Extended Reality Market to be dominated by North America region through 2027
Rise in investments in advanced hardware offerings and
ongoing advancements in 5G infrastructure are driving the growth of global extended
reality market in the forecast period, 2023-2027.
According
to TechSci Research report, “Extended Reality Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2017-2027”,
the global extended
reality market is anticipated to witness a growth of robust CAGR in the
forecast period, 2023-2027. An increase in disposable income of consumers
enables them to invest in an all-round entertainment experience which is
expected to boost the global extended reality market.
However, the lack of connected infrastructure and
high hardware costs may restrain the market growth in the forecast period.
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Extended Reality Market"
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The global extended reality market is
segmented based on component, type, delivery model, end user, application,
company, and regional distribution.
Based on the delivery model, the market
is divided into consumer-based and business-based. The business-based delivery
model is expected to account for the largest market share in the next five
years to improve sales and provide new methods for customer engagement.
Based on the component, the market is
divided into hardware and software and services. The hardware segment is
further segmented into sensors, cameras, transducers, and speakers, while
software and services are further divided into professional services and
managed services. Hardware is expected to hold the largest market share in the
forecast period owing to its high cost and the mandatory need for hardware to
experience the immersive environment set up by extended reality technology.
Based on the end user, the market is
divided into healthcare, media and entertainment, manufacturing and industrial,
retail and e-commerce, transportation, and others. The Healthcare sector is
expected to witness significant growth opportunities in the forecast period.
Growing awareness about the benefits of a healthy mind fuels meditation and
de-stress activities. Incorporating virtual reality technology in the
meditation process to make it more immersive for users improves the outcome for
people. The use of serene background setting such as the top of mountains and
beaches by the market players to garner people's attention is expected to
influence the market demand. Similarly, augmented reality can be used to
overlay information and digital information onto the patients, which helps to
visualize the problems more effectively. Extended reality can also be used in
the healthcare industry to soothe the patients in a relaxing simulated
environment to calm down before or during the treatment and surgery, thereby
improving patients' overall experience in hospital settings.
On the basis of regional analysis, the
North American region is expected to dominate the global extended reality
market in the forecast period. North America is an early adopter of novel technologies.
Key market players such as Qualcomm Technologies Inc., Softserve, SphereGen,
and Northern Digital Inc. further supplement the proliferation of extended
reality technology in the region. High technology exposure and the
proliferation of smart devices significantly boost the market growth. Extended
reality technology for training and education programs such as Foreign Service
Institute at the State Department in the United States introduced virtual
reality technology as an experimental learning tool for different purposes.
Major market 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.
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“The retail and e-commerce industry are
expected to play a significant role in fueling the global extended reality
market in the forecast period, 2023-2027. Incorporation of extended reality
technology to provide a 360° view of products for retail consumers to explore
and make informed purchasing decisions. Major companies are investing in
adopting extended reality technology to increase brand awareness among
consumers. The use of mobile-based AR applications to provide a tailored
shopping experiences to consumers and enhance the aesthetic appeal of products
is expected to propel the global extended reality market growth till 2027” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Extended Reality Market
- Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027
Segmented By Component
(Hardware [Sensors, Cameras, Transducers and Speakers], Software and Services
[Professional Services Managed Services]), By Type (Mobile XR and PC-tethered
XR), By Delivery Model (Consumer-Based and Business-Based), By End User
(Healthcare, Media and Entertainment, Manufacturing and Industrial, Retail and
E-Commerce, Transportation and Others), By Application (Virtual Reality,
Augmented Reality, Mixed Reality), and By Region”, has evaluated the future
growth potential of global extended reality market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global extended reality market.
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