Extended Reality Market size to grow by USD 421.42 billion from 2022 to 2027, Rapid improvements in sensor technology to boost the market growth - Technavio

NEW YORK, May 19, 2023 /PRNewswire/ -- The global extended reality market size is estimated to increase by USD 421.42 billion from 2022 to 2027. The market's growth momentum will be progressing at a CAGR of 43.09% during the forecast period. The rapid improvements in sensor technology significantly drive the Extended Reality (XR) Market growth. The rapid development of the technology may lead to cost reduction of sensors, which will boost the growth of the market during the forecast period. Due to the ongoing transformation in various industries and sectors, the demand for smart sensors with high reliability, low maintenance and repair costs, and minimal replacement times increases. Hence, such sensors drive operational efficiency in all business processes. Discover some insights on market size historic period (2017 to 2021) and Forecast 2023-2027 before buying the full report -Request a sample report

Extended reality market – Vendor Analysis
Vendor Landscape - The global extended reality market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer extended reality in the market are 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. and others.

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Vendor Offerings -

• 3D Systems Corp. - The company offers Extended Reality called insightARTHRO VR and AR.
• ABB Ltd. - The company offers an extended reality platform called ABB Ability Augmented Field Procedures.
• Accenture Plc - The company offers Extended reality services XR through metaverse, augmented learning, XR consumer learning, and virtual learning.
• For details on the vendor and their offerings – Request a sample report

Extended Reality Market - Segmentation Assessment

Segment Overview
This extended reality market report extensively covers market segmentation by application (VR, AR, and MR), component (hardware and software), and geography (North America, APAC, Europe, South America, and Middle East and Africa). 

• The market share growth by the VR segment will be significant for overall market growth during the forecast period. The growing popularity of 360-degree videos and VR games drives the growth of the VR segment of the market. In 2020, there was an increase in VR adoption with the launch of many new VR devices such as Sony PlayStation VR, HTC VIVE Cosmos, and Oculus Quest 2. Providers use specialized sensors, software, and 3D sound to deliver immersive VR experiences to users. Growth in VR content is driven as a result of the rising sales of popular head-mounted displays (HMDs) such as the Samsung Gear VR and Google Cardboard. 

Geography Overview
By geography, the global extended reality market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global extended reality market.

• North America is estimated to account for 37% of the global market growth during the forecast period. The high demand for augmented reality can be attributed to the widespread adoption of AR and VR technologies in various industries such as retail, healthcare, e-commerce, and automotive in the region. Mobile devices such as tablets and smartphones with built-in AR capabilities are ubiquitous in North America. The presence of major vendors, increasing investment in AR technology by major vendors, growing consumer acceptance of technologically advanced applications, and strong research efforts to increase the applications of AR and VR technologies are repatriated, which is attributed to the high share of China's market. Hence, such factors drive the segment growth during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Extended Reality Market – Market Dynamics

Key Trends - 

• The advent of the 5G network is an emerging trend influencing the extended reality market growth. 
• 5G technology is characterized by characteristics including high bandwidth and low latency.
• The use of this technology can accelerate the adoption of augmented reality products and increase the flexibility of various augmented reality applications.
• 5G could enable AR in live outdoor environments, which are not covered by Wi-Fi. It requires a stable network with a latency of less than 70 ms, which will further facilitate cloud-based gaming. 
• Furthermore, a robust and affordable 5G subscription is required for cloud gaming to work effectively.
• Hence, such trends fuel the growth of the extended reality market during the forecast period.

Major challenges - 

• The infrastructural and integration issues are factors that challenge the XR Market growth. 
• A key factor behind the adoption of AR technology (apps and hardware) is the availability of reliable and fast internet.
• Furthermore, various countries do not have the basic infrastructure to connect to the Internet.
• Few countries, including the US, UK, and Japan, have the technological sophistication necessary for their Internet infrastructure, which is one of the main reasons for the uneven prevalence of augmented reality in all regions.
• Hence, such challenges hinder the market growth during the forecast period.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this Extended Reality Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the extended reality market between 2023 and 2027
• Precise estimation of the size of the extended reality market and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the extended reality market across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of extended reality market vendors

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The augmented reality (AR) market is estimated to grow at a CAGR of 28.71% between 2022 and 2027. The size of the market is forecast to increase by USD 157.21 billion. This report extensively covers market segmentation by application (enterprise, retail, media and entertainment, healthcare, and others), component (hardware and software), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The increasing investments in AR technology are notably driving the augmented reality market growth.

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Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global Extended Reality (XR) Market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on global extended reality (xr) Market 2017 - 2021 ($ billion)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion)

• 4.3 Component Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Component Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 VR - Market size and forecast 2022-2027
• Exhibit 34: Chart on VR - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on VR - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on VR - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on VR - Year-over-year growth 2022-2027 (%)

• 6.4 AR - Market size and forecast 2022-2027
• Exhibit 38: Chart on AR - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on AR - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on AR - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on AR - Year-over-year growth 2022-2027 (%)

• 6.5 MR - Market size and forecast 2022-2027
• Exhibit 42: Chart on MR - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on MR - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on MR - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on MR - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Application 
• Exhibit 46: Market opportunity by Application ($ billion)
• Exhibit 47: Data Table on Market opportunity by Application ($ billion)

7 Market Segmentation by Component

• 7.1 Market segments 
• Exhibit 48: Chart on Component - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Component - Market share 2022-2027 (%)

