NEW YORK, Nov. 21, 2023 /PRNewswire/ — The extended reality market by application (VR, AR, and MR), component (hardware, software, and services), and geography (North America, APAC, Europe, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027 report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the extended reality market between 2023 and 2027 is USD 443.26 billion.
The rapid improvements in sensor technology are notably driving the Extended Reality (XR) market growth. The rapid development of sensor technology, which may result in cost reduction of sensors, will contribute to the market growth. In addition, with the progressing transformations in different industries, there is an increase in demand for smart sensors with high reliability, low maintenance and repair costs, and minimal replacement. Hence, such factors drive the market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Market Challenge –
- The infrastructural and integration issues are a significant challenge hindering the extended reality market growth. High-speed internet is one of the major factors that is boosting the adoption of extended reality technology (apps and hardware). However, only a few prominent countries, including the US, the UK, and Japan, have the sophisticated technologies for internet infrastructure to support high-speed internet. Thus, such factor leads to unequal penetration of extended reality across different regions of the world which in turn hinders the market growth.
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The extended reality market has been segmented by application (VR, AR, and MR), component (Hardware, Software, and services), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
- The market share growth by the VR segment is significant during the forecast period. There is a growing popularity of 360-degree videos and virtual reality gaming which has resulted in the expansion of the VR segment. In addition, there is an increase in the adoption of VR in 2020 due to the release of numerous new VR devices, such as the Oculus Quest 2, HTC VIVE Cosmos, and Sony PlayStation VR. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
- Another significant region that offers opportunities to market players is North America. The growth of the market in North America is due to the widespread adoption of AR and VR technologies in various industries such as retail, healthcare, e-commerce, and automotive in the region. Hence, such factors are driving the market growth in North America during the forecast period.
- View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the Extended Reality Market:
3D Systems Corp., ABB Ltd., Accenture Plc, Alphabet Inc., Canon Inc., HTC Corp., Intel Corp., Lenovo Group Ltd., Magic Leap Inc., Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., PTC Inc., Qualcomm Inc., Roper Technologies Inc., Seiko Epson Corp., SoftServe Inc., Sony Group Corp., Tata Sons Pvt. Ltd., and VertexPlus Softwares Pvt. Ltd.
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Extended Reality Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 43.09% |
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Market growth 2023-2027 |
USD 443.26 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
40.15 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 37% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Component
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
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Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
