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Global Extended Reality (XR) Market Types, Key Players, Applications and Statistical Forecast to 2024

Market Overview

Extended Reality (XR) Market is expected to register a healthy CAGR of over 65% during the forecast period (2019 – 2024). The integration of XR across the business ecosystem will result from wide applicability across multiple enterprise verticals, with a form factor that supports all-day use and a clear ROI by the help of its manufacturing efficiencies that is currently being driven by the organizational inertia, enterprise risk aversion, and sales cycles.

– The convergence of the smartphone, mobile VR headset, and AR glasses into a single XR wearable could replace all the other screens, ranging from smartphones to smart TV screens. Mobile XR has the potential to become one of the world’s most ubiquitous and disruptive computing platforms.
– Companie’s are designing transformative XR experiences that capitalize on the potential of the human experience revolution using artificial Intelligence and Internet of Things.
– The demand for immersive technology is driven through the rising application of artificial intelligence (AI), connected to the Internet of Things (IoT), and delivered through the cloud and integrated into systems.

Scope of the Report

– The advent of extended reality is revamping the way people experience the physical and the virtual environments, from observation to immersion. XR is an umbrella term that encompasses both augmented reality and virtual reality, thereby covering a full spectrum of real and virtual environments. XR experience caters to business issues and creates innovative solutions to add efficiency and increase productivity to meet critical client needs. The implementation of Extended Reality (XR) provides enterprises with a platform that helps people to perform their jobs in a much effective way.

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Key Market Trends

Consumer Engagement is Gaining Traction Owing to the Emergence of Immersive Platform

– XR devices create the illusion to make people feel as if they are in an entirely new digital world. Such technologies have been praised for its ability to create virtual tours in the stores and destinations, rehabilitate brain injury, and virtually inspect the interior and exterior design of a car which no existing technology could do. Given its enormous potential, XR technology has been increasingly applied and studied in a plethora of fields, ranging from tourism, education, retailing, gaming and healthcare to manufacturing.
– Extended reality (XR) solution allows rich data to be easily accessible in a situational context, creating virtually unlimited opportunities in the market. Future-thinking enterprises are incorporating extended reality into their internal processes as well as product and service delivery. It provides higher customer engagement, significant time efficiency improvement, and a significant reduction in human error.
– Through immersive experiences, businesses can tap expertise in thousands of skills from anywhere in the world. Across industries and applications, immersive experiences are pushing companies to not only think differently about what is possible but also to create new solutions that bypass the distance-based challenges they face today.

North America to Remain the Largest Market Over the Forecast Period

– North America is one of the prominent regions for the extended reality market. It has also been a pioneer in the adoption of innovations, which provides North America with an edge over the other regions.
– Educational institutions across the United States Department of Education is using a virtual platform to help students with autism and learning disabilities in schools, across the country. In 2018, the Office of Special Education and Programs announced an investment of USD 2.5 million towards a new program that will use XR to nurture social skills in students with disabilities.
– In the military and defense sector, the US Military is looking at immersive technologies for training purposes. The United States will also be investing as much as USD 11 billion by 2022 into virtual, augmented and mixed reality training systems, with extended reality becoming a primary focus of military innovation.

Competitive Landscape

The Extended Reality (XR) market is moderately competitive and consists of a few players. In terms of market share, some of the players are currently expanding their services across the emerging market. However, with the advancement in the immersive technology trend across the virtual platform, new players are increasing their market presence thereby enhancing their services as well as expanding their business footprint across the emerging economies.

– July 2019 – Softserve has announced an expanded relationship with Amazon Web Services (AWS) extending SoftServe’s offerings for media and entertainment enterprises. SoftServe will utilize AWS Media Services offerings to enable and assist enterprise media and entertainment companies by transforming operations to connect with new audiences, design cutting-edge business models, and drive new revenue opportunities.
– Jun 2019 – Qualcomm Technologies has made a joint demonstration with ZTE of 5G-powered cloud gaming on a live 5G network. The demonstration which utilizes the cloud gaming solutions from Tencent Instant Play on 5G smartphones from OnePlus, Vivo, Xiaomi and ZTE aims to demonstrate that console-quality mobile gaming experiences are achievable over live 5G networks and show the growth opportunity for the cloud-gaming ecosystem.

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