Extended Reality Market Analysis and Growth Forecast to 2030

1. 2022 Extended Reality Market Opportunities, Growth, Challenges, Business Trends and Forecast 2030

2. As per the World Bank, the number of mobile cellular subscriptions increased from 7.18 billion in 2015 to 7.98 billion in 2019. The increasing penetration of smartphones and other connected devices will result in the largescale adoption of extended reality (XR) solutions across the world. Moreover, the accelerating internet use will also fuel the demand for XR solutions in the upcoming years. According to the International Telecommunication Union (ITU), around 51% of the world population were using the internet in 2019. Additionally, the mounting popularity of augmented reality (AR) and virtual reality (VR) technologies among general public and the retail, education, healthcare, gaming, industrial and manufacturing, aerospace and defense, and media and entertainment sectors will fuel the extended reality market at a robust CAGR, of 48.3%, during 2020–2030. The market was valued at $18.6 billion in 2019 and it is projected to generate $1,005.9 billion revenue by 2030. The rising usage of head-mounted displays (HMDs) by individuals for education purposes and enterprises for providing an interactive customer experience is creating a huge requirement for AR and VR solutions, worldwide. Moreover, the escalating 5G deployment rate will also accelerate the usage of XR solutions among individuals and enterprises. These solutions require high bandwidth, low latency, and high reliability, which can be offered by 5G at an affordable cost. For example, the Federal Communications Commission (FCC) aims to develop a robust 5G network infrastructure and fuel 5G technology deployment in the U.S. through its 5G Open Radio Access Networks program. Similarly, the Government of India constituted a High Level Forum for 5G India 2020 to establish a strong 5G network infrastructure in the country.

3. In recent years, XR solution providing companies, such as Qualcomm Incorporated, HTC Corporation, Northern Digital Inc., Sony Corporation, Accenture plc, Alphabet Inc., Microsoft Corporation, Tata Elxsi, Facebook Inc., SoftServe Inc., Semcon, and Unity Technologies, have been focusing on partnerships and collaborations to lure more customers. For example, in January 2020, Accenture plc and Qualcomm Incorporated collaborated with InterContinental Hotels Group to pilot-run the XR Event Planner solution of Accenture plc, to improve the event planning experience. According to P&S Intelligence, North America led the market in the recent past, due to the strong presence of XR solution providing companies in the region. Additiextended reality onally, the mounting focus of the aerospace and defense and education sectors on AR and VR applications also fuels the adoption of XR solutions. For instance, the Educational Technology, Media, and Materials program under the Individuals with Disabilities Education Act (IDEA) aims to provide accessible technology and educational materials and media, which focus on video description and closed captioning, to improve access to education for differently-abled students in the U.S. Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/extended-reality-xr-market-insights/report-sample

4. Whereas, Asia-Pacific (APAC) is expected to adopt XR solutions at the highest rate in the foreseeable future, owing to the rising penetration of AR/VR mobile applications and the increasing proliferation of immersive technologies for gaming and media and entertainment purposes. Moreover, the surging expenditure on immersive technologies for training and development purposes will also accelerate the adoption of XR solutions in the region. Additionally, the rising internet penetration and escalating use of AR/VR solutions in several industries in Indonesia, China, and India will boost the demand for XR solutions in the coming years. Thus, the surging proliferation of smartphones, connected devices, and internet, and the growing 5G deployment rate will fuel the adoption of XR solutions in the forthcoming years. More Latest Reports by P&S Intelligence: AR and VR Market Mobile Gaming Market Report Gamification Market Education Gamification Market

5. This study covers 1. Historical and the present size of the Extended Reality Market 2. Historical and the present size of the market segments and understand their comparative future potential 3. Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings 4. Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders 5. Major players operating in the market and their service offerings

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