Extended Reality Market Key Trends And Opportunity Areas by Leading Players

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2022
Extended Reality Market Opportunities, Growth,
Challenges, Business Trends and Forecast 2030
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As per the World Bank, the number of mobile
cellular subscriptions increased from 7.18
billion in 2015 to 7.98 billion in 2019. The
increasing penetration of smartphones and other
connected devices will result in the largescale
adoption of extended reality (XR) solutions
across the world. Moreover, the accelerating
internet use will also fuel the demand for XR
solutions in the upcoming years. According to the
International Telecommunication Union (ITU),
around 51 of the world population were using the
internet in 2019. Additionally, the mounting
popularity of augmented reality (AR) and virtual
reality (VR) technologies among general public
and the retail, education, healthcare, gaming,
industrial and manufacturing, aerospace and
defense, and media and entertainment sectors will
fuel the extended reality market at a robust
CAGR, of 48.3, during 20202030. The market was
valued at 18.6 billion in 2019 and it is
projected to generate 1,005.9 billion revenue by
2030. The rising usage of head-mounted displays
(HMDs) by individuals for education purposes and
enterprises for providing an interactive customer
experience is creating a huge requirement for AR
and VR solutions, worldwide. Moreover, the
escalating 5G deployment rate will also
accelerate the usage of XR solutions among
individuals and enterprises. These solutions
require high bandwidth, low latency, and high
reliability, which can be offered by 5G at an
affordable cost. For example, the Federal
Communications Commission (FCC) aims to develop a
robust 5G network infrastructure and fuel 5G
technology deployment in the U.S. through its 5G
Open Radio Access Networks program. Similarly,
the Government of India constituted a High Level
Forum for 5G India 2020 to establish a strong 5G
network infrastructure in the country.
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In recent years, XR solution providing companies,
such as Qualcomm Incorporated, HTC Corporation,
Northern Digital Inc., Sony Corporation,
Accenture plc, Alphabet Inc., Microsoft
Corporation, Tata Elxsi, Facebook Inc., SoftServe
Inc., Semcon, and Unity Technologies, have been
focusing on partnerships and collaborations to
lure more customers. For example, in January
2020, Accenture plc and Qualcomm Incorporated
collaborated with InterContinental Hotels Group
to pilot-run the XR Event Planner solution of
Accenture plc, to improve the event planning
experience. According to PS Intelligence,
North America led the market in the recent past,
due to the strong presence of XR solution
providing companies in the region. Additiextended
reality onally, the mounting focus of the
aerospace and defense and education sectors on AR
and VR applications also fuels the adoption of XR
solutions. For instance, the Educational
Technology, Media, and Materials program under
the Individuals with Disabilities Education Act
(IDEA) aims to provide accessible technology and
educational materials and media, which focus on
video description and closed captioning, to
improve access to education for differently-abled
students in the U.S. Request to Get the Sample
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Whereas, Asia-Pacific (APAC) is expected to adopt
XR solutions at the highest rate in the
foreseeable future, owing to the rising
penetration of AR/VR mobile applications and the
increasing proliferation of immersive
technologies for gaming and media and
entertainment purposes. Moreover, the surging
expenditure on immersive technologies for
training and development purposes will also
accelerate the adoption of XR solutions in the
region. Additionally, the rising internet
penetration and escalating use of AR/VR solutions
in several industries in Indonesia, China, and
India will boost the demand for XR solutions in
the coming years. Thus, the surging
proliferation of smartphones, connected devices,
and internet, and the growing 5G deployment rate
will fuel the adoption of XR solutions in the
forthcoming years. More Latest Reports by PS
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This study covers 1. Historical and the present
size of the Extended Reality Market
2. Historical and the present size of the market
segments and understand their comparative future
potential 3. Potential of on-demand logistics
services, so the market players make informed
decisions on the sales of their
offerings 4. Competitive scenario of various
market segments across key countries in several
regions for uncovering market opportunities for
the stakeholders 5. Major players operating in
the market and their service offerings
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various companies or organizations. PS
Intelligence is not responsible for any incorrect
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was believed to be correct at the time of
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