EXTENDED REALITY MARKET ANALYSIS

Regional Analysis

Global Extended Reality Market: Regional Insights

Due to the presence of numerous prominent players like Microsoft, Meta Inc, Qualcomm Incorporated, Unity Technologies, Adobe Inc., and Alphabet Inc., among others, the extended reality market in North America is anticipated to occupy the largest market share over the forecast period. During the development phase, the U.S. led the development of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) technologies.

North America is one of the largest markets for extended reality. It is also one the leading consumer electronics markets and has a vast industrialized infrastructure. The region is expected not only to lead the market as a consumer of extended reality but also lead in extended reality research and development. It is home to some of the leading pioneers in the extended reality market. North America is also one of the leading manufacturing hubs in the world. These already established organization are likely to invest and adopt extended reality as compared to other parts of the world. For instance, GE aviation has successfully implemented Google Smart Glasses into its manufacturing and assembling facility in Ohio, the U.S. The results show an increase of 8-12% in the efficiency of GE mechanics. Such successful pilot programs are expected to boost the market for extended reality in North America.

The widespread adoption of extended reality technology in Europe is anticipated to expand quickly during the forecast period. Additionally, the Extended Reality market will benefit from virtual reality (VR) and augmented reality (AR) training and simulations in the automotive and manufacturing industries during the forecast period.

The Asia Pacific region is expected to experience the highest growth in the extended reality market during the forecast period, outperforming all other regions in terms of growth. Asia Pacific, an emerging region, is undergoing significant transformations as new technologies are adopted and developed. Due to the region's abundance of manufacturers. In the consumer goods, healthcare, and retail sectors, the Asia-Pacific market will expand at an exponential rate.

The market in Latin America, the Middle East, and Africa is primarily divided into wired and wireless segments. Based on industry, the market is additionally segmented into aviation and guard, shopper hardware, development, and clinical industries based on the mixed reality market in Africa and Latin America.

Figure 1: Global Extended Reality Market Share (%), By Region, 2022

• North America: U.S. and Canada
• Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
• Europe: UK, Germany, France, Italy, Spain , and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
• Middle East and Africa: GCC Countries, Israel, South Africa, North Africa, Central Africa, rest of MEA countries