DUBLIN--(BUSINESS WIRE)--The "Extended Reality Market - A Global and Regional Analysis: Focus on AR, VR, MR, Solution (Hardware, Software, Services), Application (Entertainment, Gaming, Education, Manufacturing, Healthcare), Funding, Patents, ROI, and 20+ Countries - Analysis and Forecast, 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The extended reality market is projected to grow from $42.55 billion in 2020 to $333.16 billion by 2025, at a CAGR of 50.9% from 2020 to 2025.
The growth in the extended reality market is expected to be driven by the ongoing trend of industry 4.0 and digital transformation. Extended reality technologies are based on spatial computing concepts, which is expected to put a significant change in currently available computing solutions.
The extended reality technology has garnered adoption in various end-use segments such as consumer and enterprise applications. During the forecast period, the extended reality market is aligned more toward the consumer applications, such as gaming, entertainment, and educations. Gaming application has the highest potential for XR during the forecast period, since XR elevates consumer experience and allows users to either fully immerse into virtual environment or interact with the virtual content, which is not possible in the traditional gaming platforms. Education sector is also expected to have significant use of XR technologies. The traditional ways of teaching or delivering lectures may completely change with the inclusion of XR technologies. This will not only help improve learning experience but also increase the potential of teaching.
The enterprise application segment includes manufacturing, healthcare, and retail, among others. Manufacturing is expected to be the most impacted end-use application as the extended reality technology has the potential to change common industrial operations into more efficient procedures. Many early adopters have reported an increase in productivity, decrease in delays and increased efficiency in core industrial operations, such as assembly line and maintenance.
Healthcare industry is one of the crucial and essential industries that is not only supporting the economy but also the sustenance of human life. Extended reality is likely to affect the industry in various possible applications. Although extended reality is currently being deployed in healthcare training and some operational applications, such as diagnosis, however, with proper integration extended reality can increase overall effectiveness of the industry.
Impact of COVID-19 on Extended Reality Market
Extended reality technologies allow users to indulge more into virtual environment and to interact effectively over virtual or synthetic environments, which does not require any travel or movement. COVID-19 has restricted human movement as the crisis led to a global lockdown. However, with proper access to internet and basic technologies, people have started adopting XR in some form or the other. The mobile and handheld AR applications, especially the social media and gaming applications, saw an increase in daily active user count, which suggest the effectiveness of AR in such mobile applications.
Market Dynamics
Drivers
- Increased Demand for Spatial Computing Applications
- Decreasing Prices of Extended Reality Hardware
- Perceived Risk Reduction Possibilities Through Extended Reality
Challenges
- Health And Safety Issues Related To Extended Reality
- Lower Adoption Rates in Enterprise Segment
- Lack of Standardization
- Technology Related Challenges
Opportunities
- Growing Demand for Mobile-Based AR and VR Platforms
- Commercialization of Extended Reality Technologies
- Covid-19 May Act as an Opportunity to the Industry
Companies Mentioned
- Alphabet Inc.
- Apple Inc.
- Atheer, Inc.
- EON Reality
- Facebook Inc.
- HTC Corporation
- Magic Leap
- Microsoft Corporation
- Niantic, Inc.
- PTC Inc.
- Samsung Electronics Co., Ltd.
- Snap Inc.
- Sony Corporation
- Unity Technologies
- Vuzix Corporation
For more information about this report visit https://www.researchandmarkets.com/r/sf4m7q
