The Global Extended Reality Market is expecting around 55% CAGR during 2021-26. Extended Reality (ER) comprises immersive technologies, including Augmented Reality (AR), Virtual Reality (VR), & mixed reality. The growth of the market attributes primarily to the introduction of mobile-supported ER solutions. Besides, the rising trend of Industry 4.0, leading to a surge in the construction of smart factories, is also augmenting the market growth. Moreover, the Covid-19 pandemic in 2020 has also propelled the adoption of ER solutions to support virtual shopping & remote working culture worldwide.
Furthermore, the surging adoption of connected devices and the mounting demand for rich visual content are also fueling the adoption of ER solutions. Additionally, the increasing prevalence of ER solutions in manufacturing units to achieve enhanced workflow is another prominent aspect positively influencing the overall market growth. However, high costs associated with these solutions and technological limitations with ER-based devices are the major factors restraining the market growth, further states the research report, “Global Extended Reality Market Analysis, 2021.”
Key questions answered in the study
Business Based Delivery Mode Captured the Largest Share of the Global Extended Reality Market
ER helps create a virtual environment for people and provides them with an experience of the real world. Due to their immense potential, Business-based ER solutions are being adopted widely across different sectors like tourism, retailing, education, gaming, manufacturing, healthcare, etc. To support the growth of the tourism industry amidst the pandemic, museums significantly adopted virtual reality technology to help visitors experience exhibitions virtually from remote locations. For instance:
In addition to this, burgeoning pilot projects across several industry verticals, including media, hospitality, etc., to enhance their productivity is another crucial aspect promoting the demand for Business-Based ER solutions.
With Rapid Business Expansion & Mounting Adoption of Immersive Technologies, North America to Dominate the Extended Reality Market during 2021-26
Geographically, North America holds the largest share of the Extended Reality Market among all regions. The ongoing technological advancements, coupled with substantial investments by companies like Microsoft, Google, etc., in ER technology, are the prime aspects driving the regional market across various organizations in the region.
Besides, the rapid business expansion and growing need to adopt immersive technologies to become competitive are also driving the adoption of ER solutions across North America. Moreover, the surging adoption of ER technologies to improve medical tourism and offer effective & efficient healthcare services to patients across North America is another critical aspect expected to propel the growth of the Extended Reality Market in the years to come, reveals MarkNtel Advisors in their research report, “Global Extended Reality Market Analysis, 2021.”
According to MarkNtel Advisors, the leading players in the Global Extended Reality Market are Facebook Inc., Alphabet Inc. (Google Inc.), HTC Corporation, Unity technologies, Microsoft Corporation, Samsung Electronics CO., LTD, Magic Leap, Sony Corporation, Vuzix Corporation, Atheer, PTC, Apple Inc., Eon Reality, Niantic Inc., Snap Inc.