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Extended Reality Market Size, Industry Trends Report | 2031
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Extended Reality Market Size, Industry Trends Report | 2031

Segments - Global Extended Reality Market By Types (Virtual Reality, Augmented Reality, and Mixed Reality), Components (Hardware, Software, and Services), End-uses (Education, Automotive, Retail, Manufacturing, Aerospace, Healthcare, Media & Entertainment, and Others), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023-2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-3856 | 4.2 Rating | 77 Reviews | 175 Pages | Format : PDF Excel PPT

Report Description


The global extended reality market sizewas nearly USD 32.68 Billion in 2022 and is likely to reach USD 206.01 Billion by 2031, expanding at a CAGR of 22.7% during 2023–2031.  Growing demand for multiple applications across several industries such as education, media & entertainment is fueling the market.

Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), and everything in between are all referred to as Extended Reality (XR). Although AR and VR provide a wide range of innovative experiences, XR is powered by the same underlying technologies.

Extended Reality Market Outlook

Technology aids in the resolution of business difficulties and the development of innovative solutions in order to increase efficiency and productivity in order to meet the crucial needs of clients.

Several organizations are employing extended reality based apps for operations including retrofitting, assembling, manufacturing, and repairing production lines, as well as tracking, recognizing, and addressing technical concerns. Furthermore, individuals and businesses can interact with highly digitalized information using independent headsets thanks to the integration of AR and VR technology.

  • Increasing adoption of extended reality in healthcare sector is expected to boost the market in the coming years.

  • Growing demand for extended reality in education sector in order to provide better education to the students is estimated to fuel the market during the forecast period.

  • Rising use of smart glass and head-up displays is propelling the market in the coming years’

  • Excessive use of extended reality gadgets has been linked to health problems. Thus, it is expected to hamper the market growth in the coming years.

  • Lack of strong user experience design and poor growth in developing economies is one of the restraining factor hindering the market growth.

  • Ongoing developments in 5G technology and increasing investment by key players in order to improve the technology is anticipated to create a lucrative market opportunity in the coming years.

Scope of the report:

The report on the global extended reality market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes

Details

Report Title

Extended Reality Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

By Types (Virtual Reality, Augmented Reality, and Mixed Reality), Components (Hardware, Software, and Services), End-uses (Education, Automotive, Retail, Manufacturing, Aerospace, Healthcare, Media & Entertainment, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Microsoft, Qualcomm Technologies, Inc., Accenture, SoftServe, SphereGen, Northern Digital Inc, Softweb Solutions Inc., VertexPlus Softwares Pvt. Ltd., Varjo, Talespin Reality Labs, Inc., HP Development Company, L.P., Dassault Systèmes SolidWorks Corporation, Agile Lens, LLC, Semcon, Tata Elxsi, Medtronic, AugRay, Mirari, and VRee

Extended Reality Market Segment Insights:

The Virtual Reality segment to grow during the anticipated period

In terms of types, the global Extended Reality market is segmented into Virtual Reality, Augmented Reality, and Mixed Reality. The Virtual Reality segment to grow during the anticipated period. Virtual reality technology has carved out a place in the game business. Virtual reality (VR) has formed a new gaming generation that provides players with an immersive, first-person experience.

Virtual reality has become more accessible and affordable in recent years. The Oculus Quest, a standalone wireless virtual reality headset, was also unveiled by Oculus. It's a stand-alone device with an Android-based operating system that can run games and software wirelessly.

It supports positional tracking with six degrees of freedom, using internal sensors and an array of cameras in the front of the headset rather than external sensors. The cameras are also employed in the "Passthrough" safety function, which displays a view from the cameras when a user leaves their assigned border area.

Extended Reality Market Types

The software segment estimated to grow in the near future

Based on components, the global Extended Reality market is segregated as hardware, software, and services. The software segment is estimated to grow in the near future.

For example, Industrial Software Solutions, an AVEVA SELECT Partner provides augmented operation and maintenance software, AVEVA XR offers a full suite of augmented and virtual reality solutions for creating immersive visual environments for better operations management and digital training simulations. It helps to solve common workforce challenges, improves training speed and consistency, and simulates equipment settings for advanced control and safety situations.

