Extended Reality (XR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Extended Reality (XR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global extended reality (XR) market size reached US$ 64.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 604.3 Billion by 2028, exhibiting a growth rate (CAGR) of 43.5% during 2023-2028.

Extended reality (XR) refers to the amalgamation of immersive graphics technologies, such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). It relies on applications and headsets that create an interactive virtual experience by generating realistic sounds and images. At present, it is widely used in various corporate recruitment processes, including onboarding, employee training, and diversity and inclusion (D&I). It is also leveraged by companies across the globe to advertise their products and services while reducing expenditure and providing hands-on experience to users.

Extended Reality (XR) Market Trends:

Due to the global spread of coronavirus disease (COVID-19) and the growing concerns about workplace safety, several enterprises have shifted to the remote working environment via the cloud. This represents one of the key factors catalyzing the demand for XR to enable employees to visualize a live environment of their offices, attend virtual meetings, and work from home efficiently. Apart from this, the increasing number of individuals opting for online gaming as a profession due to significant improvements in internet connectivity and the easy availability of advanced gaming peripherals is contributing to the market growth. Additionally, the thriving entertainment industry is driving the use of XR for experiencing live events like concerts and sports competitions on smartphones remotely. Besides this, XR is employed in modern imaging technologies, such as magnetic resonance imaging (MRI) and computerized tomography (CT) scans. This, in confluence with the rising prevalence of chronic diseases and the escalating need for improving diagnostic efficiency, is positively influencing the application of XR in the healthcare industry. Furthermore, the growing awareness of the benefits of XR is anticipated to expand its usage in the retail, defense, transportation, and travel and tourism industries worldwide.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global extended reality (XR) market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, type, organization size, application and end user industry.

Breakup by Component:

Hardware
Software
Services
 

Breakup by Type:

Consumer Engagement
Business Engagement
 

Breakup by Organization Size:

Small and Medium-sized Enterprises
Large Enterprises
 

Breakup by Application:

Virtual Reality (VR)
Augmented Reality (AR)
Mixed Reality (MR)
 

Breakup by End User Industry:

Education
Retail
Industrial and Manufacturing
Healthcare
Media and Entertainment
Others
 

Breakup by Region:

North America

United States
Canada


Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Others


Middle East and Africa
 

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture PLC, Augray, Dassault Systèmes SolidWorks Corporation (Dassault Systèmes SE), Medtronic PLC, Microsoft Corporation, Qualcomm Incorporated, Samsung Display Co. Ltd. (Samsung Electronics Co. Ltd.), Semcon, SoftServe Inc., Softweb Solutions Inc. (Avnet Inc.), SphereGen, Varjo and VertexPlus Softwares Pvt. Ltd.

Key Questions Answered in This Report:

What was the size of the global extended reality (XR) market in 2022?
What is the expected growth rate of the global extended reality (XR) market during 2023-2028?
What has been the impact of COVID-19 on the global extended reality (XR) market?
What are the key factors driving the global extended reality (XR) market?
What is the breakup of the global extended reality (XR) market based on the type?
What is the breakup of the global extended reality (XR) market based on the application?
What is the breakup of the global extended reality (XR) market based on the end user industry?
What are the key regions in the global extended reality (XR) market?
Who are the key players/companies in the global extended reality (XR) market?