by The global Extended Reality Market is estimated to be valued at US$ 46.3 Bn or in 2023 and is expected to exhibit a CAGR of 2.3 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The extended reality market consists of technologies that combine aspects of virtual reality, augmented reality, and mixed reality. These technologies overlay digital graphics and sound onto the real physical world, adding to the user’s sensory experiences and unlocking new use cases across different verticals like gaming, healthcare, education, among others.
Market key trends:
The rising demand for augmented reality based applications across different end use industries is a key market trend. Augmented reality overlays virtual objects and information onto the real world and offers immense opportunities in industries like gaming, entertainment, healthcare etc. Many companies are launching AR based learning and training applications, virtual shopping experiences, digital tourism experiences and more. This is driving the growth of augmented reality as the fastest growing segment of the extended reality market.
Segment Analysis
The Global Extended Reality Market is segmented into augmented reality, virtual reality, and mixed reality. Among these, the augmented reality segment is currently dominating and accounted for over 45% share of the global extended reality market in 2022. Augmented reality technology is gaining immense popularity across various industries like gaming, healthcare, retail, entertainment etc. due to its ability to enhance the real-world environment with computer-generated information. The growing adoption of AR in customer engagement, medical training, infrastructure management and various other areas is driving the growth of this segment.
Key Takeaways
The global extended reality market is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing demand for advanced technologies in industries like gaming, healthcare, education, retail and more.
Regional analysis – North America captured largest share of the extended reality market in 2022, followed by Asia Pacific. North America is expected to continue its dominance during the forecast period as well, due to growing AR/VR technology adoption across various industry verticals in the US and Canada. Asia Pacific is expected to witness fastest growth rate during the forecast period, driven by rapid digital transformation in countries like China and India.
Market size – The global extended reality market size was valued at US$ 46.3 Bn in 2023. Rapid development of 5G network infrastructure and increasing application of extended reality in various industries is anticipated to propel the market growth over the forecast period.
Key players – Key players operating in the extended reality market are Meta Inc., HTC Corporation, Unity Technologies, Microsoft Corporation, Samsung Electronics Co., Ltd., Magic Leap, Sony Corporation, Vuzix Corporation, Apple Inc, Niantic Inc., Northern Digital Inc., Snap Inc., SoftServe, and Accenture. Major players are focusing on developing advanced AR/VR/MR solutions and acquiring other players to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
