NEW YORK, Jan. 15, 2024 /PRNewswire/ — The extended reality market is estimated to grow by USD 443.26 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 43.09% during the forecast period. However, the growth momentum will be progressing. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 37%.
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Global Extended Reality Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (VR, AR, and MR), component (hardware, software, and services), and geography (North America, APAC, Europe, South America, and the Middle East and Africa).
The market growth by the VR segment is significant during the forecast period. The VR segment of the global market is witnessing growth, driven by the increasing popularity of 360-degree videos and virtual reality gaming.
Geography Overview
By geography, the global extended reality market is segmented into North America, APAC, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global extended reality market.
APAC accounts for 37% of the growth of the global market during the forecast period. The increasing demand for augmented reality is due to the widespread utilization of AR and VR technologies in several industries including retail, healthcare, e-commerce, and automotive in North America.
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Global Extended Reality Market – Market Dynamics
Key factor driving market growth
The rapid improvements in sensor technology drives the Extended Reality (XR) Market growth. Advancements in sensor technology, potentially resulting in reduced sensor costs, are expected to drive market growth in the forecast period.
Leading trends influencing the market
The advent of 5G is a primary trend in the market. 5G technology is characterized by features such as high bandwidth and low latency. The use of this technology can accelerate the adoption of extended reality products and ensure higher flexibility in various extended reality applications.
Major challenges hindering the market growth
Infrastructural and integration issues is major challenges hindering the market. Insufficient infrastructure for internet connectivity in many countries remains a hindrance to the widespread adoption of extended reality technology, encompassing both apps and hardware.
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What are the key data covered in this Extended Reality Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the extended reality market between 2023 and 2027
- Precise estimation of the extended reality market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the extended reality market across North America, APAC, Europe, South America, and the Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of extended reality market players
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The Extended Reality (XR) market, encompassing Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), is revolutionizing numerous sectors. Leveraging technologies like 360-degree video, haptic feedback, and head-mounted displays (HMDs), it offers immersive experiences with advanced 3D visualization and spatial computing. Innovations in gesture recognition, eye tracking, and VR/AR content creation enhance real-time interaction. With cross-platform integration and 5G connectivity, XR benefits from machine learning, AI, and cloud computing. This synergy drives gamification in education, healthcare, retail, and automotive industries. Smart glasses and location-based services expand its reach. However, ensuring user experience (UX) design excellence while addressing privacy and security remains paramount in XR’s growth.
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ToC
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Grade Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio