The global extended reality (XR) market is expected to reach a market size of USD 1,246.57 Billion at a steady CAGR of 24.2% in 2035, according to latest analysis by Emergen Research. The report provides detailed insights into extended reality automotive trends, industry trends, consumer trends, market size, market share, market revenue growth, and forecast, along with ranging impact of each factor and driver. It also provides analysis of various factors expected to restrain or limit potential growth in extended reality automotive size over the forecast period, 2020–2028. The Extended Reality report includes profiles of major players in the market, strategies being employed, mergers, acquisitions, recent developments, agreements, contracts, new product development and launches, segment revenue, investment details as well as financials. In addition, 5G is expected to address some of the primary challenges related to extended reality by paving the way for more optimized distribution of processing capabilities to the network.
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Increasing penetration of 5G technology is further expected to propel adoption of extended reality technology. The extended reality (XR) market is witnessing high growth due to increasing investments in Augmented Reality (AR) and Virtual Reality (VR) technologies, and rapid advancements in various technologies and connected devices. Varying market trends can be attributed to inclining revenue growth of the global extended reality automotive going ahead. extended reality automotive trends include rising focus by major players on product/service expansion into new and untapped domestic markets and rising competition. Other positive extended reality automotive trends include rising demand and deployment in respective sectors/industries in major and developing countries. In addition, implementation of favorable government policies, advancements in technology, and steady economic growth across various regions and countries are factors expected to continue to result in further extended reality automotive trend evolution and changes going ahead.
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In terms of extended reality automotive share and revenue contribution to the global extended reality automotive, North America is expected to maintain its dominance over other regional markets over the forecast period. Presence of major companies in countries in the region is a key factor supporting rapid increase in extended reality automotive share.
The market intelligence report on the Extended Reality Industry also includes an extensive investigation of the competitive landscape. It assesses the business and marketing strategies expected to be present in the market through the forecast years. It also includes an investigation of the recent advancements and other factors driving the growth of the overall market to help comprehend the progress of the companies in the coming years.
Key Highlights of Report
- Global mobile augmented reality users are projected to reach 2.4 billion by 2023 due to enhanced consumer experience in media and entertainment sectors. The technology is not only limited to sports and music concerts and events to enrich fan experience, but is also being used across various sectors such as public safety, healthcare, marketing, and oil and gas, among others.
- External reality is used in businesses to improve sales and devise new approaches for customer engagement. In August 2019, Indian telecom giant, Reliance Jio, launched Jio HoloBoard MR Headset, which offers mixed reality services. The headset will allow users to create a 3D hologram of a surface and place it in front of the user’s eyes. It will provide a cinematic experience in mixed reality education, movie watching, shopping, and hands-free video calling.
- Extended reality is used in the healthcare sector to train employees to perform or experience surgeries without any risk of patient welfare. Patients and clinicians are able to access real-time reports on health conditions with the help of extended reality.
- North America accounted for largest revenue share in the global extended reality automotive due rising adoption of the technology in the education system in countries in the region to help students with learning disabilities and autism. Rise in demand for XR technology in the U.S. military for training purposes will also propel market growth.
- Key players in the market include Accenture PLC, Qualcomm Technologies Inc., Softweb Solutions Inc., Varjo Technologies OY, SphereGen Technologies, Microsoft Corporation, Apple, Qualcomm Technologies Inc., Augray Ltd., and Intel.
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Region wise performance of the Extended Reality industry
North America extended reality automotive trend scenario has significant impact on other regional market trends. North America extended reality automotive accounted for largest revenue share in 2020 and is expected to continue to maintain its dominance over other regional markets over the forecast period. Presence of major players in countries in the region is a key factor driving steady change in overall extended reality automotive trends.
Asia Pacific extended reality automotive is expected to register comparatively faster revenue growth than other regional markets over the forecast period. This can be attributed to varying extended reality automotive trend scenarios in countries such as China, India, South Korea, and others. These scenarios with regard to domestic market trends and international market trends and varying impacts play a major role in growth of the Asia Pacific market.
Asia Pacific market share contribution to the global extended reality automotive is expected to continue to register comparatively faster growth rate than other regional markets between 2020 and 2028. Increasing population, favorable government policies and initiatives, rising disposable income among consumers in countries in the region, influence of extended reality automotive trends in other countries and regions, and steady economic growth are some key factors driving market revenue growth of the Asia Pacific extended reality automotive.
Europe extended reality automotive size and revenue growth is primarily supported by extended reality automotive trends such as continuous developments in major countries in the region, robust focus on research and development initiatives by major firms, and changing market trends in countries in other major regions.
Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:
- United States
- Southeast Asia
We can also provide the customized separate regional or country-level reports, for the following regions:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
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The research provides answers to the following key questions:
- What will be the growth rate and the market size of the Extended Reality industry for the forecast period 2020-2027?
- What are the major driving forces expected to impact the development of the extended reality automotive across different regions?
- Who are the major driving forces expected to decide the fate of the Extended Reality industry worldwide?
- Who are the prominent market players making a mark in the extended reality automotive with their winning strategies?
- Which Extended Reality industry trends are likely to shape the future of the industry during the forecast period 2020-2027?
- What are the key barriers and threats believed to hinder the development of the industry?
- What are the future opportunities in the extended reality automotive?
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