Extended Reality (XR) Market Outlook 2021 Witnessing Enormous Growth with Recent Trends & Demand | Intel Corporation, Samsung, Microsoft

Extended Reality (XR) Market

The Extended Reality (XR) Market is expected to grow from USD XX billion in 2021 to USD 125.2 billion by 2027, at a CAGR of 30.6%.

Latest added Extended Reality (XR) Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2026. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Intel Corporation, Samsung Electronics Co Ltd., Microsoft Corporation, Accenture, Agile Lens, Tata Exlsi. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.

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This report studies the Extended Reality (XR) Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Extended Reality (XR) Market by companies, region, type and end-use industry.

Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ” Extended Reality (XR) Market By Component (Hardware, Software), Device Type (Mobile, Personal Computer), User (Single-User, Multi-User), Delivery Model (Consumer Engagement, Business Engagement), Application (AR, VR, MR), Industry (Retail, Education, Industrial & Manufacturing, Healthcare) and Geography – Global Forecast To 2026″. Early buyers will get 10% customization on study.

To Avail deep insights of Extended Reality (XR) Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.

Unlock new opportunities in Extended Reality (XR) Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.

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The market growth can be attributed to several factors, such as surging deployment of extended reality in education sector and industrial training, rising demand for extended reality devices and technology in global automotive industry, surging adoption of extended reality in healthcare sector, and increasing demand for extended reality in entertainment and gaming industry.

COVID-19 Impact on the Global Extended Reality Market

The extended reality market includes major Tier I and II suppliers such as Microsoft (US), Sony (Japan), Oculus VR (Facebook) (US), HTC (Taiwan), Google (US), Samsung Electronics (South Korea), Apple (US), PTC (US), Seiko Epson (Japan), and so on. These suppliers have their manufacturing facilities spread across various countries across North America, Europe, APAC, and RoW. COVID-19 has impacted their businesses as well.

Market Dynamics of Extended Reality

Driver: Surging adoption of extended reality in healthcare sector

The use of extended reality in the healthcare sector opens new opportunities for medical practitioners and holds a promising future, especially for modern healthcare organizations. The use of extended reality technology in the healthcare sector is reducing costs, and improving outcomes for individuals without taking risking the lives of patients.

Extended reality technology can help surgeons explore the target organs by picturing subtleties of the body of a patient, right before initiating any medical procedure to make it a risk-free process.

For instance, in May 2017, conjoined twins were successfully separated through a pediatric medical surgery at the Children’s Hospital of the University of Minnesota (US) by visualizing the connective tissue between hearts of twins using extended reality technology

Restraint: Excessive use of extended reality devices causes health issues

Extended reality devices are highly sophisticated ones, but they have also become the focus of health concerns. The most common risk is injuries caused to users due to their bumping into real objects while being engrossed in the virtual world. A number of users have also reported headaches, eye strain, dizziness, and nausea after using extended reality devices. According to research by the University of Leeds, exposure to virtual reality for 20 minutes is expected to affect the ability of some children to discern the distance to objects.

Opportunity: Continuous developments in 5G technology

The adoption of extended reality technology has been gaining momentum in both personal and professional applications. The advent of the 5G technology is expected to address some challenges by paving the way for optimized distribution of processing capabilities. Countries such as South Korea, China, and the US have already started 5G operations in some of their selected cities. Significant investments are being made globally to make 5G deployments across all regions of the world.

Challenge: Global economic slowdown owing to COVID-19

The ongoing pandemic has increased the demand for extended reality devices owing to the unexpected situation of lockdowns in key regions (Europe, APAC, and North America). The employees of several organizations are working from home in the wake of the COVID-19, thereby increasing the requirement of virtual meetings, training, and conferences. The pandemic has also affected the global manufacturing of extended reality devices. The severe impact of the pandemic on the manufacturing industry has halted the supply of extended reality devices across the world

VR devices to account for the largest share of extended reality market in 2020

On the basis of device type, the market is categorized into AR devices, VR devices, and MR devices. The growth of the VR devices segment of the market is expected to be led by HMD. These displays from companies such as Sony, Oculus, HTC, Samsung, and Google have received an overwhelming response from users. The key applications of HMD are gaming and entertainment. Gesture-tracking devices have been an integral part of VR hardware owing to their risen use in consumer applications.

Consumer application to account for the largest share of extended reality market during forecast period

On the basis of applications, the market is categorized into consumer, commercial, enterprise (manufacturing), healthcare, aerospace & defense, energy, automotive, and others. 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.

North America is leading the market for extended reality in 2020

North America held the largest share in the extended reality market in 2020. Growing use of smartphones, increasing adoption of smart electronic devices, and surging demand for extended reality technology in various applications are the key factors fueling the growth of the extended reality market in North America.

The outbreak and the spread of novel coronavirus, which started from China at the end of 2019 and later shifted its epicenter from China to Europe and then to the US, has caused serious economic crisis across the world by affecting almost every sector either more or less. The spread of the COVID-19 in North America has led to fatalities and loss of lives and livelihood. Border closures and lockdowns have led to disruptions in the supply chain of extended reality devices and the imposition of social distancing norms. They have resulted in the closure of manufacturing and assembling units in the US and Canada. The spread of the COVID-19 has severely affected the demand for displays and extended reality products in the US and other countries of North America.

Key Market Players

Major players in the extended reality market include Microsoft (US), Sony (Japan), Oculus VR (Facebook) (US), HTC (Taiwan), Google (US), and so on.

Scope of the Report

In this research report, the extended reality market has been segmented on the basis of technology, offering, device type, application, and geography.

Extended Reality Market, by Technology

  • AR Technology
  • VR Technology
  • MR Technology

Extended Reality Market, by Offering

  • Hardware
  • Software

Extended Reality Market, by Device Type

  • AR Devices
  • VR Devices
  • MR Devices

Extended Reality Market, by Application

  • Consumer
  • Commercial
  • Enterprise (Manufacturing)
  • Healthcare
  • Aerospace & Defense
  • Energy
  • Automotive
  • Others

Geographic Analysis

  • North America
  • Europe
  • APAC
  • RoW

Recent Developments

  • In Jun 2020, Google developed a new technology to make the immersive augmented reality (AR) and virtual reality (VR) experiences available on consumer devices.
  • In May 2019, Microsoft launched the second-gen HoloLens, the HoloLens 2. The complete set of the HoloLens 2 includes free trials of Unity Pro, Azure credits, and the Unity PiXYZ Plugin for CAD data. The company also announced the Unreal Engine 4 support for HoloLens 2 to offer a highly realistic experience to customers.
  • In October 2018, Sony Interactive Entertainment (SIE), a subsidiary of Sony, signed a two-year patent license agreement with Lenovo. The objective of the agreement was to provide Lenovo with a license to use the patented PlayStationVR (PS VR) industrial design of Sony Interactive Entertainment for the Lenovo mirage solo VR headset.

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