Extended reality (XR) encompasses numerous novel technologies, including virtual reality (VR), augmented reality (AR), and mixed reality. Although the interest for augmented reality witnessed a considerable amount of fluctuation over the past few years, at present, the demand for augmented reality is witnessing a consistent growth from various industrial domains. The increasing popularity of virtual reality and augmented reality is projected to remain the key factor driving the global extended reality (XR) market during the forecast period. The notable rise in disposal income coupled with the increasing consumer demand for optimum all-round entertainment experience is likely to fuel the demand for extended reality technology during the assessment period.
While the gaming sector is anticipated to provide a broad range of opportunities to players involved in the current extended reality (XR) market landscape, other industrial sectors, including healthcare, education, real-estate, media & entertainment are anticipated to provide lucrative opportunities. The exponential rise in smartphone penetration coupled with advancements in the computer technology have accelerated innovations across the extended reality (XR) market ecosystem due to which, the demand is on the rise. Although extended reality is gaining worldwide popularity, the steep costs of hardware could hinder the growth of the extended reality (XR) market during the stipulated timeframe of the study.
At the back of these factors, along with the significant rise in the number of tech startups around the world, the global extended reality (XR) market is on course to surpass the 1.1 Trn mark by the end of 2030.
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Increasing Popularity of Augmented and Virtual Reality to Boost Market Growth
Augmented reality and virtual reality are considered to be the pillars of the extended reality (XR) market. Moreover, during the forecast period, these technologies are likely to mature due to which, the adoption rates are likely to grow at an impressive pace. The increasing demand for stimulated digital environment is one of the major factors that is expected to open up a plethora of opportunities to the players involved in the current extended reality (XR) market landscape. Gaming and entertainment sectors are likely to be at the forefront in terms of adoption of extended reality during the forecast period. While virtual reality continues to make its mark across the world, augmented reality has garnered immense popularity over the past few years– a trend that is set to continue during the assessment period.
The considerable progress in the overlaying of sound and digital graphics in the real world by utilizing texts, animations, and images is one of the key factors that has increased the popularity of augmented reality over the past few years. The availability of smartphones, tablets, and other consumer electronics at economical rates is another factor that has led to the considerable rise in demand for augmented reality. For instance, the increasing usage of Snapchat and Instagram filters is a fair indicator of the growing popularity of augmented reality in recent times.
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Macro-economic Uncertainty and Loss of Consumer Confidence amid COVID-19 Pandemic to Hinder Market Growth
The outbreak of the COVID-19 pandemic is expected to have a short-term impact on the expansion of the global extended reality (XR) market. Sales of virtual reality and augmented reality products are projected to decline in 2024 despite a sizeable rise in the demand for entertainment products, including VR and AR sets during the lockdown period in several regions of the world, mainly during the second quarter of 2024. A number of companies are leaning toward the use of AR and VR products to overcome the imposed restrictions– a window of opportunity for the players during the ongoing COVID-19 crisis. Macro-economic uncertainty coupled with the descending consumer confidence over the course of 2024 are the major factors that are likely to hinder the expansion of the extended reality (XR) market in 2024.
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