ReportCrux Market Research has published a new report titled “Extended Reality Market by Component (Hardware, Software, and Services); by Device (Augmented Reality Devices, Virtual Reality Devices, and Mixed Reality Devices); by Vertical (Media & Entertainment, Gaming, Manufacturing, Healthcare, Retail, Education, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
According to the report, global demand for extended reality market was valued at approximately USD 2.20 Billion in 2019 and is expected to generate revenue of around USD 117.79 Billion by end of 2027, growing at a CAGR of around 64.5% between 2020 and 2027.
With the ongoing digital transformation across different industries and verticals, demand for reliable smart sensors is increasing which requires little maintenance and has relatively low repair costs. Those sensors power business processes with operational efficiencies. In the healthcare sector, for instance, researchers develop biopotential sensors and tiny optical that can be fitted in wearable devices.
Request For Sample Report: https://www.reportcrux.com/request-sample-report/Extended-Reality-Market
Those sensors further enable physicians to diagnose the health of a patient in real time. Furthermore, miniaturization of sensors increases sensor installation in all business assets to enable effective analysis and monitoring. However, a significant emphasis on sensor technology R&D is expected to support the growth of the global extended reality market.
Some of the major players in extended reality market are Softweb Solutions, Inc. (India), Augray Ltd. (U.S.), HTC Corporation (Taiwan), SphereGen Technologies (India), Microsoft Corporation (U.S.), Northern Digital Inc. (Canada), Qualcomm Technologies, Inc. (U.S.), SoftServe, Inc. (U.S.), Nintendo Co., Ltd. (Japan) and VertexPlus Softwares Pvt. Ltd. (India) among others.
Many companies believe that continuous innovation in VR controllers and headsets is likely to boost the growth of extended reality market. In addition, most industry players are providing developers with free software development kits (SDKs), which are likely to increase the demand for better machine control features in augmented reality based devices.
The growing adoption of extended reality in the military sector is one of the main developments in the projected reality market expected to fuel market growth over the forecast period. In the military sector, extended reality is applicable, as it offers solutions like TAR i.e. tactical augmented reality.
TAR resembles to night vision goggles and is often used to
track where allied enemy and soldier forces are located. Furthermore, virtual
training reduces the risks of real-time training, especially the one which
involves personnel and equipments. Defense agencies are therefore increasingly
shifting their focus to synthetic and simulation method of training.
In addition, the increased defense and law
enforcement budget over the last few years has also boosted the demand for
innovative simulation training systems between the military and police. Such
military simulations and virtual training systems are well served by a
component-based commercial-off-the-shelf architecture (COTS) that uses the plug
and play function.
In addition, a significant focus on R&D related to sensor technology is likely during the forecast period to assist the growth of the global extended reality market. Thus, rapid developments in sensor technology during the forecast period will drive the growth of the global extended reality market.
Component
type segment accounted for almost 49% share of the Extended Reality Market in
2019
The global market for the extended reality is
segmented into component, application, product, vertical, and region. Based on
the component, the global market for extended reality is segmented into
hardware, software, and services. From this, hardware segment accounted for
almost 49% share of the market by component.
Extended reality devices generate the impression by making people feel like they are in a whole new digital environment. Such technologies have been praised for creating virtual tours in rehabilitating brain injury, stores and destinations, and virtually inspecting a car’s interior and exterior design that no existing technology can do.
On the basis of devices, the market is categorized mixed reality devices, augmented reality devices, and virtual reality devices. The mixed reality devices segment is likely to grow at high CAGR in the forecast period. However, the market for neonatal/ infant extended reality is likely to grow at high CAGR in the forecast period.
Extended reality allows for easy access to rich data in a situational sense, generating nearly infinite business opportunities. Future-thinking companies are integrating virtual reality into their internal systems, as well as for distribution of goods and services. This offers a substantial increase in time quality, higher degree of customer engagement, and a major reduction in human errors.
Vertical type segment accounted for almost 35% share of the Extended Reality Market in 2019
On the basis of vertical, the market is categorized into manufacturing, media & entertainment, gaming, education, healthcare, retail, and others. The media & entertainment segment held almost 35% share of the market in 2019. Compared with other industries, this industry is at the forefront in deploying technology advanced products.
Recent technological developments in AR and VR are leading to increased end user expectations of experiencing virtual environments in various applications. Companies are now upgrading or implementing augmented reality applications to enhance the user experience and increase their efficiency.
Request for Research Methodology: https://www.reportcrux.com/research-methodology/Extended-Reality-Market
North America held almost 39% share of the overall market
Based on regions, the market is bifurcated into Middle East & Africa, Europe, North America, Latin America, and Asia Pacific. North America held almost 39% share of the overall market. Increasing partnerships between different players to improve the experience of extended reality, and increasing focus on less power consuming hardware are indicating potential growth of the region’s extended reality market.
By 2020 to 2030 Europe is projected to be the second largest extended reality market. Asia Pacific is likely to grow at high CAGR in the forecast period due to focus on providing extended reality solutions to the gaming and education sectors, and healthcare, particularly in Japan, India, and China.
• Market size data in terms of revenue and sales volume
• Comprehensive pricing analysis based on different product types and regional segments
• The detailed assessment of the vendor landscape and leading companies to help understand the level of competition in the global Extended reality market
• Deep insights about regulatory and investment scenarios of the global Extended reality market
• Analysis of market effect factors and their impact on the forecast and outlook of the global Extended reality market
• A roadmap of growth opportunities available in the global Extended reality market with the identification of key factors
• The exhaustive analysis of various trends of the global Extended reality market to help identify market developments
For more information about the report visit here: https://www.reportcrux.com/summary/4114/Extended-Reality-Market
Place a Direct Order of this Report: https://www.reportcrux.com/buyNow/Extended-Reality-Market
Report Crux is a global market intelligence aggregator and publisher of market research reports, business information reports, economic and equity reports. We cater a diverse range of industrial sectors along with niche domains and sub-domains within the industry. We offer exclusive blend of cutting-edge market insights for the critical business needs.
We have an experienced/professional team of researchers, analysts and consultants that are engaged in gathering and analyzing business information to offer best in class industry report for competitive business needs.
ReportCrux Market Research
Kemp House 152 – 160 City Road London EC1V 2NX
phone Number: +91 895 615 7215
website: https://www.reportcrux.com/
It is important to design a Christmas-themed logo in a marvelous way to connect with… Read More
University life is a whirlwind of coursework, exams, and social commitments, often leaving little time… Read More
Играйте в онлайн казино игры Кат на нашем сайте для игроков из Российской Федерации Contents… Read More
Dubai has become a beacon for entrepreneurs and businesses looking to establish a presence in… Read More
In the competitive world of car dealerships, having the right tools to manage customer relationships… Read More
In today’s fast-paced digital world, having a well-thought-out digital marketing strategy is no longer optional—it’s… Read More