ReportCrux Market Research has published a new report titled “Extended Reality Market by Component (Hardware, Software, and Services); by Device (Augmented Reality Devices, Virtual Reality Devices, and Mixed Reality Devices); by Vertical (Media & Entertainment, Gaming, Manufacturing, Healthcare, Retail, Education, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”
|According to the report, global demand for extended reality market was valued at approximately USD 2.20 Billion in 2019 and is expected to generate revenue of around USD 117.79 Billion by end of 2027, growing at a CAGR of around 64.5% between 2020 and 2027.|
With the ongoing digital transformation across different industries and verticals, demand for reliable smart sensors is increasing which requires little maintenance and has relatively low repair costs. Those sensors power business processes with operational efficiencies. In the healthcare sector, for instance, researchers develop biopotential sensors and tiny optical that can be fitted in wearable devices.
Those sensors further enable physicians to diagnose the health of a patient in real time. Furthermore, miniaturization of sensors increases sensor installation in all business assets to enable effective analysis and monitoring. However, a significant emphasis on sensor technology R&D is expected to support the growth of the global extended reality market.
The growing adoption of extended reality in the military sector is one of the main developments in the projected reality market expected to fuel market growth over the forecast period. In the military sector, extended reality is applicable, as it offers solutions like TAR i.e. tactical augmented reality. TAR resembles to night vision goggles and is often used to track where allied enemy and soldier forces are located. Furthermore, virtual training reduces the risks of real-time training, especially the one which involves personnel and equipments. Defense agencies are therefore increasingly shifting their focus to synthetic and simulation method of training.
In addition, the increased defense and law enforcement budget over the last few years has also boosted the demand for innovative simulation training systems between the military and police. Such military simulations and virtual training systems are well served by a component-based commercial-off-the-shelf architecture (COTS) that uses the plug and play function. In addition, a significant focus on R&D related to sensor technology is likely during the forecast period to assist the growth of the global extended reality market. Thus, rapid developments in sensor technology during the forecast period will drive the growth of the global extended reality market.
|component type segment accounted for almost 49% share of the Extended Reality Market in 2019|
The global market for the extended reality is segmented into component, application, product, vertical, and region. Based on the component, the global market for extended reality is segmented into hardware, software, and services. From this, hardware segment accounted for almost 49% share of the market by component. Extended reality devices generate the impression by making people feel like they are in a whole new digital environment. Such technologies have been praised for creating virtual tours in rehabilitating brain injury, stores and destinations, and virtually inspecting a car's interior and exterior design that no existing technology can do.
On the basis of devices, the market is categorized mixed reality devices, augmented reality devices, and virtual reality devices. The mixed reality devices segment is likely to grow at high CAGR in the forecast period. However, the market for neonatal/ infant extended reality is likely to grow at high CAGR in the forecast period. Extended reality allows for easy access to rich data in a situational sense, generating nearly infinite business opportunities. Future-thinking companies are integrating virtual reality into their internal systems, as well as for distribution of goods and services. This offers a substantial increase in time quality, higher degree of customer engagement, and a major reduction in human errors.
|Vertical type segment accounted for almost 35% share of the Extended Reality Market in 2019|
|North America held almost 39% share of the overall market|
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