According to IMARC Group’s latest report, titled “Extended Reality (XR) Market Report by Component (Hardware, Software, Services), Type (Consumer Engagement, Business Engagement), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Application (Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR)), End User Industry (Education, Retail, Industrial and Manufacturing, Healthcare, Media and Entertainment, and Others), and Region 2024-2032." offers a detailed analysis of the extended reality (XR) market trends, drivers, segmentation, growth opportunities, and competitive landscape to understand the current and future market scenarios.
How Big is the Extended Reality (XR) Market?
The global extended reality (XR) market size reached US$ 92.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,913.7 Billion by 2032, exhibiting a growth rate (CAGR) of 39.2% during 2024-2032.
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What is Extended Reality (XR)?
Extended reality (XR) is the amalgamation of all immersive technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). It relies on applications, headsets, and smart wearables that extend the reality by generating realistic sounds and images through digital materials. Nowadays, various enterprises are adopting XR for employee recruiting and training purposes. It is used to create a learning experience that is more interactive, engaging, and effective in the long term. Moreover, it is also utilized by established businesses to advertise their products and services while providing a unique experience to users.
Global Extended Reality (XR) Market Trends:
The market is primarily driven by the increasing number of employees working remotely through the cloud. XR enables employees to visualize the live environment of their offices, attend virtual meetings, and work more efficiently. Besides this, the expanding entertainment industry is also escalating the demand for XR technologies among users to experience live events such as concerts and sports competitions on smartphones remotely. In addition, the increasing number of individuals opting for professional online gaming represents another major growth-inducing factor.
Moreover, XR is widely utilized in the healthcare industry to improve diagnostic efficiency. For instance, it is employed in modern imaging technologies, such as magnetic resonance imaging (MRI) and computerized tomography (CT) scans, which is creating a favorable market outlook across the globe. Furthermore, the growing awareness of the benefits associated with XR is anticipated to expand its applications across retail, defense, transportation, and travel and tourism industries.
Extended Reality (XR) Market 2024-2032 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the extended reality (XR) market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Accenture PLC
- Augray
- Dassault Systèmes SolidWorks Corporation (Dassault Systèmes SE)
- Medtronic PLC
- Microsoft Corporation
- Qualcomm Incorporated
- Samsung Display Co. Ltd. (Samsung Electronics Co. Ltd.)
- Semcon
- SoftServe Inc.
- Softweb Solutions Inc. (Avnet Inc.)
- SphereGen
- Varjo
- VertexPlus Softwares Pvt. Ltd.
Key Market Segmentation:
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Type:
- Consumer Engagement
- Business Engagement
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Virtual Reality (VR)
- Augmented Reality (AR)
- Mixed Reality (MR)
Breakup by End User Industry:
- Education
- Retail
- Industrial and Manufacturing
- Healthcare
- Media and Entertainment
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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