Extended Reality XR Market Analysis by Device Type (Smartphones, Computer, Laptops, and Others); by Component (Services, Software, and Hardware); by Industry (Media & Entertainment, Retail, Aerospace & Defense, Healthcare, Gaming, and Others); and by Delivery Model (Business, and Consumer Engagement)-Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

Global Extended Reality (XR) Market Report Scope

Global Extended Reality XR Market Highlights Over 2023 - 2033

The global extended reality XR market is estimated to garner a notable revenue by the end of 2033 by growing at a CAGR of ~50% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 50.0 Billion in the year 2022. The growth of the market can be attributed to the increasing spending on AR and VR solutions. For instance, the worldwide spending in the year 2020 on AR/VR accounted to USD 12 Billion.

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Extended Reality refers to all real-and-virtual combined environments and human-machine interactions enabled by computer technology and wearables. It encompasses representative forms such as augmented reality, mixed reality, and virtual reality, as well as the areas between them. Moreover, extended reality also helps to reconnect employees through providing new opportunities without taking much time from other employees.  Hence, it is expected to surge the growth of the global extended reality XR market. For instance, in the year 2019, more than 800 thousand jobs are enhanced by augmented reality and virtual reality.

Global Extended Reality XR Market: Growth Drivers and Challenges

Growth Drivers

• Rising Disposable Income– The rise in the disposable income of consumers increases their amount of money after tax that can be used for entertainment purposes. Hence, it is anticipated to increase the growth of the global extended reality XR market. The United Kingdom gross disposable income accounted for USD 1,419 Billion in the year 2019.

• Growing Digital Video Games Sales– In the year 2021, More than 70 percent of the United States is comprised of at least one person that plays video games

• Surging Adoption of 5G – More than 120 Million 5 G connections are added between Quarter 1 and Quarter 2 of the year 2021 around the globe

• Growing Prevalence of Artificial Intelligence- More than 30 percent of the organizations worldwide use artificial intelligence in the year 2022

• Rising IOT Connections- According to the GSM Association's Mobile Economy Report 2019, the total number of IOT connections worldwide will be around 25 billion by the end of 2025.

Challenges

• Lack of Technical Professionals for the Setup

• Concern of Privacy Issues

• High Price for the Installation of the System

The global extended reality XR market is segmented and analyzed for demand and supply by device type into smartphones, computer, laptops, and others. Out of these, the smartphones segment is anticipated to hold the largest share over the forecast period owing to the rising number of smartphones users across the globe. In the year 2020, there are more than 3 billion people using smartphones across the globe.

Global Extended Reality XR Market Regional Synopsis

Regionally, the global extended reality XR market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of earlier adoption of real and virtual solutions in different verticals, and increasing consumers’ disposable income. For instance, there are more than 90 Million AR users, and 55 Million VR users in the year 2020 in the United States.

Market Segmentation

Our in-depth analysis of the global extended reality XR market includes the following segments:

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Key Companies Dominating the Global Extended Reality XR Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global extended reality XR market that are included in our report are Microsoft Corporation, Accenture plc, SphereGen Technologies LLC, Adobe Inc., SoftServe, Semcon AB Qualcomm Technologies, Inc., VertexPlus Technologies Pvt. Ltd., Medtronic, plc, Dassault Systemes Solidworks Corporation, AugRay LLC, and others.

Global Extended Reality XR Market: Latest Developments

• February, 2018: Accenture plc announced the acquisition of Mackevision for strengthening its ability to generate a compelling next generation customer experience through adding art visualization capabilities to its digital services portfolio.

• March, 2020: Semcon AB announced the acquisition of Xtractor AB in order to strengthen its position within digital training.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal. 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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