The global Extended Reality (XR) Market is garnering significant traction. Growing demand for innovative standalone headsets and smart glasses to provide real-time information, schematics, and related visuals benefits the market growth. Besides, extensive uses of VR remote platforms for sales meetings, schools, and universities allow the market to create substantial revenues.

With the rising usages of XR hardware, software, and services in manufacturing & industrial industries, the XR market value is expected to reach significant heights during the next few years. According to Market Research Future (MRFR), the global extended reality market is estimated to perceive significant revenues gains by 2027, growing at a colossal CAGR during the assessment period (2020-2027).

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Additionally, the increasing demand for XR technology from the retail, e-commerce, and transportation sectors accelerates the Extended Reality (XR) Market shares. Also, the rising uptake of XR technology in the healthcare and media & entertainment industries allows the market to create a substantial revenue pocket. Increasing investments in AR and VR developments that can improve customer experience foster Extended Reality (XR) Market growth.  

Conversely, the lack of highly connected infrastructure, interoperability issues of immersive 3D graphics, and power & thermal efficiency of standalone headsets are major factors expected to impede the Extended Reality (XR) Market growth. However, advances in display & motion tracking technologies and the advent of 5G technology would support the market growth throughout the anticipated period.

Global Extended Reality (XR) Market – Geographical Analysis

North America leads the global extended reality market. Factors such as advances in augmented reality (AR) and virtual reality (VR) technologies and increasing demand for high-end custom immersive presentations in small & medium companies, schools, and universities boost the Extended Reality (XR) Market demand. Besides, substantial investments made by tech giants such as Qualcomm Incorporated, Microsoft Corporation, and Google act as a key tailwind for the regional Extended Reality (XR) Market growth.

Global Extended Reality Market – Segments

The report is segmented into types, components, delivery models, end-users, and regions. The type segment is sub-segmented into mobile XR and PC-tethered XR. The component segment is sub-segmented into hardware, software, and services. The hardware segment is further bifurcated into sensors, cameras, transducers, speakers, and others. 

The service segment is further bifurcated into professional services managed services. The delivery models segment is sub-segmented into consumer-based and business-based. The end-users segment is sub-segmented into healthcare, media & entertainment, manufacturing & industrial, retail & e-commerce, transportation, and others. 

By Outlook:

• Customer engagement 
• Business engagement 

By Type:

• Mobile XR 
• PC tethered XR 

By Component: 

• Software 
• Hardware 
• Services 

By End-User:

• Healthcare 
• Media
• Industrial 
• Manufacturing 
• Retail and eCommerce 
• Transportation 

By Geography:

• Asia pacific 
• North America 
• Europe 
• Latin America 
• Middle East Africa 

Global Extended Reality Market – Competitive Landscape 

Characterized by the presence of several technology providers, the global XR market appears to be highly competitive. Matured players incorporate collaboration, acquisition, partnership, expansion, and technology launch to gain a competitive advantage and maintain their positions in the market. These players compete based on pricing and reputation.  

Major Players 

Players leading the global XR market include HP Reveal (US), Qualcomm Incorporated (US), Gofind Inc. (US), Dassault Systèmes SolidWorks Corporation (France), Accenture (Ireland), Agile Lens (US), Tata Exlsi (India), Medtronic (US), AugRay (US), Semcon (Sweden), Softserve (US), Northern Digital Inc. (Canada), Mirari LLC (US), Talespin (US), VRee (The Netherlands), and SphereGen (US), among others. 

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Industry/Innovation/ Related News: 

Sep. 01, 2021 --- PIXO, a leading provider of extended reality (XR) solutions, announced a strategic partnership with Energy WorldNet, Inc. (EWN), a training and safety solutions company to provide XR solutions to the energy industry. The partnership would enable PIXO to provide VR, AR, and MR technology training solutions to EWN’s global clientele.

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