Extended Reality (XR) Market Research Report: By Component (Hardware, Software, Services), Device Type (Mobile, Personal Computer, Headset), User (Single-User, Multi-User), Delivery Model (Consumer Engagement, Business Engagement), Application (Virtual Reality, Augmented Reality, Mixed Reality), Industry (Retail, Education, Industrial & Manufacturing, Healthcare, Media & Entertainment, Gaming, Aerospace & Defense) - Global Industry Analysis and Growth Forecast to 2030
New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Extended Reality Market Research Report: By Component, Device Type, User, Delivery Model, Application, Industry - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982426/?utm_source=GNW
The global extended reality (XR) market attained a valuation of $18.6 billion in 2019 and is predicted to progress at a CAGR of 48.3% from 2020 to 2030. The rising usage of connected devices and smartphones, increasing adoption of virtual reality (VR)/augmented reality (AR) solutions, and the growing number of collaborations being announced among the market players are the main factors fueling the surge of the extended reality industry.
The COVID-19 pandemic has massively pushed up the requirement for XR solutions, on account of the rising rate of digitization in various industries such as healthcare, retail, manufacturing, and education for the training of employees and the increasing number of employees working from home, due to the lockdown. For example, Spaces Inc. launched a new PC VR application called SPACES in March 2020. The app allows users to participate in live video conferencing in virtual reality environment.
The app makes it possible for the user to integrate into the VR environment with the help of virtual markers and whiteboard and a camera that can be easily adjusted according to the user’s convenience. The lockdown initiated in several countries for controlling the spread of the virus has caused the shutting down of manufacturing plants and affected the distribution network, owing to which, the sales of XR devices have been very low in the recent times.
Under the device type segment of the extended reality market, the headset category is predicted to exhibit the highest CAGR in the coming years, on account of the mushrooming requirement for AR/VR headsets all over the world and the launch of new and advanced headsets by the extended reality devices producing companies. For instance, HTC Corporation developed the VIVE Focus Plus headset, which is a standalone headset that includes a couple of updated motion controllers, in February 2019. This headset is powered by the powerful Qualcomm Snapdragon 835 and contains a 3K active-matrix organic light-emitting diode (AMOLED) display. It supports 6DoF (six degrees of freedom) tracking.
In the years gone by, the industrial and manufacturing category registered the highest share, under the industry segment of the extended reality market. The excessive utilization of various immersive technologies for training and skill development in several heavy industries such as mining, chemicals, and oil and gas is the primary factor driving the advancement of the category in the market. Additionally, the rising usage of VR and AR technologies by manufacturing companies is further augmenting the expansion of the category. According to the 2020 PricewaterhouseCoopers (PwC) Annual Manufacturing Report, AR technology was adopted by almost 29% of the manufacturing companies in the U.K. till 2019.
Globally, the extended reality market recorded the highest growth in North America in 2019. This was the result of the widespread adoption of VR and AR solutions, the existence of prominent market players, and the large-scale adoption of several immersive technologies in multiple industries including mining, construction, and oil and gas industries, for training and development purposes. The Asia-Pacific (APAC) extended reality market is predicted to be very prosperous in the upcoming years, because of the growing internet penetration and the rising adoption of XR solutions by several industries in the emerging economies such as Indonesia, China, and India.
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