Extended Reality MarketSize and Trends

The global extended reality market is valued to grow from US$ 46.3 Billion in 2023 to US$ 197.3 Billion by 2030, at a CAGR of 23% during the forecast period (2023-2030). The growth of the extended reality market is driven by the increasing demand for immersive and interactive experience in a variety of industries such as gaming, entertainment, healthcare, education, and manufacturing. Mixed Reality (MR) is a newer type of Extended Reality (XR), and it is used in a variety of applications such as manufacturing, healthcare, and education. Gaming is the largest application of extended reality (XR), and it is used to create immersive and interactive gaming experiences.

Global Extended Reality Market Trends:

Expanded reality's rapid acceptance in the healthcare industry

Extended reality has a bright future, especially for modern healthcare organizations, and opens up new opportunities for medical professionals. The use of extended reality technology in the healthcare industry is lowering costs and improving patient outcomes without putting patients' lives in danger. Extended reality technology can make it a risk-free approach for surgeons to explore the target organs before beginning any medical procedure by imagining the smallest details of the patient's anatomy.

Increase in the adoption of extended reality in the supply chain

Supply chain management, product development, prototyping, and quality control in the automotive industry are just a few of the growing applications in the supply chain industry that will drive growth in the market. Virtual prototypes, immersive show rooming, and augmented training are the three most common applications. Engineers and manufacturing companies can use virtual reality-based prototypes to imitate the volume, size, and distance of automobile parts. In a virtual environment where flaws and conception errors can be quickly identified, they are able to see all the important parts more clearly. Businesses can save money and increase production efficiency by not having to invest in physical assets. As a result, it is anticipated that the Extended Reality Market will expand in response to the growing use of XR in the automobile industry.

Global Extended Reality Market, By Technology Type:

Virtual Reality:

The term "virtual reality" refers to an artificial environment that is created through the use of computer simulations and experiences and specialized hardware. Users can enter a virtual world through virtual reality, which has no effect on the real world. Virtual reality (VR) simulations are referred to as experiences because viewers are required to use hardware to immerse themselves in the simulations. The concept of a virtual environment, which refers to all possible realities and environments created within computers, is relatively new to this technology. Using Virtual Reality (VR) technologies. Because of this, virtual reality (VR) can be used for entertainment and education purposes. In a variety of industries, virtual reality (VR) platforms are extensively being developed for the creation of gaming experiences and training modules. This technology is expected to have a significant impact on the medical and healthcare industries as it provides an immersive method for teaching various aspects of healthcare without the need for a real patient or body. For instance on January 5, 2023, HTC Corporation, or High Tech Computer Corporation, is a Taiwanese consumer electronics company, HTC VIVE introduced new innovative extended reality (XR) headset VIVE XR Elite, The headset combines Mixed Reality (MR) and Virtual Reality (VR) capabilities into one compact, lightweight, powerful and highly versatile device – perfect for gaming, fitness, productivity, and more.

Augmented Reality:

Users can overlay digital data and virtual objects onto the real world with augmented reality. Visual, auditory, haptic, somatosensory, and olfactory senses are just a few of the ways that Augmented Reality (AR) technologies enhance the real world. Without having to completely immerse themselves in the simulation, this makes it possible for users to directly impose virtual objects onto the real world. Because some applications do not even require any special hardware to visualize the experiences. Augmented Reality (AR) technologies are much more effective in handheld and mobile applications. The mobile platform's offerings are one example of such a program. A smartphone that is compatible can be used to directly experience apps like Snapchat, Pokémon Go, Ingress, and Google Lens, among others. One of the most popular augmented reality (AR) applications currently available is Pokémon Go, and it is anticipated that these apps will have a significant impact on the market for extended reality. AR can be used in enterprise applications as well as consumer applications. One of the most important augmented reality hardware offerings in the enterprise market is, Microsoft HoloLens. The device has now been installed at a number of major Original Equipment Manufacturers (OEMs), including Mercedes-Benz and Lockheed Martin. For instance, on June 1, 2023, Niantic, Inc. introduced Major Updates to Lightship and 8th Wall Platforms for Developers at AWE USA 2023, 8th Wall Metaversal Deployment (build once, deploy everywhere) now supports video pass-through for mixed reality headsets.

Mixed Reality:

Mixed reality can create new simulations and experiences by merging real and virtual realities. Users can use this technology to bring virtual components into the real world and allow virtual components to alter the real world. Computer processing, human input, and environmental input are the three main components of this technology. Experience in MR can be achieved by combining all three of these elements. Microsoft defines mixed reality experiences as a spectrum of realities in which virtual and augmented reality serve as polar opposites. Dennis Gabor's 1946 theory of holography serves as a loose foundation for mixed reality. As a result, mixed reality devices also include holographic display devices. For instance, on February 2, 2023 Microsoft Corporation is an American multinational technology corporation committed to HoloLens 2 and Mixed Reality when you use, Microsoft Dynamics 365 Remote Assist on HoloLens or HoloLens 2, which is used to collaborate with one or more Microsoft Teams desktop users or one Teams mobile user, HoloLens and Dynamics 365 are key components of Industrial Metaverse deployments, connecting the benefits of digital transformation to frontline workers in field service, factory operations, and many other use cases.

Global Extended Reality Market, By Application:

Gaming and Entertainment:

One of the major drivers of the global extended reality market is the gaming and entertainment sectors. The gaming industry is adopting extended reality (XR) technologies in response to the growing demand for immersive gaming experiences. The availability of extended reality XR-enabled games is increasing as a result of extended reality XR headsets' realistic and immersive capabilities. Extended reality (XR) is also being used in other applications for entertainment such as movies, live events, and virtual concerts. For instance, Spotify has experimented with using extended reality (XR) to create virtual concerts allow fans to experience the concert in a more immersive way, as if they were actually there.

Global Extended Reality Market Drivers:

Continuous 5G technological advancements

Extended reality technology use is accelerating in both professional and personal settings. The introduction of 5G technology is anticipated to solve these issues by enabling the efficient distribution of processing power. A few countries, including China, South Korea, and the U.S., have already started offering 5G services in a select number of their chosen cities. A huge amount of money has been invested globally to bring 5G to every region of the world. For instance on May 31 2023, Qualcomm Accelerates an Open, XR Developer Ecosystem with Snapdragon Spaces Milestones, Snapdragon Spaces adds an innovative feature, and Dual Render Fusion that enables developers to seamlessly add headworn AR experiences to existing smartphone applications.