The global Extended Reality market size is projected to reach USD 67870 million by 2028, from USD 25310 million in 2021, at a CAGR of 15.0% during 2022-2028.
Key drivers of the extended reality market include the growing use of extended reality in the education sector and industrial training. The surging popularity of extended reality devices in the automobile industry will foster the growth of the market during the forecast period. The huge demand for AR, VR, and mixed reality in the healthcare industry will propel the growth of the extended reality market in the forthcoming years. Moreover, the entertainment and gaming industry will provide the highest scope thereby expanding the market in the future.
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Extended reality (XR) is a term referring to all real-and-virtual combined environments and human-machine interactions generated by computer technology and wearables, where the 'X' represents a variable for any current or future spatial computing technologies.
Education and workers’ training
Extended reality has the potential to revolutionize the education system. Virtual Reality( VR) and Augmented Reality( AR) will aid visual learners by creating an immersive environment that is completely different from the real-life world where students can gain skills on their own by interacting with their immediate surroundings. Historical events and important past incidences can be brought alive for schoolchildren to experience themselves. Regular field trips will become exciting and cheaper with AR, and VR headsets. These tools will enable teachers to provide real-life demonstrations of swirling tornadoes, polar bears, and walking on the moon inside the classroom. Hands-on learning will get effective through AR-based apps. Furthermore, workplace training manuals can incorporate VR and AR solutions for recreating tough training scenarios which is hard to simulate in real life. For example, firefighters can be trained based on virtual fire emergency scenarios like wildfires, airplane malfunctioning, etc. These possibilities will drive the growth of the extended reality market in the future.
Automotive sector
The automobile industry is getting increasingly digitized with a focus on personalized marketing and car production, XR solutions are being adopted in supply chain management, product design, prototyping, quality control, and virtual remote production lines. The three main use cases are virtual prototyping, immersive showrooming, and augmented training. Virtual reality-based prototypes help engineers and manufacturing contractors simulate car parts in terms of volume, size, and distance. They get a better view of all the important components in a virtual world where defects and conception errors can be detected quickly. This increases the speed of production and reduces cost as companies do not need to invest in physical prototypes. Through AR-based headsets, mobiles, pcs, and tablets workers can see the replication of risky situations in front of themselves thereby adapting efficiently. Moreover, 3D virtual showrooms have gained prominence where a 360-degree virtual world showroom is created for customers to view and buy cars. These factors will drive the growth of the extended reality market in the subsequent years.
Medical sector
XR can dramatically enhance the interpersonal trust between a doctor and a patient. Subjecting your patients to a virtual environment can take their minds off the pain during the treatment procedure enabling better responses toward your caregivers. Surgery simulations can be conducted by medical professionals to teach trainees without the need for an actual cadaver, organ, or animal body. 3D replicas can be created based on a patient’s scan for discussions on surgery tactics, collaboration, and skill training. XR technologies can quickly scan a patient’s body and detect any health complications immediately like broken bones, tumors, etc. These will drive the growth prospects of the extended reality market during the forecast period.
Gaming and entertainment industry
The game industry makes use of AR, VR hardware, and software for taking controlled movement of the body. A VR headset allows gamers to move freely into the artificial world and interact directly with various objects and accessories. A gamer won't be able to differentiate between a real world and a virtually simulated world. They will be able to play as their character’s avatar and get to traverse the online gaming world right before their eyes. Furthermore, with the increasing penetration of the internet and booming digital media, the entertainment world will change radically with XR technologies. For instance, metaverse will create a virtual online space where users can ideate, create, collaborate, interact and speculate. The way a user streams and interacts with digital content will change drastically in the coming years. There is a wide range of devices like high-resolution displays, headsets, hand controllers, 360 degrees surround sound systems, etc. All such factors will augment the growth of the extended reality market during the upcoming period.
Side effects
Extended reality will present endless possibilities in the coming decades. However, as our reliance on digital technology increases the harmful effects will pop up soon. Issues related to sensitive data access, vulnerability to sophisticated cyberattacks, and fake virtual experiences will be augmented. Cyberbullying threats will increase tremendously moving forward. This in turn will deter the expansion of the extended reality market in the subsequent years.
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Extended Reality (XR) Market Share Analysis
Based on type, the segmentations are mobiles, headsets, and personal computers. Standalone XR mobiles are smartphones having the capability to provide a truly immersive experience to customers with huge processing power capabilities. Headsets are head-mounted devices that give virtual reality experiences to the user. Smartphones can even be fitted inside the headsets. On the other hand, there are pcs that support human-to-computer interaction.
Based on application, the VR segment is expected to dominate in the extended reality market share owing to the large-scale adoption of VR headsets, displays, and hand tracking devices by consumers and other end-user industries.
Based on region, North America will grow the highest in the extended reality market share due to the rapid proliferation of smartphones, rise in smart consumer electronic devices, and huge demand from several industry verticals.
Extended Reality (XR) market is segmented by players, region (country), by Type and by Application. Players, stakeholders, and other participants in the global Extended Reality (XR) market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application for the period 2017-2028.
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Report Metric |
Details |
|
Base Year: |
2021 |
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Market Size in 2021: |
USD 25310 Million |
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Forecast Period: |
2022 to 2028 |
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Forecast Period 2021 to 2028 CAGR: |
15.0% |
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2028 Value Projection: |
USD 67870 Million |
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No. of Pages: |
109 |
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Tables & Figures |
137 |
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Segments covered: |
Type, Application, Region |
Ans. The market size of Extended Reality market market surpassed USD 67870 million by 2028 with a CAGR of 15.0%.
Ans. The Extended Reality market market is projected to reach USD 67870 million by 2028.
Ans. Extended Reality market market is segmented by Type and by Application.
Ans. Based on application, the VR segment is expected to dominate in the extended reality market share.
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