Extended Reality Market (XR): Current Information with Future Analysis

The extended reality (XR) market has evolved thanks to the growing applications of virtual reality (VR), augmented reality (RA) and mixed reality.

ALBANY, New York, USA, September 13, 2021 /EINPresswire.com/ – The extended reality (XR) market has evolved thanks to the growing applications of virtual reality (VR), augmented reality (RA) and mixed reality, and a number of technologies that combine these. Various industry verticals, such as gaming, entertainment, health, education and real estate, leverage these technologies to deliver an immersive experience to their customers and gain a competitive edge. Simultaneous advances in hardware components and remarkable advances made by computer technologies have enriched the market landscape of extended reality (XR). Along with advances in sound and digital graphics and the penetration of smartphones, XR is witnessing a new normalization of mainstreaming in end-use industries. Numerous startups have entered the fight to take advantage.

The global extended reality market is projected to record a CAGR of 45% between 2020 and 2030. At the end of the period, the valuation is expected to exceed US $ 1.1 million.

Main conclusions of the extended reality (XR) market study

• Penetration of mobile devices to see opportunities in numerous industries

A range of functional technologies in smart mobile devices powered by augmented reality (RA) and virtual reality (VR) open up great possibilities in the extended reality market. The growing popularity of XR allows companies in various end-use industries to harness the potential of 3D graphics, automatic vision and artificial intelligence technologies to deliver immersive mobile experiences to their customers. The trend has already picked up the pace of emerging companies and established players in education, healthcare and real estate, increasing their market shares. In developing economies, the penetration of smart devices is strong among mobile device users, the reason has to do with the increase in disposable income in recent decades. Advances in device processing capabilities and progress in cloud computing infrastructures around the world are fueling growth in the extended reality market.

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• Advances in hardware associated with AR and VR to improve user comfort

In recent years, there have been constant developments in hardware components to improve user comfort and the overall AR and VR experience. The constant improvements in features that make hand gloves and goggles are paving the way for a new immersive experience for customers of the Extended Reality (XR) market. Energy efficiency and ergonomics are the main proposals of consumers in which hardware manufacturers focus and make significant investments in associated R&D.

• Macroeconomic fundamentals altered by the COVID-19 pandemic

The COVID-19 pandemic has shaken the macroeconomic foundations of several countries around the world. Consumers were skeptical about spending on RA and VR products for much of 2020. However, growth in entertainment products is expected in the coming years. On the other hand, companies in end-use industries want to take advantage of XR to overcome barriers due to COVID-19 outbreaks. This has also opened the canvas for collaborations between prominent actors and start-ups.

Extended Reality Market (XR): main factors and avenues

• Growing business proposals for digital environments in numerous industry verticals increase demand for XR platforms
• Advances in cloud computing enhance prospects
• A large amount of massive investment in artificial intelligence development boosts growth

Extended Reality Market (XR): regional dynamics

• Developed regions, especially North America, had been at the forefront of investments in XR in 2020 to harness emerging potential.
• In the coming years, Asia Pacific is expected to occupy a sizeable sector of the global extended reality (XR) market.
• The Asia-Pacific market is expected to expand at the most attractive CAGR during the forecast period.
• China will be at the forefront, mainly through the introduction of cost-effective hardware components that will be used in XR, such as low-cost head-mounted screens.

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