• 7.2 Comparison by Component 
• Exhibit 50: Chart on Comparison by Component
• Exhibit 51: Data Table on Comparison by Component

• 7.3 Hardware - Market size and forecast 2022-2027
• Exhibit 52: Chart on Hardware - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Hardware - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Hardware - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Hardware - Year-over-year growth 2022-2027 (%)

• 7.4 Software - Market size and forecast 2022-2027
• Exhibit 56: Chart on Software - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Software - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Software - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Software - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Component 
• Exhibit 60: Market opportunity by Component ($ billion)
• Exhibit 61: Data Table on Market opportunity by Component ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 67: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027 
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ billion)
• Exhibit 108: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 3D Systems Corp. 
• Exhibit 115: 3D Systems Corp. - Overview
• Exhibit 116: 3D Systems Corp. - Business segments
• Exhibit 117: 3D Systems Corp. - Key news
• Exhibit 118: 3D Systems Corp. - Key offerings
• Exhibit 119: 3D Systems Corp. - Segment focus

• 12.4 ABB Ltd. 
• Exhibit 120: ABB Ltd. - Overview
• Exhibit 121: ABB Ltd. - Business segments
• Exhibit 122: ABB Ltd. - Key news
• Exhibit 123: ABB Ltd. - Key offerings
• Exhibit 124: ABB Ltd. - Segment focus

• 12.5 Accenture Plc 
• Exhibit 125: Accenture Plc - Overview
• Exhibit 126: Accenture Plc - Business segments
• Exhibit 127: Accenture Plc - Key offerings
• Exhibit 128: Accenture Plc - Segment focus

• 12.6 Alphabet Inc. 
• Exhibit 129: Alphabet Inc. - Overview
• Exhibit 130: Alphabet Inc. - Business segments
• Exhibit 131: Alphabet Inc. - Key news
• Exhibit 132: Alphabet Inc. - Key offerings
• Exhibit 133: Alphabet Inc. - Segment focus

• 12.7 Canon Inc. 
• Exhibit 134: Canon Inc. - Overview
• Exhibit 135: Canon Inc. - Business segments
• Exhibit 136: Canon Inc. - Key offerings
• Exhibit 137: Canon Inc. - Segment focus

• 12.8 HTC Corp. 
• Exhibit 138: HTC Corp. - Overview
• Exhibit 139: HTC Corp. - Product / Service
• Exhibit 140: HTC Corp. - Key offerings

• 12.9 Meta Platforms Inc. 
• Exhibit 141: Meta Platforms Inc. - Overview
• Exhibit 142: Meta Platforms Inc. - Product / Service
• Exhibit 143: Meta Platforms Inc. - Key offerings

• 12.10 Microsoft Corp. 
• Exhibit 144: Microsoft Corp. - Overview
• Exhibit 145: Microsoft Corp. - Business segments
• Exhibit 146: Microsoft Corp. - Key news
• Exhibit 147: Microsoft Corp. - Key offerings
• Exhibit 148: Microsoft Corp. - Segment focus

• 12.11 Qualcomm Inc. 
• Exhibit 149: Qualcomm Inc. - Overview
• Exhibit 150: Qualcomm Inc. - Business segments
• Exhibit 151: Qualcomm Inc. - Key news
• Exhibit 152: Qualcomm Inc. - Key offerings
• Exhibit 153: Qualcomm Inc. - Segment focus

• 12.12 Roper Technologies Inc. 
• Exhibit 154: Roper Technologies Inc. - Overview
• Exhibit 155: Roper Technologies Inc. - Business segments
• Exhibit 156: Roper Technologies Inc. - Key offerings
• Exhibit 157: Roper Technologies Inc. - Segment focus

• 12.13 Seiko Epson Corp. 
• Exhibit 158: Seiko Epson Corp. - Overview
• Exhibit 159: Seiko Epson Corp. - Business segments
• Exhibit 160: Seiko Epson Corp. - Key offerings
• Exhibit 161: Seiko Epson Corp. - Segment focus

• 12.14 SoftServe Inc. 
• Exhibit 162: SoftServe Inc. - Overview
• Exhibit 163: SoftServe Inc. - Product / Service
• Exhibit 164: SoftServe Inc. - Key offerings

• 12.15 Sony Group Corp. 
• Exhibit 165: Sony Group Corp. - Overview
• Exhibit 166: Sony Group Corp. - Business segments
• Exhibit 167: Sony Group Corp. - Key news
• Exhibit 168: Sony Group Corp. - Key offerings
• Exhibit 169: Sony Group Corp. - Segment focus

• 12.16 Tata Sons Pvt. Ltd. 
• Exhibit 170: Tata Sons Pvt. Ltd. - Overview
• Exhibit 171: Tata Sons Pvt. Ltd. - Business segments
• Exhibit 172: Tata Sons Pvt. Ltd. - Key offerings
• Exhibit 173: Tata Sons Pvt. Ltd. - Segment focus

• 12.17 VertexPlus Softwares Pvt. Ltd. 
• Exhibit 174: VertexPlus Softwares Pvt. Ltd. - Overview
• Exhibit 175: VertexPlus Softwares Pvt. Ltd. - Product / Service
• Exhibit 176: VertexPlus Softwares Pvt. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations 
• Exhibit 183: List of abbreviations

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