Education segment to grow at a significant pace in the near future

Based on end-uses, the global Extended Reality market is fragmented into education, automotive, retail, manufacturing, aerospace, healthcare, media & entertainment, and others. The education segment to grow at a significant pace in the near future, owing to the strong usage of AR technology by schools and colleges.

As educators seek more innovative ways of teaching and providing dynamic content for students, the COVID-19 epidemic has prompted the use of augmented reality (AR) technology in the education sector. Several educational technology businesses are researching the possibilities of AR technology for educational applications, including Neo Bear, Strivr Labs, Inc., Talespin Reality Labs, Inc., and Health Scholars, among others.

In accordance with the expanding customer desire for online purchasing, virtual platforms are gaining traction in the retail and e-commerce industries. AR technology, in particular, can provide customers with a digital "try before you purchase" experience and assist merchants in drastically lowering return rates. For example, in the classroom uses of Google Arts & Cultures.

Excursions to museums, galleries, theatres, and other places for students have become considerably more difficult to organize in the face of quarantine and a pandemic. This Google software lets students to take a virtual 3D tour of the world's most famous institutions, spend a day at the ballet, and even travel to foreign countries without ever leaving your classroom or home.

Extended Reality Market End Uses

North America dominates the global market

In terms of regions, the global Extended Reality market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the global market during the forecast period, due to the presence of several key players making significant expenditures in industry advances, such as Microsoft and Qualcomm.

Countries such as the United States have been at the forefront of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) development. The majority of the companies working on these technological developments are situated in the United States.

The region's significant demand is due to increased technological exposure and the ease with which smart gadgets can be used. For example, Hololens, Microsoft's augmented reality gadget, garnered a great response from users when it was first released in the United States and Canada.

According the CNBC reports, more than 120,000 Microsoft HoloLens augmented reality headsets will be delivered to the US Army. The contract, which could be worth up to $21.88 billion over ten years, comes after Microsoft was awarded a contract to create prototype headsets for the Army. The contract comes a year and a half after Microsoft earned a cloud contract worth up to $10 billion from the Pentagon.

extended-reality-market-region

Segments

By Types

  • Virtual Reality (VR)
  • Augmented Reality (AR)
  • Mixed Reality (MR)

By Components

  • Hardware
  • Software
  • Services

By End-use

  • Education
  • Automotive
  • Retail
  • Manufacturing
  • Aerospace
  • Healthcare
  • Media and Entertainment
  • Others

By Regions

  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa

By Key Players

  • Microsoft
  • Qualcomm Technologies, Inc
  • Accenture
  • SoftServe
  • SphereGen
  • Northern Digital Inc
  • Softweb Solutions Inc
  • VertexPlus Softwares Pvt. Ltd
  • Varjo
  • Talespin Reality Labs, Inc
  • HP Development Company
  • L.P., GoFind, Inc
  • Dassault Systèmes SolidWorks Corporation
  • Agile Lens LLC
  • Semcon
  • Tata Elxsi
  • Medtronic
  • AugRay
  • Mirari
  • VRee

Competitive Landscape

Key players in the global extended reality market include Microsoft, Qualcomm Technologies, Inc., Accenture, SoftServe, SphereGen, Northern Digital Inc, Softweb Solutions Inc., VertexPlus Softwares Pvt. Ltd., Varjo, Talespin Reality Labs, Inc., HP Development Company, L.P., GoFind, Inc., Dassault Systèmes SolidWorks Corporation, Agile Lens, LLC, Semcon, Tata Elxsi, Medtronic, AugRay, Mirari, VRee.

These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.

