TMCnet News
Extended Reality Market to grow by USD 443.26 billion from 2022 to 2027; Rapid improvements in sensor technology to boost the market- TechnavioNEW YORK, Jan. 15, 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%.
For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Request a Free sample report What's New?
Global Extended Reality Market - Segmentation Assessment 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 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. Insights on the market contribution of various segments including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Free Sample Report Global Extended Reality Market – Market Dynamics Leading trends influencing the market The advent of 5G is a primary trend in the market. 5G technology is characterized by features such as high bandwidth and low latency. The use of this technology can accelerate the adoption of extended reality products and ensure higher flexibility in various extended reality applications. Major challenges hindering the market growth Infrastructural and integration issues is major challenges hindering the market. Insufficient infrastructure for internet connectivity in many countries remains a hindrance to the widespread adoption of extended reality technology, encompassing both apps and hardware. Insights on Market Drivers, trends, and challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a Free sample report! What are the key data covered in this Extended Reality Market report?
Gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform The Extended Reality (XR) market, encompassing Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), is revolutionizing numerous sectors. Leveraging technologies like 360-degree video, haptic feedback, and head-mounted displays (HMDs), it offers immersive experiences with advanced 3D visualization and spatial computing. Innovations in gesture recognition, eye tracking, and VR/AR content creation enhance real-time interaction. With cross-platform integration and 5G connectivity, XR benefits from machine learning, AI, and cloud computing. This synergy drives gamification in education, healthcare, retail, and automotive industries. Smart glasses and location-based services expand its reach. However, ensuring user experience (UX) design excellence while addressing privacy and security remains paramount in XR's growth. Related Reports: 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 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation by Application 7 Market Segmentation by Grade Type 8 Customer Landscape 9 Geographic Landscape 10 Drivers, Challenges, and Trends 11 Company Landscape 12 Company Analysis 13 Appendix About US Contact
SOURCE Technavio 
|
View original content to download multimedia: