Extended Reality Market to Grow USD 67870 million by 2028 at a CAGR of 15.0%| Valuates Reports
BANGALORE, India, June 10, 2022 /PRNewswire/ -- The global Extended Reality market is segmented by Type ( Mobile, Personal Computer (PC), Headset), By Application (Virtual Reality, Augmented Reality, Mixed Reality), : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.
The global Extended Reality market size is projected to reach USD 67870 million by 2028, from USD 25310 million in 2021, at a CAGR of 15.0% during 2022-2028.
Major factors driving the growth of the Extended Reality Market
Several factors are driving the Extended Reality market expansion, including increased adoption of extended reality in the education, industrial training, automotive, and healthcare sectors, as well as rising demand for extended reality in the entertainment and gaming industries.
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TRENDS INFLUENCING THE GROWTH OF THE EXTENDED REALITY MARKET
Corporate events are complicated by a never-ending list of expenses and preparations, such as travel, lodging, training equipment, and so on. All of this, however, may be changed by utilizing immersive technologies such as VR, AR, and MR, which can help businesses better utilize their resources while also reducing costs.
Furthermore, VR is a game-changer because of the numerous benefits and extraordinary impact it provides, including convenience, infinite environmental designs, monetization, and unlimited attendance for staff training and other company operations. In dangerous and emergency scenarios, AR/VR can also be utilized to train and replicate operations. Firefighters are being trained to deal with catastrophic scenarios such as wildfires and aircraft burns using a virtual reality learning technology. Extended reality is also being used by anatomy students to construct very detailed 3D anatomical models. One of the most notable uses of extended reality is surgical training. Immersive models allow doctors to practice skills without putting their patients' lives in danger, allowing them to master general surgical techniques or even invent procedures for more complex operations. These factors are expected to drive the growth of the extended reality market
The increasing use of Extended Reality in the gaming and entertainment industry is expected to drive the Extended Reality market. For taking controlled bodily movement, the game business uses AR, VR gear, and software. A virtual reality headset allows gamers to freely walk about the virtual world and interact with numerous objects and accessories. A player will be unable to tell the difference between a real-world and a virtual environment. They'll be able to play as the avatar of their character and navigate the online game environment right before their eyes. Furthermore, as the internet becomes more widely used and digital media grows in popularity, XR technologies will transform the entertainment industry. Metaverse, for example, will establish a virtual online environment in which people can brainstorm, create, collaborate, engage, and hypothesize. In the future years, the way a user consumes and interacts with digital material will radically change.
XR solutions are being used in supply chain management, product creation, prototyping, and quality control, in the automotive industry. Virtual prototyping, immersive showrooming, and augmented training are the three key use cases. Engineers and manufacturing contractors can use virtual reality-based prototypes to model automotive parts in terms of volume, size, and distance. In a virtual world where faults and conception errors may be spotted rapidly, they gain a better view of all the critical components. This improves production speed and lowers costs by eliminating the need for enterprises to invest in physical assets. Thus the increasing use of XR in the automotive sector is expected to drive the growth of the Extended Reality market
The growing use of XR in retail is expected to drive the growth of the Extended Reality market. The expansion of extended reality in retail is projected to be fueled by rising demand for immersive experiences. For shops, creating memorable customer experiences has become a critical component of success. As a result, many businesses are experimenting with new technologies in order to differentiate their online and physical storeronts. Extended reality (XR) is one of the most important components of augmented shopping. Businesses can employ augmented reality and holograms to not only provide a frictionless experience for visitors but also to leave a lasting impression and collect data on them. Similarly, virtual reality (VR) can transport users to a three-dimensional virtual world where they can interact with brands in ways that are not possible in the actual world.
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EXTENDED REALITY MARKET SHARE ANALYSIS
Based on application, In the extended reality market, the VR category is projected to be the most lucrative segment. This is due to the widespread usage of virtual reality headsets, screens, and hand-tracking devices by consumers and other end-user businesses.
Based on region, North America is expected to be the most lucrative. This is owing to the rapid proliferation of smartphones, the emergence of smart consumer electronic gadgets, and massive demand from a variety of industries.
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EXTENDED REALITY MARKET SEGMENTATION:
Extended Reality (XR) Market Segment By Type
Extended Reality (XR) Market Segment By Application
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- The global Metaverse market size is projected to reach USD 28 Billion by 2028, from 510 USD Million in 2022, at a CAGR of 95% during 2022-2028.
- The augmented and virtual reality market size was valued at USD 14.84 billion in 2020 and is projected to reach USD 454.73 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 40.7%.
- The global Mixed Reality market size is projected to reach USD 2482.9 million by 2028, from USD 331.4 million in 2021, at a CAGR of 28.7% during 2022-2028.
- The global Augmented Reality Market size is projected to reach USD 3664.5 Million by 2026, from USD 849 Million in 2019, at a CAGR of 27.6% during 2020-2026.
- The global Augmented and Virtual Reality in Healthcare Market size are projected to reach USD 4367 million by 2027, from USD 962.6 million in 2020, at a Compound Annual Growth Rate (CAGR) of 23.6% during 2021-2027.
- The global E-Learning Virtual Reality market size is projected to reach USD 300.3 Million by 2028, from USD 65 Million in 2021, at a CAGR of 23.8% during 2022-2028.
- The global Virtual Mirror market size is projected to reach USD 26700 million by 2028, from USD 7021 million in 2021, at a CAGR of 20.7% during 2022-2028.
- The global AR in Retail market size is projected to reach USD 6736.2 million by 2028, from USD 1853.7 million in 2021, at a Compound Annual Growth Rate (CAGR) of 20.0% during 2022-2028.
- The global Virtual Reality (VR) market size is projected to reach USD 26860 million by 2027, from USD 7719.6 million in 2020, at a CAGR of 19.0% during 2021-2027.
- The global virtual fitting room market size was estimated at USD 2973.1 million in 2021 and is expected to reach USD 8501.1 million in 2028, the market is expected to grow at a compound annual growth rate of 16% from 2022 to 2028.
- The global Virtual Training market size is projected to reach USD 156290 Million by 2027, from USD 57340 Million in 2020, at a CAGR of 15.4% during 2021-2027.
- The global Virtual Event Platforms market size is projected to reach USD 1847.9 million by 2027, from USD 1006.6 million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.1% during the forecast period 2021-2027.
- The global Gaming Headset market size is estimated to be worth USD 2343.5 million in 2022 and is forecast to a readjusted size of USD 3616.6 million by 2028 with a CAGR of 7.5% during the review period.
- The global Gaming Laptop market size is estimated to be worth USD 12210 Million in 2022 and is forecast to a readjusted size of USD 17230 Million by 2028 with a CAGR of 5.9% during the review period.
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