Global Extended Reality Market 2023-2030

Global Extended Reality Market 2023-2030

Global Extended Reality Market Size, Share & Trends Analysis Report by Type (Hardware and Software), by technology (AR Technology, VR Technology and MR Technology) and by End User (Consumer Products, Aerospace and Defense, Industrial, Healthcare, and Other), Forecast Period (2023-2030)

The global extended reality market is anticipated to grow at a CAGR of 30.1% during the forecast period (2023-2030). Extended Reality (XR) brings together cutting-edge technologies such as Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR). Extended reality provides mobility solutions as they are easily accessible via most electronic devices. Also, it is used to train employees on new skills or procedures in a safe and realistic environment such as, train medical professionals. For instance, in June 2022, Enhatch entered into a partnership with Holo-Light, an immersive technology provider, to deliver an XR streaming platform for surgical training using Augmented Reality (AR) and Virtual Reality (VR) technologies. This platform helps to view high-resolution 3D models during surgery to improve surgical outcomes.

Segmental Outlook

The global extended reality market is segmented on the type, technology, and end user. Based on the type, the market is sub-segmented into Hardware and Software. Based on technology, the market is sub-segmented into AR technology, VR technology and MR technology. And based on the end user, the market is sub-segmented into consumer products, aerospace and defense, industrial, healthcare and other. Among the technology, the VR technology sub-segment is anticipated to hold a considerable share of the market, it creates a simulated environment that users can interact with using headsets or other devices. VR can be used to create immersive experiences in a variety of fields, including gaming, entertainment, education, training, and healthcare. Hence companies are working on development of VR technologies and adopting various strategic initiatives such as partnership, product launch and acquisition to stay competitive in the market. For instance, in September 2022: Meta formed a partnership with Qualcomm to design customized chips for the next-generation extended reality platforms for the Metaverse. Qualcomm and Meta have formed a multi-year agreement to work together. Before this agreement was initiated, Meta tried to create its own custom processor. Meta has relied on Qualcomm for its chips for their VR headsets for years, including the latest Quest2.

The Industrial Sub-Segment is Anticipated to Hold a Considerable Share of the Global Extended reality Market

Among the end user, the industrial sub-segment is expected to hold a considerable share of the global Extended reality market. This segmental growth is attributed to several factor such as, XR is being used to train employees on new skills or procedures in a safe and realistic environment and it is being used to improve productivity and safety in manufacturing environments. For instance, In October 2022, Meta is working with Microsoft to develop XR experiences for the workplace, “Mesh for Teams builds on years of research and Microsoft Cloud innovation, from Azure Digital Twins to Dynamics 365 Remote Assist and Teams video meetings”. It is designed to help people gather virtually in the place where work happens on any device, including smartphones, laptops and mixed-reality headsets. Microsoft 365 apps will be available on Meta Quest devices, enabling people to interact with content from their favorite productivity apps including Word, Excel, powerpoint, Outlook, and sharepoint within VR. In the future, Windows 365 will also be available on Meta Quest devices, with the ability to stream a Windows Cloud PC including your personalized apps, content and settings.

Regional Outlook

The global Extended reality market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia pacific is anticipated to hold a prominent share of the market across the globe, owing to growing adoption of smart learning through extended reality.

The North America Region is Expected to Grow at a Significant CAGR in the Global Extended reality Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to strong technological infrastructure and high expenditure in R&D in these regions by key market players. For instance, in September 2023, Talespin, announced the launch of its extended reality (XR) learning app on Meta Quest. After Meta introduced its $500 Meta Quest 3 virtual reality headset. Initially designed for enterprise use, Talespin’s immersive learning app has now been made accessible to the general public, allowing anyone to experience their virtual worlds and gain valuable skills.

Market Players Outlook

The major companies serving the Extended reality market include Microsoft Corp., Google LLC, Everysight Ltd., HTC Corp, Sony Corp, Lumus Ltd., Optinvent, realwear, Inc., Ricoh Company Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, In January 2023, HTC VIVE continues to push the boundaries of innovation, today unveiling its new consumer flagship all-in-one, VIVE XR Elite. The headset combines Mixed Reality (MR) and Virtual Reality (VR) capabilities into one compact, lightweight, powerful and highly versatile device – perfect for gaming, fitness, productivity and more. The VIVE XR Elite all-in-one represents the next milestone in the progression towards the fully immersive internet, going beyond today’s VR with accurate pass-through video to open up a new realm of realism in learning and playing.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global Extended reality market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.