Vancouver, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) -- The global extended reality (XR) market size was USD 45.63 Billion in 2020 and is expected to reach a market size of USD 1,246.57 Billion at a steady CAGR of 24.2% in 2035, according to latest analysis by Emergen Research. Some key factors driving growth of the global extended reality market are increasing use and penetration of smartphones and connected devices, rising focus on gesture-based computing, and growing deployment of 5G networks globally.
The ongoing trend of Industry 4.0 and digital transformation enables smart objects to be designed, monitored, and controlled via digital twins, and these controls are visualized in augmented reality and virtual reality. Growing popularity in Augmented Reality (AR) gaming is fostering growth of the market. AR gaming is the integration of audio and visual content with a user’s environment in real-time. Augmented reality gaming uses the existing environment and creates a playing field within it, unlike virtual reality, which requires a separate room. The immersive environment that extended reality creates in games such as Pokemon GO, Ingress Prime, Dragon Quest Walk, Jurassic World Alive, among others, is a key factor driving market growth.
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XR solutions reduce costs, increase productivity and revenue, and improve overall customer experience. Advancements in technologies across different verticals such as marketing, media & entertainment, IT, and manufacturing is projected to drive extended reality market growth to a significant extent. However, lack of effective user-experience in design and slow economic growth in developing countries are key factors expected to hamper market growth.
Market players are investing significantly into research & development of XR products and technologies, which is boosting growth of the market. In February 2021 for instance, Touchcast Inc., which is a virtual experience and event platform, announced that it had raised USD 55 million in early funding – led by Accenture and other companies – to scale up the company’s virtual event platform.
Key Highlights of Report
- VR uses computer technologies to create a simulated environment that places users inside an experience. VR is used as a training tool, particularly in medical school, and is also used to train next generation surgeons, such as for robotic surgery. Apple is planning to launch a VR headset by 2022 and will display 3D digital environment for watching videos, gaming, and communicating.
- In July 2020, Gucci partnered with Snapchat to enable potential buyers to try on shoes virtually. Users can simply “click to buy” or share the picture of the shoes on their feet with their social media followers. This strategy not only reduces footfalls in department stores – considering social distancing norms and need to avoid potential spread of COVID-19 – but also engage next-generation future buyers.
- Smartphones in the recent past have become better at processing extended reality content. Various retailers are enhancing the overall shopping experience by using augmented reality and virtual reality. For instance, IKEA was among the early adopters, and its app allows consumers to visualize pieces of furniture in their home or office spaces before making a purchase.
- Asia Pacific market revenue is expected to register the fastest CAGR as compared to other regional markets during the forecast period. Favorable initiatives by governments in countries in the region such as investment and funds to benefit extended reality companies are driving growth of the market currently. In 2019, Japan introduced 5G commercial services, which have led to strategic initiatives being taken by telecommunication companies to offer virtual reality and augmented reality viewing platforms using 5G connectivity.
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Emergen Research has segmented the global extended reality market on the basis of type, application, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2021–2035)
- Business Engagement
- Customer Engagement
- Application Outlook (Revenue, USD Billion; 2021–2035)
- Virtual Reality (VR)
- Augmented Reality (AR)
- Mixed Reality (MR)
- End-use Outlook (Revenue, USD Billion; 2021–2035)
- BFSI
- Education
- Consumer Good & Retail
- Industrial & Manufacturing
- Healthcare
- Media & Entertainment
- Telecommunication & IT
- Other
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- Regional Outlook (Revenue, USD Billion; 2021–2035)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest Of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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