May 20, 2022

News provided by Share this article Share this article The global extended reality market is projected to grow at a significant rate during the forecast period with growth attributed to the growing adoption of cloud platforms and light hardware by enterprises. Advancements in smart eyewear technology and increasing investments in R&D activities are also fueling the global extended reality market during the forecast period. Extended reality refers to experiences that combine the virtual and physical realities through the use of computer or wearable technologies to provide enriching photorealistic visuals and enhanced digital experiences to users. Market players are increasingly investing in R&D activities to make the hardware components which are lightweight, compact, and more ergonomic and can be utilized in augmented reality. Market players are introducing new varieties of wireless headsets and controllers that can be easily integrated with mobile devices, hence further propelling the growth of the global extended reality market. Moreover, intense competition among the market players has led to more varieties of AR and VR hardware components and high-quality visual display, designed to provide more comfort to the end-users, which is expected to fuel the growth of the global extended reality market in the coming years. Additionally, the rising penetration of IoT-based devices and growing advancements in virtual reality technologies are expected to contribute to market growth. Rising applications of virtual reality technology and the rapidly expanding gaming industry are also boosting the growth of the global extended reality market. Furthermore, educational institutions and centers, aeroscope and defense sector, and other end-user industries are utilizing virtual reality to enhance user experiences, especially for simulation and training purposes, which is anticipated to boost the growth of the global extended reality market during the forecast period. Based on component, the market is sub-divided into hardware, software, and services. The hardware segment is anticipated to dominate the global extended reality market owing to its mandatory requirement for the immersive experience provided by extended reality technology. Based on the delivery model, the market is divided into consumer-based and business-based. The business-based delivery model is expected to hold the largest share in the global extended reality market to improve sales and provide new customer engagement methods. Major players operating in the global extended reality market are Qualcomm Technologies Inc., Accenture PLC, Northern Digital Inc., Softserve Inc., SphereGen Technologies, Gofind Inc., Dassault Systems SolidWorks Corporation, Agile Lens, Tata Exlsi, Medtronic Inc., etc. Objective of the Study: To analyze the historical growth in the market size of global extended reality market from 2017 to 2021 To estimate and forecast the market size of global extended reality market from 2022E to 2027F and growth rate until 2027F To classify and forecast global extended reality market based on type, component, delivery model, end user, application, region, and competitive Landscape To identify dominant region or segment in the global extended reality market To identify drivers and challenges for global extended reality market To examine competitive developments such as expansions, new services, mergers & acquisitions, etc, in global extended reality market To identify and analyze the profile of leading players operating in global extended reality market To identify key sustainable strategies adopted by market players in global extended reality market Years Considered for This Report: Historical Years: 2017-2020