$125+ Bn Extended Reality (AR, VR, MR) Markets: Consumer, Commercial, Enterprises, Healthcare, Aerospace and Defense - Global Forecast to 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Extended Reality Market with COVID-19 Impact Analysis by Technology (AR, VR, MR), Application (Consumer, Commercial, Enterprises, Healthcare, Aerospace and Defense), Offering, Device Type, and Region (North America, Europe, APAC) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The extended reality market is expected to grow from USD 33 billion in 2021 to USD 125.2 billion by 2026, at a CAGR of 30.6%.

The market growth can be attributed to several factors, such as surging deployment of extended reality in education sector and industrial training, rising demand for extended reality devices and technology in global automotive industry, surging adoption of extended reality in healthcare sector, and increasing demand for extended reality in entertainment and gaming industry.

However, the high installation and maintenance cost of extended reality devices may create hurdles for the market.

The recent COVID-19 pandemic is expected to impact the global extended reality market. Due to COVID-19, the manufacturing units of major players are highly hampered due to worldwide lockdown and limited availability of labor and raw material.

A number of scheduled product launches and related developments have been postponed due to the pandemic. However, the impact of COVID-19 is expected to reduce during the forecast period.

AR technology to account for largest share of extended reality market during forecast period

Based on the technology, the extended reality market has been divided into AR technology, VR technology, and MR technology. AR technology held the highest share in 2020. The increasing adoption of AR in consumer and commercial applications drives the growth of the AR technology segment of the extended reality market across the world.

MR devices based on holographic technology are characterized by their ability to place digital content in the real world as if it is there. They embed holographic content and applications into physical surroundings for users to see, place, and interact with them as if they are a part of the physical world.

Software segment to hold largest share of extended reality market during forecast period

Increasing penetration of extended reality software solutions and their compatibility with existing hardware devices are expected to fuel the growth of the software segment of the market during the forecast period. Moreover, the growth in the number of apps and platforms in the AR space is expected to boost the growth of software in the market.

Automotive application to grow at highest CAGR during forecast period

On the basis of applications, the market is categorized into consumer, commercial, enterprise (manufacturing), healthcare, aerospace & defense, energy, automotive, and others. The use of AR HUD in automobiles ensures comfortable and safe driving.

These displays allow drivers to see the virtual information projected on them. The rising demand for AR HUD and projectors is driving the adoption of AR technology in the automotive industry.

APAC is expected to register highest CAGR in the market during forecast period

Among all regions, APAC is expected to register the highest growth in the extended reality market during the forecast period. Being an emerging economy, APAC is witnessing major changes in the adoption of new technologies and advancements.

Due to the presence of a number of display panel manufacturers in the region, APAC witnesses an increasing adoption of the latest technologies. The extended reality market in APAC is expected to grow at a high rate in sectors such as healthcare, commercial, and consumer.

The increasing number of players in the region is projected to boost the growth of the extended reality market.

Some of the major players in the extended reality market include Microsoft (US), Sony (Japan), Oculus VR (Facebook) (US), HTC (Taiwan), Google (US), Samsung Electronics (South Korea), Apple (US), PTC (US), Seiko Epson (Japan), and so on.

Market Dynamics for Extended Reality Market

Increasing Demand for Extended Reality Applications in Healthcare, Automotive, and Gaming Industries to Drive Market Growth

Drivers

• Surging Deployment of Extended Reality in Education Sector and Industrial Training
• Rising Demand for Extended Reality Devices and Technology in Global Automotive Industry
• Surging Adoption of Extended Reality in Healthcare Sector
• Increasing Demand for Extended Reality in Entertainment and Gaming Industry

Restraints

• Trade War Between US and China
• High Installation and Maintenance Costs of Extended Reality Devices
• Excessive Use of Extended Reality Devices Causes Health Issues

Opportunities

• Requirement of Incorporation of Extended Reality Technology in Aerospace and Defense Sector
• Continuous Developments in 5G Technology
• Growth of Global Travel and Tourism Industry

Challenges

• Global Economic Slowdown Owing to COVID-19
• Low Adoption Rates of Extended Reality Technology by Enterprises and Consumers

Companies Mentioned

• Apple
• Atheer Inc.
• Continental
• EON Reality
• Google
• HTC
• Intel Corporation
• Leap Motion (Ultraleap)
• Lenovo
• Magic Leap, Inc.
• MAXST
• Meta Company
• Microsoft
• Oculus VR (Facebook)
• Panasonic Corporation
• PTC Inc.
• Qualcomm
• Samsung Electronics
• Seiko Epson
• Sony
• Tata Elxsi
• Virtuix
• Visteon Corporation
• Vuzix
• Xiaomi Corporation

For more information about this report visit https://www.researchandmarkets.com/r/7pfqv2