Extended Reality Market : Drivers and Challenges


Posted April 28, 2022 by prashantvi

The extended reality market is expected to grow from USD 33.0 billion in 2021 to USD 125.2 billion by 2026, at a CAGR of 30.6%.
 
The report "Extended Reality Market with COVID-19 Impact Analysis by Technology (AR, VR, MR), Application (Consumer, Commercial, Enterprises, Healthcare, Aerospace and Defense), Offering, Device Type, and Region(North America, Europe, APAC) - Global Forecast to 2026", is expected to grow from USD 33.0 billion in 2021 to USD 125.2 billion by 2026, at a CAGR of 30.6%. The market growth can be attributed to several factors, such as surging deployment of extended reality in education sector and industrial training, rising demand for extended reality devices and technology in global automotive industry, surging adoption of extended reality in healthcare sector, and increasing demand for extended reality in entertainment and gaming industry.



Browse 139 market data Tables and 70 Figures spread through 234 Pages and in-depth TOC on "Extended Reality Market with COVID-19 Impact Analysis by Technology (AR, VR, MR), Application (Consumer, Commercial, Enterprises, Healthcare, Aerospace and Defense), Offering, Device Type, and Region(North America, Europe, APAC) - Global Forecast to 2026"



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VR devices to account for the largest share of extended reality market in 2020



On the basis of device type, the market is categorized into AR devices, VR devices, and MR devices. The growth of the VR devices segment of the market is expected to be led by HMD. These displays from companies such as Sony, Oculus, HTC, Samsung, and Google have received an overwhelming response from users. The key applications of HMD are gaming and entertainment. Gesture-tracking devices have been an integral part of VR hardware owing to their risen use in consumer applications.





North America is leading the market extended reality in 2020

North America held the largest share in the extended reality market in 2020. Growing use of smartphones, increasing adoption of smart electronic devices, and surging demand for extended reality technology in various applications are the key factors fueling the growth of the extended reality market in North America.



Some of the key companies operating in the market are Microsoft (US), Sony (Japan), Oculus VR (Facebook) (US), HTC (Taiwan), Google (US), Samsung Electronics (South Korea), Apple (US), PTC (US), Seiko Epson (Japan), and so on.



Recent Developments



In Jun 2020, Google developed a new technology to make the immersive augmented reality (AR) and virtual reality (VR) experiences available on consumer devices.

In May 2019, Microsoft launched the second-gen HoloLens, the HoloLens 2. The complete set of the HoloLens 2 includes free trials of Unity Pro, Azure credits, and the Unity PiXYZ Plugin for CAD data. The company also announced the Unreal Engine 4 support for HoloLens 2 to offer a highly realistic experience to customers.

In October 2018, Sony Interactive Entertainment (SIE), a subsidiary of Sony, signed a two-year patent license agreement with Lenovo. The objective of the agreement was to provide Lenovo with a license to use the patented PlayStationVR (PS VR) industrial design of Sony Interactive Entertainment for the Lenovo mirage solo VR headset.

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Issued By marketsandmarkets
Country United States
Categories Electronics
Tags extended reality market
Last Updated April 28, 2022