Extended Reality Global Market
The Extended Reality Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Extended Reality Global Market Report 2024, The extended reality market size has grown exponentially in recent years. It will grow from $44.62 billion in 2023 to $57.64 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. The growth in the historic period can be attributed to increased accessibility of devices, consumer electronics adoption, gaming and entertainment adoption, military and defense applications, integration with iot.
The extended reality market size is expected to see exponential growth in the next few years. It will grow to $161.19 billion in 2028 at a compound annual growth rate (CAGR) of 29.3%. The growth in the forecast period can be attributed to integration with smart devices, e-commerce and retail integration, expanding xr content libraries, healthcare simulation and training, extended reality in sports training, xr in cultural heritage preservation. Major trends in the forecast period include advancements in hardware technologies, ai integration for personalization, blockchain for xr security, augmented reality integration.
Increasing government initiatives in extended reality (XR) are expected to propel the growth of the extended reality (XR) market going forward. Government initiatives are the initiatives various governments take to support a particular industry or area in a country. Several government authorities, such as the Dubai government, are initiating several initiatives for the development of extended reality and thereby supporting the country’s digital transformation. For instance, in July 2022, the Dubai government initiated a significant metaverse strategy. This initiative aims at becoming one of the top 10 extended reality (XR) economies to create a network of virtual spaces and improve the quality of life for citizens with metaverse technologies. Therefore, increasing government initiatives in extended reality (XR) drives the extended reality (XR) market.
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The extended reality market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technologies: Augmented Reality (AR) Technology, Virtual Reality (VR) Technology, Mixed Reality (MR) Technology
3) By End User: Gaming, Retail, Healthcare, Manufacturing, Media And Entertainment, Education, Aerospace And Defense, Other End Users
Product innovations are a key trend gaining popularity in the extended reality market. Major companies operating in the extended reality market are innovating new products to sustain their position in the market. For instance, in June 2023, Apple Inc., a US-based technology, launched Apple Vision Pro, a spatial computer that seamlessly merges digital content with the physical world. It features an ultra-high-resolution display system controlled by a user’s eyes, hands, and voice, offering an intuitive and natural input system. The device runs on Vision, a spatial operating system that enables multitasking and infinite screen real estate. Vision Pro revolutionizes personal computing with its advanced hardware and software technologies by creating an immersive and interactive computing environment.
The extended reality market report table of contents includes:
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