Extended Reality Market size to grow by USD 443.26 billion from 2022 to 2027, Rapid improvements in sensor technology to boost the market, Technavio

NEW YORK, March 1, 2024 /PRNewswire/ -- The extended reality market is estimated to grow by USD 443.26 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 43.09% during the forecast period. However, the growth momentum will be progressing. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 37%. Request a Free sample report

Segment Overview
Technavio has segmented the market based on application (VR, AR, and MR), component (hardware, software, and services), and geography (North America, APAC, Europe, South America, and the Middle East and Africa). 

The market growth by the VR segment is significant during the forecast period. The VR segment of the global market is witnessing growth, driven by the increasing popularity of 360-degree videos and virtual reality gaming. 

Geography Overview
By geography, the global extended reality market is segmented into North America, APAC, Europe, South America, and the 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.

APAC accounts for 37% of the growth of the global market during the forecast period. The increasing demand for augmented reality is due to the widespread utilization of AR and VR technologies in several industries including retail, healthcare, e-commerce, and automotive in North America. Download a Free Sample Report

The rapid improvements in sensor technology

Advancements in sensor technology, potentially resulting in reduced sensor costs, are expected to drive market growth in the forecast period.

• The advent of 5G is a primary trend in the market. 
• Infrastructural and integration issues is major challenges hindering the market. Insights on Market Drivers, trends, and challenges, historic period(2017 to 2021) and forecast period(2023 to 2027). Request a Free sample report!

Analyst Review

The Extended Reality (XR) is experiencing an unprecedented surge, fueled by cutting-edge gaming equipment, advancements in internet connectivity such as 5G technology, and the widespread adoption of online gaming. Companies like Qualcomm Technologies, Inc. are at the forefront, leveraging their Snapdragon XR2 Platform to propel the XR ecosystem into new dimensions.

Healthcare sectors are harnessing the potential of XR through innovative solutions like BioDigital XR, revolutionizing patient care and medical education. Institutions like Wolters Kluwer Health are integrating XR technologies to enhance medical training, diagnosis, and treatment procedures.

Countries like China, South Korea, and the United States are leading the 5G revolution, with rapid 5G installations and operations underway. This transformative technology is reshaping industries across the board, from entertainment and gaming to e-commerce and retail, providing ultra-fast connectivity for mobile XR experiences and PC-tethered XR setups.

E-commerce giants are leveraging XR to enhance the retail experience, allowing consumers to virtually try products before purchasing, while entertainment industries are immersing audiences in captivating XR experiences through XR Studios and Immersivecast platforms.

Cloud VR-based technologies are unlocking new possibilities, enabling seamless XR experiences accessible via the web, while the emergence of Web 3.0 and NFTs is redefining ownership and monetization within the XR ecosystem.

AR and VR are becoming integral parts of various sectors, from industrial and manufacturing processes to transportation, ushering in an era of heightened productivity and efficiency.

Companies like Solotech are providing comprehensive XR solutions, catering to diverse industry needs, while the market is witnessing a proliferation of XR hardware, software, and services tailored to specific applications.

As the XR market continues to evolve, stakeholders must navigate the dynamic landscape, embracing innovation and collaboration to unlock the full potential of immersive technologies and shape the future of human interaction and experience. Request a Free sample report!

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The railway fleet management market size is forecast to increase by USD 4.53 billion, at a CAGR of 14.19% between 2023 and 2028. 

The health insurance market size is projected to increase by USD 994.17 billion at a CAGR of 6.92% between 2023 and 2028. 

ToC

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US
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.

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SOURCE Technavio