Increasing Demand for Immersive Entertainment and Digital Environments to Drive Global Market
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.
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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.
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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Analysts’ Viewpoint
The global extended reality (XR) market is expected to grow at a staggering CAGR of 45% during the assessment period. The market growth is driven by a range of factors, including increasing smartphone penetration, rising demand for digital environments, growing popularity of augmented reality and virtual reality technologies, and its applicability across various end-use industries. Market players are anticipated to focus on the development of extended reality solutions in collaboration with a number of startups that have entered the market, particularly in developed regions such as North America and Europe.
Extended Reality (XR) Market: Overview
- The global extended reality (XR) market is projected to surpass US$ 1.1 Trn by 2030. The extended reality (XR) market is projected to expand at a CAGR of 45% from 2024 to 2030.
- Constant innovation in technology offering lucrative opportunities
- Media & entertainment and gaming are major industries adopting technologically advanced virtual platforms. End user expectation is rising to experience virtual surroundings in different applications with the current advancement in technology in augmented reality (AR), virtual reality (VR), and mixed reality. In recent years, hardware developers have introduced or updated VR as well as undertaken AR enhancement to improve the user experience. On similar lines, MANUS VR hand gloves help end users to visualize ones’ hand in a virtual environment and find application in gaming as well as in the construction sector.
- Constant innovation in headsets and controllers is expected to drive the VR and AR market in hardware components. Furthermore, most ecosystem players are offering free software development kit (SDK) to developers, which, in turn, is expected to fuel the demand for better controlling features through software in VR related devices.
- AR, VR, and mixed reality creates more intuitive and new ways to interact with systems and computers. Since the extended reality (XR) market is at the nascent stage coupled with a high investment scenario, it is anticipated to see high scale of innovations in short to medium term compared to long term.
- Therefore, constant development in virtual and augmented reality platforms is expected to increase the demand for extended reality solutions during the forecast period
- Demand for compact VR and AR headsets and controllers driving market
- In the early days, hardware components of VR and AR were massive in size and less ergonomic. However, in terms of implementation among large masses, hardware solution providers prefer providing a headset and controller of smaller size with high mobility focus. Headsets and controllers are expected to become more compact with the option of integration with mobile devices. This may also influence the demand for wireless devices, long battery life, and better ergonomic values in VR/AR hardware. Headsets currently available in the market, such as Sony Morpheus, HTC Vive Cosmos, Google Daydream, and Epson Moverio Pro BT350, are designed keeping in mind end user comfort and requirement. Furthermore, rising competition among players is expected to drive technology innovations and subsequently drive the demand for compact hardware devices in the future. Sony Interactive Entertainment LLC is also focused on providing gaming VR to enhance the gaming experience and more advanced design of VR headsets.
- Increasing demand for VR and AR headsets and accessories in different industries in multiple applications are expected to boost the demand for extended reality solutions during the forecast period
Extended Reality (XR): Market Segmentation
- The global extended reality (XR) market has been segmented in terms of component, technology, application, end use, and region
- Based on component, the extended reality (XR) market has been bifurcated into hardware (head mounted devices) and software
- In terms of technology, the global extended reality (XR) market has been divided into virtual reality, augmented realty, and mixed realty
- Based on application, the extended reality (XR) market has been categorized into media & entertainment, retail, real estate, education, healthcare, military & defense, and engineering
- In terms of end use, the extended reality (XR) market has been split into personal and commercial
- The global extended reality (XR) market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Initially, vendors across the ecosystem of extended reality were analyzed on the basis of type and OS providers in the market.
Extended Reality (XR) Market: Regional Outlook
- North America is expected to dominate the extended reality (XR) market in the year 2024, whereas Asia Pacific is expected to dominate the market by the end of the forecast period
- Asia Pacific is likely to witness the highest growth in the extended reality (XR) market. The extended reality (XR) market in Europe, South America, and Middle East & Africa is also expected to expand rapidly during the forecast period.
- The report provides in-depth segment analysis of the global extended reality (XR) market, thereby providing valuable insights at macro as well as micro levels
- Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the extended reality (XR) market
Extended Reality (XR) Market: Competition Dynamics
- The research study includes profiles of leading companies operating in the global extended reality (XR) market. Key players profiled in the report include
- Atheer, Inc.
- Blippar.com Ltd.
- Dell Technologies Inc.
- EON Reality, Inc.
- Google, Inc.
- Honeywell International, Inc.
- HTC Corp.
- Magic Leap, Inc.
- Manus Machinae B.V.
- Microsoft Corp.
- Nokia Corp.
- Oculus VR LLC
- Qualcomm Incorporated
- Samsung Electronics Co., Ltd.
- Semcon
- Sony Interactive Entertainment LLC
- Varjo Technologies Oy
- VirZOOM, Inc.
- Vuzix Corporation
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