Extended Reality gaining popularity at an astronomical rate across the globe owing to the factors such as a boost in spatial computer technology, the snowballing adoption of augmented reality in the healthcare industry to reduce the error and mistake and burgeoning use of AR in the education sectors by the online tutoring firms. In addition to this, the growing need for various AR application among different verticals, escalating innovations in driver assistance systems and the increasing demand for advanced smartphones is soaring the adoption of mobile AR technology to enhance the customer experiences. Hence, these are factors further anticipated to accelerate the growth of the extended reality market at a CAGR of 55% during 2021-26. However, the high cost associated with the XR devices is decreasing the demand and adoption among the small and medium enterprise. Thus, this would hinder the growth of the market in the forecast period.
Key questions answered in the study
Virtual and Augmented Reality Accounted for Highest Market Share
According to the MarkNtel Advisors’ research report, the CAGR of “Global Extended Reality Market Analysis, 2021” is expected to grow at a CAGR of 55% during 2021-26. When Application taken into consideration, the market is bifurcated into Virtual Reality, Augmented Reality, Mixed Reality. Virtual and Augmented reality accounted for highest market share in 2019. The burgeoning application for AR and VR across different end-users such as gaming, mining, construction, and oil and gas industries, healthcare, media & entertainment is propelling the demand for extended reality. Moreover, the launch of advanced AR/VR headset by the companies, augment in the use of connected devices and smartphones propelling the adoption of AR/VR solution to enhance overall customer experience and snowballing investment in AR are the factors placing a positive impact on the growth of the segment in the forthcoming timeline.
“Global Extended Reality Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting market growth, hotspots and opportunities available for Extended Reality providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Dominated the Market
North America dominated the Global Extended Reality market in 2019. The U.S. accounted for the highest market share in the North America region owing to the factors such as strong foothold of giant market players, burgeoning deployment and adoption of digital reality technologies among healthcare, gaming, entertainment, construction along with the launch of innovative VR headsets and controllers by the market players. Besides these, the rising number of startups entering in XR and burgeoning investment in VR and AR start-ups, bolstering demand for mobile-based AR & VR platform and significant use of VR in the military for training purposes are further projected to proliferate the demand for the Extended Reality market in the forecast period as revealed by MarkNtel Advisors’ research report “Global Extended Reality Market Analysis, 2021”.
According to MarkNtel Advisors, the major 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. etc.