Extended Reality Industry

The report "Extended Reality Market by Technology (AR, VR, MR), Offering (Hardware, Software), Device Type (AR Devices, VR Devices, MR Devices), Application (Consumer, Commercial, Enterprises, Automotive) and Region - Global Forecast to 2028" The extended reality industry is projected to reach USD 111.5 billion by 2028 from USD 40.1 billion in 2023, at a CAGR of 22.7% from 2023 to 2028. The major factors driving the growth of the extended reality industry include availability of affordable VR devices, increasing demand for extended reality in entertainment and gaming industry, and the surging adoption of extended reality in healthcare sector.

Browse 180 market data Tables and 78 Figures spread through 283 Pages and in-depth TOC on "Extended Reality Market by Technology (AR, VR, MR), Offering (Hardware, Software), Device Type (AR Devices, VR Devices, MR Devices), Application (Consumer, Commercial, Enterprises, Automotive) and Region - Global Forecast to 2028"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/extended-reality-market-147143592.html

The hardware segment of the extended reality industry is expected to grow at a higher CAGR of during the forecast period.

The demand for extended reality hardware is in a growing phase. Due to macroeconomic factors such as increasing prices of hardware devices, trade disputes, and decreasing gross domestic product (GDP), the demand for extended reality devices decreased in 2022; however, the upcoming launches planned for XR headsets are expected to support the market growth from 2023 to 2028. For instance, Apple Inc. is expected to launch its XR headset in 2023. Also, Meta Platforms, Inc. has planned to launch Oculus Quest 3 in the same year. In addition, several startups are working on developing affordable XR hardware devices so that they can be widely used across consumer, commercial, and enterprise applications. Owing to this, the hardware segment of the extended reality industry is expected to grow at a higher CAGR of during the forecast period.

The consumer application segment is projected to account for the largest size of the extended reality industry from 2023 to 2028.

The consumer application segment is projected to account for the largest size of the extended reality industry from 2023 to 2028. The consumer segment of the market comprises gaming and entertainment applications wherein AR technology is used to create 3D visual objects in the real world. The flourishing gaming and sports and entertainment sectors fuel the use of AR technology in consumer applications. VR technology also offers remarkable results regarding visual effects when used in gaming and sports broadcasts. The demand for HMD is high in consumer applications. They are used in smart glasses in sports (such as ski driving and fighting games). The demand for the development of VR apps is increasing from the entertainment sector to enhance the experience of users during sports broadcasts, along with gathering information from social networking sites. 

Asia Pacific is expected to register the highest CAGR during the forecast period.

The extended reality industry in Asia Pacific is expected to grow at a high rate owing to its adoption in the healthcare, commercial, and consumer sectors. The increasing number of players in the region is projected to drive the growth of the extended reality industry in Asia Pacific. The thriving commercial and consumer markets are a key factor driving the growth of the extended reality industry in the region as these markets are witnessing increased investments in countries such as Japan, India, and China. The use of extended reality has increased in commercial and consumer markets in Asia Pacific owing to the easy availability of extended reality technology in the region. The low-priced VR headsets are easily available in countries of Asia Pacific. This, in turn, helps the market in the region to grow at a high pace. 

The report profiles key players such as Microsoft (US), Sony Group Corporation (Japan), Meta Platforms, Inc. (US), HTC Corporation (Taiwan), Google (US), PTC Inc. (US), Seiko Epson Corporation (Japan), Apple Inc. (US), Qualcomm Technologies, Inc. (US), and Samsung Electronics Co., Ltd. (South Korea).

Don’t miss out on business opportunities in Extended Reality Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]