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Extended Reality Market Size & Industry Share is predicted to reach USD 387.05 Billion by 2028 at a CAGR 35.64% – Introspective Market Research

Extended Reality

Extended Reality

Market Overview:

The Extended Reality size is projected to reach USD 387.05 Billion by 2028 from an estimated USD 45.82 Billion in 2021, growing at a CAGR of 35.64% globally.

Extended reality (XR) is an innovative technology that includes Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) technologies. These techniques reproduce by combining the real world using digital materials and extend the reality. Virtual reality is an artificial environment produced with the help of a software, and introduced to the users or consumers in a manner that they accept it as a real environment. Virtual reality is a 3-D image technique that makes the artificial environment more immersive. Augmented reality is an immersive technology that gives the experience of a real-world environment where the objects are occupied in the real world and it is created by computer-generated perceptual information. According to recent research, more than 60% of respondents believe XR will become mainstream within the next five years. Customers can use XR to try before they buy. Rolex has an AR software that allows users to try on timepieces on their own wrist, and IKEA lets buyers to arrange furniture items in their home using their smartphone thus, the growing applications of XR is expected to support the development of the market over the analysis period.

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Major Key Players for Extended Reality Market:

  • Microsoft (US)
  • Sony (Japan)
  • Oculus VR (Facebook) (US)
  • HTC (Taiwan)
  • Google (US)
  • Samsung Electronics (South Korea)
  • Apple (US)
  • PTC (US)
  • Seiko Epson (Japan) and other major players.

Market Dynamics and Factors:

The extended reality technology is used in healthcare, engineering, manufacturing, food, e-commerce, retail, education, entertainment, and gaming sector. The benefits of extended reality in the healthcare sector are improving results for individuals without any risks to patient life and also reducing the costs. The AR is used in the medical sector to develop the medical practice and most surgeries perform by using AR. The smart operators adopted extended reality to give the stay-at-home traveling experience. VR helps to connect people with each other and form an effective connection between them. These factors help to increase the growth of the market of extended reality in the forecast period. Moreover, this technique is more expensive, and after using extended reality devices for longer hours, users can experience headaches, eye strain, dizziness, and nausea thus, hampering the growth of the market.

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Extended Reality Market Report Highlight:

  • By type, the VR technology segment is expected to have the maximum market share in extended reality during the projected period. VR is adopted in medical school as a training tool and also utilized to train next-generation surgeons, like robotic surgery.
  • By application, the consumer segment is expected to dominate the extended reality market, during the projected period. The consumer segment contains gaming and entertainment application and the rising number of gaming and entertainment users support the growth of the market.
  • By region, North America is expected to dominate the extended reality market, during the projected period. The rapid adoption of newly developed technology propels the growth of the extended reality market in the forecast period.

Key Industry Development:

  • In June 2020, Google produced new technology to make new augmented reality (AR), and virtual reality (VR) experiences accessible on consumer devices.
  • In December 2021, XR Studios was acquired by Solotech. XR Studios is a full-service agency of extended reality comprised of augmented reality technology for live broadcast and virtual productions. XR Studios decided to continue to handle its brand and separate entity as a part of the strategic plan to improve its market leadership position. The deal accelerates Solotech and XR Studios’ goals of becoming the world’s top provider of extended reality solutions.

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Extended Reality Market Segmentation:

By Type

  • AR Technology
  • VR Technology
  • MR Technology

By Application

  • Consumer
  • Commercial
  • Enterprise (Manufacturing)
  • Healthcare
  • Aerospace & Defense
  • Energy
  • Automotive
  • Others

 

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