their expansionary development strategies
In November 2023, Microsoft and Boeing announced a partnership to utilize HoloLens technology for aircraft design, assembly, and maintenance.
In September 2023, Microsoft introduced its "HoloLens 3" MR headset, designed for enterprise applications with improved field of view and spatial mapping capabilities.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analyst and Strategic Business Planners, Extended Reality Providers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.