XR Headset Market to Reach $401.4 Million, Globally, by 2031 at 28.3% CAGR: Allied Market Research

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Feb 15, 2023, 06:59 ET

The growing use of XR headset in the media and entertainment sector drive the growth of the global XR headset market.

PORTLAND, Ore., Feb. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "XR Headset Market by Solution (Consumer Engagement, Business Engagement), by End-user (Media and Entertainment, Manufacturing and Construction, Healthcare, Education, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global XR headset industry generated $38.1 million in 2021, and is anticipated to generate $401.4 million by 2031, witnessing a CAGR of 28.3% from 2022 to 2031.

Prime determinants of growth

The growing use of XR headset in the media and entertainment sector drive the growth of the global XR headset market. However, the e shortage of skilled technical personnel having good XR technology knowledge along with a lack of awareness about the technology in developing countries is predicted to hamper the market growth. Moreover, the industry players are investing a lot of effort on the R&D of smart and unique strategies to sustain their growth in the market, thereby presenting new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global XR headset market, owing to increased use of XR headset across various sectors including healthcare, education, automotive, e-commerce, and others.
Due to implementation of strict lockdowns across the globe, several organizations mandated their employees to work from home, thus, raising the need for virtual meetings, training, and conferences.

The consumer engagement segment to maintain its leadership status throughout the forecast period

Based on solution, the consumer engagement segment held the highest market share in 2021, accounting for more than half of the global XR headset market, and is estimated to maintain its leadership status throughout the forecast period. XR headsets increase customer engagement by stimulating their senses as they interact with the goods that are for sale. However, the business engagement segment is projected to manifest the highest CAGR of 29.0% from 2022 to 2031. Interaction between employers, vocational rehabilitation (VR), and other workforce development and education organizations that results in measurable improvements in desired outcomes for both parties is referred to as business engagement. Additionally Better insight through data visualization. It's improved internal communication and collaboration. Because all of this extended reality had become more common in the business world.

The media and entertainment segment to maintain its leadership status throughout the forecast period

Based on end user, the media and entertainment segment held the highest market share in 2021, accounting for nearly one-thirds of the global XR headset market, and is estimated to maintain its leadership status throughout the forecast period. Due to individuals being forced to stay at home and engage in activities that promote social isolation, the use of XR headsets in the media and entertainment sector has significantly expanded, since 2020. However, the healthcare segment is projected to manifest the highest CAGR of 29.9% from 2022 to 2031.

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Asia-Pacific to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly one-thirds of the global XR headset market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 29.9% from 2022 to 2031, and is likely to dominate the market during the forecast period. The region's media and entertainment sector's increasing use of VR and AR technologies is largely to contribute for this huge rise. Additionally, improvements in 5G infrastructure in China and India are anticipated to boost XR headset sales in this region over the course of the projection period

Leading Market Players: -

Qualcomm Technologies Inc.,
4DR studios,
4experience,
Microsoft Corporation,
Aircards,
ARuVR,
Arvizio, Inc,
Cavrnus, Inc.

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