Extended Reality Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Extended Reality Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Extended Reality Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Extended Reality Market - Supply Chain
  4.5. Global Extended Reality Market Forecast
     4.5.1. Extended Reality Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Extended Reality Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Extended Reality Market Absolute $ Opportunity
5. Global Extended Reality Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Extended Reality Market Size and Volume Forecast by Types
     5.3.1. Virtual Reality (VR)
     5.3.2. Augmented Reality (AR)
     5.3.3. Mixed Reality (MR)
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Extended Reality Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Extended Reality Market Size and Volume Forecast by End Users
     6.3.1. Education
     6.3.2. Automotive
     6.3.3. Retail
     6.3.4. Manufacturing
     6.3.5. Aerospace
     6.3.6. Healthcare
     6.3.7. Media and Entertainment
     6.3.8. Others
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Extended Reality Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Extended Reality Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Extended Reality Demand Share Forecast, 2019-2026
8. North America Extended Reality Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Extended Reality Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Extended Reality Market Size and Volume Forecast by Types
     8.4.1. Virtual Reality (VR)
     8.4.2. Augmented Reality (AR)
     8.4.3. Mixed Reality (MR)
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Extended Reality Market Size and Volume Forecast by End Users
     8.7.1. Education
     8.7.2. Automotive
     8.7.3. Retail
     8.7.4. Manufacturing
     8.7.5. Aerospace
     8.7.6. Healthcare
     8.7.7. Media and Entertainment
     8.7.8. Others
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Extended Reality Demand Share Forecast, 2019-2026
9. Latin America Extended Reality Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Extended Reality Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Extended Reality Market Size and Volume Forecast by Types
     9.4.1. Virtual Reality (VR)
     9.4.2. Augmented Reality (AR)
     9.4.3. Mixed Reality (MR)
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Extended Reality Market Size and Volume Forecast by End Users
     9.7.1. Education
     9.7.2. Automotive
     9.7.3. Retail
     9.7.4. Manufacturing
     9.7.5. Aerospace
     9.7.6. Healthcare
     9.7.7. Media and Entertainment
     9.7.8. Others
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Extended Reality Demand Share Forecast, 2019-2026
10. Europe Extended Reality Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Extended Reality Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Extended Reality Market Size and Volume Forecast by Types
     10.4.1. Virtual Reality (VR)
     10.4.2. Augmented Reality (AR)
     10.4.3. Mixed Reality (MR)
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Extended Reality Market Size and Volume Forecast by End Users
     10.7.1. Education
     10.7.2. Automotive
     10.7.3. Retail
     10.7.4. Manufacturing
     10.7.5. Aerospace
     10.7.6. Healthcare
     10.7.7. Media and Entertainment
     10.7.8. Others
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Extended Reality Demand Share Forecast, 2019-2026
11. Asia Pacific Extended Reality Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Extended Reality Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Extended Reality Market Size and Volume Forecast by Types
     11.4.1. Virtual Reality (VR)
     11.4.2. Augmented Reality (AR)
     11.4.3. Mixed Reality (MR)
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Extended Reality Market Size and Volume Forecast by End Users
     11.7.1. Education
     11.7.2. Automotive
     11.7.3. Retail
     11.7.4. Manufacturing
     11.7.5. Aerospace
     11.7.6. Healthcare
     11.7.7. Media and Entertainment
     11.7.8. Others
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Extended Reality Demand Share Forecast, 2019-2026
12. Middle East & Africa Extended Reality Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Extended Reality Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Extended Reality Market Size and Volume Forecast by Types
     12.4.1. Virtual Reality (VR)
     12.4.2. Augmented Reality (AR)
     12.4.3. Mixed Reality (MR)
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Extended Reality Market Size and Volume Forecast by End Users
     12.7.1. Education
     12.7.2. Automotive
     12.7.3. Retail
     12.7.4. Manufacturing
     12.7.5. Aerospace
     12.7.6. Healthcare
     12.7.7. Media and Entertainment
     12.7.8. Others
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Extended Reality Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Extended Reality Market: Market Share Analysis
  13.2. Extended Reality Distributors and Customers
  13.3. Extended Reality Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Microsoft
     13.4.2. Qualcomm Technologies, Inc
     13.4.3. Accenture
     13.4.4. SoftServe
     13.4.5. SphereGen
     13.4.6. Northern Digital Inc
     13.4.7. Softweb Solutions Inc
     13.4.8. VertexPlus Softwares Pvt. Ltd
     13.4.9. Varjo
     13.4.10. Talespin Reality Labs, Inc
     13.4.11. HP Development Company
     13.4.12. L.P., GoFind, Inc
     13.4.13. Dassault Systèmes SolidWorks Corporation
     13.4.14. Agile Lens LLC
     13.4.15. Semcon
     13.4.16. Tata Elxsi
     13.4.17. Medtronic
     13.4.18. AugRay
     13.4.19. Mirari
     13.4.20. VRee

Methodology

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