According to a report by MarketsandMarkets Extended Reality Market 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.
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Virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies are together referred to as "Extended Reality" (XR). The way we engage with technology is changing quickly because to XR, which has the potential to completely alter a variety of industries.
Applications of XR
Gaming and entertainment: One of the industries that has benefited most from XR technologies is the gaming and entertainment sector. Gamers can now have immersive gaming experiences that make them feel as though they are actually within the game thanks to XR technologies. Seeing movies and concerts in virtual theatres and arenas is another benefit of using VR headsets.
Healthcare: Applications for XR technologies in healthcare include patient education, medical training, and rehabilitation. VR simulations can be used by medical students and healthcare professionals to practise surgery and diagnose patients. AR can be used to inform patients about their problems and available therapies.
Education:
XR technologies have the potential to transform the education industry by providing immersive and interactive learning experiences. Students can use VR and AR to explore historical sites, science labs, and other environments that may not be accessible otherwise. AR can also be used to supplement traditional textbooks by providing interactive content.
Retail:
Retailers may find new methods to interact with customers and improve the shopping experience with the help of XR technologies. Although VR can be used to create virtual stores and product demos, AR can be utilised to create virtual try-on experiences for clothing and accessories.
Challenges and Opportunities
The high price of hardware and software is one of the biggest issues the XR market is now facing. Even if the price of VR headsets has fallen over time, the average customer still finds them to be somewhat expensive. However, the creation of XR applications and content necessitates specialised knowledge and resources, which may be prohibitive for smaller firms.
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.
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