Extended Reality Market by Component (Hardware, Software, and Services), Type (Consumer Engagement and Business Engagement), Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), Application (Virtual Reality, Augmented Reality, and Mixed Reality), and Industry Verticals (BFSI, Healthcare & Life Sciences, Telecommunications & IT, Government & Public Sector, Manufacturing, Consumer Goods & Retail, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027
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COVID-19
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Extended reality (XR) is a term for all immersive technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). All these immersive technologies extend reality experience by either blending virtual and physical worlds or by creating a fully immersive experience. Furthermore, increase in trend of adoption of smart devices is one of the major factors that drives the demand for extended reality (XR). Moreover, augmented reality and virtual reality technologies are proving to be very beneficial for retailers and media & entertainment industries such as motion picture, and promotional campaigns. In addition, users can virtually try clothes, shoes makeup, and other wearables, which is anticipated to fuel demand for extended reality during the forecast period.
Market scope and structure analysis:
         Report Metric |                          Details |
 Market size available for years |  2020–2027 |
 Base year considered |  2019 |
 Forecast period |  2021–2027 |
 Forecast units |  Value ($) |
 Segments covered | Component, Type, Application, Organization Size, Industry Vertical, and Region |
 Regions covered | North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of LATAM), and Middle East and Africa |
 Companies covered | Major players analyzed in the market include Augray Ltd., HTC Corporation, Microsoft Corporation, Northern Digital Inc., Qualcomm Technologies Inc., SoftServe Inc., Softweb Solutions Inc., SphereGen Technologies, and VertexPlus Softwares Pvt. Ltd. |
COVID-19 Scenario Analysis:
- From enabling online learning to opening access to cultural events and experiences, applications of AR and VR could help end users to overcome the isolation of COVID-19 lockdown.
- The COVID-19 pandemic has given rise to tools such as AR, VR, and mixed reality to support remote working and shop virtually.
- During the pandemic, developments and advancemens in various technologies such as AR/VR/MR allows people to shop, talk, and socialize using these immersive platforms.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in penetration of smartphones and mobile gaming is the major factor that drives the extended reality market. Increase in adoption of augmented & virtual reality solutions in various industry verticals such as education, entertainment, and healthcare also propels the extended reality market growth. However, lack of effective user experience design and slow growth among underdeveloped economies hinders the extended reality market growth. Contrarily, increase in investments in the market and advancements in technologies across various industry verticals such as media & entertainment, marketing, manufacturing, and IT is expected to create growth opportunities for the extended reality market in the coming years.
Expansion of gaming industry
Video game is one of the major applications of augmented and virtual reality technology. In the past, number of gamers worldwide has increased at a rapid pace, mobile games comprise 33% of all app downloads, 74% of consumer spend, and 10% of all time in-app spent. This is expected to rise demand for augmented and virtual reality-based games, which drives the market growth.
Advancement of AR/VR technology
Augmented and virtual reality technologies can be used for collaborative seminars, meetings, public lectures, flight training, military training, training for nurses & medical professionals, and self-learning process. Furthermore, to introduce enhanced products or solutions, key players are anticipated to emphasize on product innovation through continuous investments in product development, which further results in advancements of AR/VR technology.
Key segments covered:
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Key benefits of the report:
- This study presents analytical depiction of the global extended reality industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global extended reality market share.
- The current extended reality market is quantitatively analyzed from 2021 to 2027 to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.Â
- The report provides a detailed global extended reality market analysis based on competitive intensity and how the competition will take shape in coming years.
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