The report "Extended Reality Market with COVID-19 Impact Analysis by Technology (AR, VR, MR), Application (Consumer, Commercial, Enterprises, Healthcare, Aerospace and Defense), Offering, Device Type, and Region(North America, Europe, APAC) - Global Forecast to 2026", is expected to grow from USD 33.0 billion in 2021 to USD 125.2 billion by 2026, at a CAGR of 30.6%. The market growth can be attributed to several factors, such as surging deployment of extended reality in education sector and industrial training, rising demand for extended reality devices and technology in global automotive industry, surging adoption of extended reality in healthcare sector, and increasing demand for extended reality in entertainment and gaming industry.
The extended reality market has been segmented on the basis of technology, offering, device type, application, and geography
Extended Reality Market, by Technology
- AR Technology
- VR Technology
- MR Technology
Market, by Offering
Market, by Device Type
- AR Devices
- VR Devices
- MR Devices
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VR devices to account for the largest share of extended reality market in 2020
On the basis of device type, the market is categorized into AR devices, VR devices, and MR devices. The growth of the VR devices segment of the market is expected to be led by HMD. These displays from companies such as Sony, Oculus, HTC, Samsung, and Google have received an overwhelming response from users. The key applications of HMD are gaming and entertainment. Gesture-tracking devices have been an integral part of VR hardware owing to their risen use in consumer applications.
Consumer application to hold the largest share of the market during forecast period
On the basis of applications, the market is categorized into consumer, commercial, enterprise (manufacturing), healthcare, aerospace & defense, energy, automotive, and others. The consumer segment of the market comprises gaming and entertainment applications wherein AR technology is used to create 3D visual objects in the real world. The flourishing gaming and sports and entertainment sectors fuel the use of AR technology in consumer applications. VR technology also offers remarkable results regarding visual effects when used in gaming and sports broadcasts. The demand for HMD is high in consumer applications.
North America is leading the market extended reality in 2020
North America held the largest share in the extended reality market in 2020. Growing use of smartphones, increasing adoption of smart electronic devices, and surging demand for extended reality technology in various applications are the key factors fueling the growth of the extended reality market in North America.
Some of the key companies operating in the market are Microsoft (US), Sony (Japan), Oculus VR (Facebook) (US), HTC (Taiwan), Google (US), Samsung Electronics (South Korea), Apple (US), PTC (US), Seiko Epson (Japan), and so on.
Recent Developments Extended Reality Industry
- In Jun 2020, Google developed a new technology to make the immersive augmented reality (AR) and virtual reality (VR) experiences available on consumer devices.
- In May 2019, Microsoft launched the second-gen HoloLens, the HoloLens 2. The complete set of the HoloLens 2 includes free trials of Unity Pro, Azure credits, and the Unity PiXYZ Plugin for CAD data. The company also announced the Unreal Engine 4 support for HoloLens 2 to offer a highly realistic experience to customers.
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