The global extended reality market is expected to increase from USD 25,310 million in 2021 to USD 67,870 million by 2030. Extended reality (XR) is a new word that encompasses all immersive technologies. Augmented reality (AR), virtual reality (VR), and mixed reality (MR) are examples of technologies in development as well as those presently in use by humans. All immersive technologies increase human reality by integrating the virtual and “real” worlds together or creating a truly immersive experience. According to a recent poll, more than 60% of respondents expected XR to become extensively utilized within the next five years.
In a word, Extended Reality (XR) allows users to engage with others while visiting virtual locales and having the same experiences as if they were physically present. As a result, it integrates all three technologies: AR, VR, and MR. XR is the combination of real-world interaction, computer-generated graphics, and virtual settings. It is being utilized in a variety of corporate hiring procedures, including onboarding and staff training.
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Extended Reality Market Segmentation
Regional Scope
- North America
- Middle East
- Africa
- Europe
- Asia Pacific
- South America
Key Players
Acer Inc., Atheer, Inc., Blippar.com Ltd., Dell Technologies Inc., EON Reality, Inc., Google, Inc., Honeywell International, Inc., HTC Corp., Magic Leap, Inc., Manus Machinae B.V., Microsoft Corp., Nokia Corp., Oculus VR LLC, Qualcomm Incorporated, Samsung Electronics Co., Ltd., Semcon, Sony Interactive Entertainment LLC, Varjo Technologies Oy, VirZOOM, Inc., Vuzix Corporation, and Others are key market players in the global extended reality market.
Extended Reality Market Opportunity
The expansion of the worldwide travel and tourist business creates a substantial opportunity for the extended reality (XR) market. XR technologies, such as virtual reality (VR) and augmented reality (AR), provide novel solutions for improving the travel experience by allowing users to virtually explore destinations, preview accommodations, and participate in immersive cultural events from the comfort of their own homes.
With the development of remote work and digital nomadism, XR-powered virtual travel experiences are becoming more relevant, creating the potential for destination marketing, virtual tours, and travel planning tools. Using XR technology to create captivating and interactive travel experiences allows organizations in the travel and tourism industry to attract new clients, enhance engagement, and differentiate themselves in a competitive market landscape.
Market Driver
The emergence of low-cost virtual reality (VR) equipment drives the extended reality (XR) sector. As hardware costs fall and more affordable devices are introduced, VR technology becomes more accessible, opening up new prospects for wider adoption across a variety of industries.
Affordable VR headsets allow more consumers and organizations to experience immersive virtual environments, increasing demand for XR content and applications. This accessibility drives market growth by increasing the user base and encouraging innovation in VR technology, ultimately contributing to the overall development and advancement of the XR ecosystem.
Extended Reality Market Trend
Extended reality (XR) holds great potential for the future of healthcare, especially for modern healthcare facilities, and offers new possibilities for physicians. Extended reality technology can help surgeons explore the target organs before starting any medical procedure by helping them visualize the finer parts of the patient’s body, reducing risk. For example, Wolters Kluwer Health, a significant information and point-of-care solutions provider for the healthcare sector, announced in December 2022 that BioDigital XR would be integrated with the Wolters Kluwer Medical Education and Medical Practice expansion. Through this partnership, students will be able to enhance their learning curricula by participating in immersive, safe-to-fail settings that offer both virtual reality (VR) and augmented reality (AR) solutions throughout the healthcare sector.
Technologies for extended reality are becoming more prevalent in both private and business contexts. It is the goal of 5G technology to solve these problems by enabling more equitable distribution of processing power. By 2023, there will be 1.02 billion 5G users worldwide, up from fewer than 200 million in 2019. Several nations, including South Korea, China, and the US, have already started rolling out 5G in a few select areas. Globally, large sums of money are being invested in order to facilitate 5G deployments everywhere. Thus, another driver fueling the expansion of the extended reality (XR) market revenue is the quick adoption and deployment of 5G services.
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