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| Global Extended Reality Market |
The global Extended Reality Market is estimated to be valued at US$ 46.3 Bn or Billion 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:
Extended reality (XR) incorporates augmented reality (AR), virtual reality
(VR), and mixed reality (MR) technologies. XR technologies such as AR and VR
overlay digital elements like images, videos, and other interactive media onto
the real world.This enables enhanced virtual experiences and training across
various domains like manufacturing, education, retail, healthcare, and more.
The key advantages of XR include improved learning outcomes, reduced costs,
ability to rehearse hazardous conditions safely, and gathering real-time data
to optimize processes. With growing digitization, the need for advanced virtual
training and collaboration is increasing rapidly across industries, driving the
demand of extended reality technologies.
Market key trends:
One of the key trends in the Global
Extended Reality Market is increasing investment and focus on AR and VR
solutions for education and training. Major companies are developing AR and VR
powered educational applications and tools which provide immersive learning
experiences. This is allowing students to visualize complex concepts easily and
improving learning engagement. Another prominent trend is growing adoption of
AR and VR in various industry verticals like manufacturing, healthcare, retail
and more for applications like remote assistance, virtual marketing, and
simulation. Major players are collaborating with industry leaders to develop
customized XR solutions according to their needs. Rapid technological
advancements leading to improved processing power, high resolution, and more
comfortable wearable devices are further expected to drive the adoption of
extended reality over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the extended reality
market is moderate. This is due to the high technological expertise and
significant initial capital required to develop extended reality hardware and
software products.
Bargaining power of buyers: The bargaining power of buyers is high in the
extended reality market. This is because of the availability of alternative
products and solutions from various vendors in the market. Buyers can negotiate
on price and demand additional features.
Bargaining power of suppliers: The bargaining power of suppliers is low to
moderate. This can be attributed to the availability of alternative suppliers
for components like controllers, smartphones, processors etc. However,
suppliers hold some power over technology components and IP.
Threat of new substitutes: The threat of new substitutes is moderate as
technologies like virtual reality and augmented reality are still in nascent
stages with limited capabilities. However, advancements in IoT, AI, and 5G open
up possibilities for new alternatives.
Competitive rivalry: The extended reality market witnesses high competition due
to the presence of technology giants and startups offering innovative
solutions.
Key Takeaways
The global extended reality market is expected to witness high growth,
exhibiting CAGR of 2.3% over the
forecast period, due to increasing demand for AR/VR solutions across industries
like healthcare, education, retail, and manufacturing.
Regional analysis: North America dominates the extended reality market
currently, owing to the presence of major players and significant investments
in R&D activities. Asia Pacific is anticipated to be the fastest growing
market owing to the growing adoption of extended reality technologies in
countries such as China and India.
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. Key players are focusing on
developing advanced hardware and software solutions to expand their market
share.
Read More: https://www.ukwebwire.com/extended-reality-market-is-estimated-to-witness-high-growth/