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Extended Reality Market to grow by USD 443.26 billion from 2022 - 2027; Rapid improvements in sensor technology to boost the market- Technavio
[November 21, 2023]

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


NEW YORK, Nov. 21, 2023 /PRNewswire/ -- The extended reality market by application (VR, AR, and MR), component (hardware, software, and services), and geography (North America, APAC, Europe, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027 report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the extended reality market between 2023 and 2027 is USD 443.26  billion.  

The rapid improvements in sensor technology are notably driving the Extended Reality (XR) market growth. The rapid development of sensor technology, which may result in cost reduction of sensors, will contribute to the market growth. In addition, with the progressing transformations in different industries, there is an increase in demand for smart sensors with high reliability, low maintenance and repair costs, and minimal replacement. Hence, such factors drive the market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge - 

  • The infrastructural and integration issues are a significant challenge hindering the extended reality market growth. High-speed internet is one of the major factors that is boosting the adoption of extended reality technology (apps and hardware). However,  only a few prominent countries, including the US, the UK, and Japan, have the sophisticated technologies for internet infrastructure to support high-speed internet. Thus, such factor leads to unequal penetration of extended reality across different regions of the world which in turn hinders the market growth.

Learn about additional key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now

The extended reality market has been segmented by application (VR, AR, and MR), component (Hardware, Software, and services), and geography (North America, APAC, Europe, South America, and Middle East and Africa). 

  • The market share growth by the VR segment is significant during the forecast period. There is a growing popularity of  360-degree videos and virtual reality gaming which has resulted in the expansion of the VR segment. In addition, there is an increase in the adoption of VR in 2020 due to the release of numerous new VR devices, such as the Oculus Quest 2, HTC VIVE Cosmos, and Sony PlayStation VR. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
  • Another significant region that offers opportunities to market players is North America. The growth of the market in North America is due to the widespread adoption of AR and VR technologies in various industries such as retail, healthcare, e-commerce, and automotive in the region. Hence, such factors are driving the market growth in North America during the forecast period.
  • View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Extended Reality Market:

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.

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Extended Reality Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 43.09%

Market growth 2023-2027

USD 443.26 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

40.15

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 37%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks


ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Component

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

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SOURCE Technavio


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