Increasing focus on enhancing customer experience through advancements in virtual, augmented and mixed reality technologies are offering lucrative growth opportunities for the XR market
With drastic modernization of the business sector worldwide and introduction of next-generation technologies, massive focus is dedicated on the integration and application of advanced systems nearing the futuristic goals of technology providers thus underlining a sustainable growth of the global XR market anticipated to register nearly 65% CAGR hike during the forecast years from 2018 to 2028. Virtual Reality (VR), Augmented reality (AR), and Mixed Reality (MR) are a part of the broad classification of Extended reality that is referred to as XR. These set of technologies are applied to enhance overall user experience and focus primarily on the advancement of simulation systems. Immers ive technologies fundamentally target on revealing information of the real-world scenario or creating a completely new artificial experience. Simulation systems typically combine real world with the virtual world enhancing the customer experience or the immersive technologies help design a completely artificial scenario.
The growth scales and patterns within the existing market scenario and future landscape are drawn out accurately to prominently highlight the market attractiveness. Key influential growth-altering factors of the global XR market typically focus on the potential opportunities during the forecast years. Major factors such as rapidly advancing technological evolution, increasing capital investments supporting higher capital investments, rising adoption of virtual reality platforms and technology systems by the business sector, surging automation trends popularizing augmented reality and virtual reality are boosting the growth of the global XR market during the forecast years. Additionally, increasing demand for next-generation gaming technologies including software, apps and devices by the GenZ population is offering lucrative opportunities for the growth of the global XR market over the forecast.
Adroit Market Research study on the global XR market holistically covers an all-inclusive assessment of the market during a study period from 2018 to 2028 incorporating detailed analysis of the driving and restraining factors, opportunities, challenges and threats. The industry dynamics trace through the historic stages between 2018 to 2020. The market share analysis presumes 2020 as the base year of estimation followed by the predictive study period forecasting industry status from 2021 to 2028. The report incorporates insights on the current trends coupled with future traits assessed at global and country level. Also, the study Porter’s five forces analysis assessing the market in depth and further positioning the key players of the market comparing their strategic initiatives, product portfolio, revenue contributions and geographic footprint prominently highlighting the key operators of the global XR market.
The XR market showcases a robust competitive ecosystem amongst the well-known players and the emerging industry players. Also, the XR industry players are approaching new marketspaces embarking upon potential opportunities with a view strengthening the competitive advantage among other industry players by initiating mergers, collaborations, partnerships and acquisition of the young, small-scale establishments and expanding business presence.
Based on the Type Segment, the industry is compartmentalised into personal computers (PC), mobiles and headsets. With increasing advent of smart technology, the market for XR-based smartphones is likely to experience significant growth over the forecast. Increasing technological developments by the electronic devices manufacturers is scaling up the product features and technological capabilities of personal computers encouraging an exponential growth of the segment over the forecast years.
North America has been a dominating candidate in the market in the past and is likely to continue acquiring a large share of the global XR market revenue. The region is a home to developed economies like the U.S. and Canada extensively boosting research and innovation in the fields of next-generation technologies including virtual reality, automation and augmented reality. Industries and business sector in the U.S. are leveraging the benefits of the extended reality technology adopting platforms at a faster pace. The U.S. is showcasing a strengthening infrastructure of the military and defense industry of the economy with government aggressively extending support to integrate extended reality into military innovations by deploying virtual and augmented reality based military training.
The major players of the global XR market are Accenture PLC, Qualcomm Technologies, SphereGen Technologies, Northern Digital, SoftServe, Microsoft Corporation, VertexPlus Software, Google, HP Development Company, Samsung, HTC Corporation, Sony, Nintendo, Metaio, Acer, Zappar, Dell Technologies, Seiko Epson, Koninklijke Philips, Aurasma and Softweb Solutions. The XR market comprises of firmly placed local market players alongside the global networkers. Additionally, the identified market players are coming forth with an array of novel strategies and highly advanced technologies enhancing product development to achieve competitive lead in the global market.
Key Segments of the Global XR Market
Type Overview, 2018-2028 (USD Billion)
- Personal Computer (PC)
Application Overview, 2018-2028 (USD Billion)
- Augmented Reality (AR)
- Virtual Reality (VR)
- Mixed Reality (MR)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa