$18.6 Billion Extended Reality Market - Global Forecast to 2030: Market is Predicted to Progress at a CAGR of 48.3%

Dublin, Nov. 20, 2020 (GLOBE NEWSWIRE) -- The "Extended Reality Market Research Report: By Component, Device Type, User, Delivery Model, Application, Industry - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global extended reality (XR) market attained a valuation of $18.6 billion in 2019 and is predicted to progress at a CAGR of 48.3% from 2020 to 2030.

The rising usage of connected devices and smartphones, increasing adoption of virtual reality (VR)/augmented reality (AR) solutions, and the growing number of collaborations being announced among the market players are the main factors fueling the surge of the extended reality industry.

The COVID-19 pandemic has massively pushed up the requirement for XR solutions, on account of the rising rate of digitization in various industries such as healthcare, retail, manufacturing, and education for the training of employees and the increasing number of employees working from home, due to the lockdown. For example, Spaces Inc. launched a new PC VR application called SPACES in March 2020. The app allows users to participate in live video conferencing in virtual reality environment.

The app makes it possible for the user to integrate into the VR environment with the help of virtual markers and whiteboard and a camera that can be easily adjusted according to the user's convenience. The lockdown initiated in several countries for controlling the spread of the virus has caused the shutting down of manufacturing plants and affected the distribution network, owing to which, the sales of XR devices have been very low in the recent times.

Under the device type segment of the extended reality market, the headset category is predicted to exhibit the highest CAGR in the coming years, on account of the mushrooming requirement for AR/VR headsets all over the world and the launch of new and advanced headsets by the extended reality devices producing companies. For instance, HTC Corporation developed the VIVE Focus Plus headset, which is a standalone headset that includes a couple of updated motion controllers, in February 2019. This headset is powered by the powerful Qualcomm Snapdragon 835 and contains a 3K active-matrix organic light-emitting diode (AMOLED) display. It supports 6DoF (six degrees of freedom) tracking.

In the years gone by, the industrial and manufacturing category registered the highest share, under the industry segment of the extended reality market. The excessive utilization of various immersive technologies for training and skill development in several heavy industries such as mining, chemicals, and oil and gas is the primary factor driving the advancement of the category in the market.

Additionally, the rising usage of VR and AR technologies by manufacturing companies is further augmenting the expansion of the category. According to the 2020 PricewaterhouseCoopers (PwC) Annual Manufacturing Report, AR technology was adopted by almost 29% of the manufacturing companies in the U.K. till 2019.

Globally, the extended reality market recorded the highest growth in North America in 2019. This was the result of the widespread adoption of VR and AR solutions, the existence of prominent market players, and the large-scale adoption of several immersive technologies in multiple industries including mining, construction, and oil and gas industries, for training and development purposes.

The Asia-Pacific (APAC) extended reality market is predicted to be very prosperous in the upcoming years, because of the growing internet penetration and the rising adoption of XR solutions by several industries in the emerging economies such as Indonesia, China, and India.

Key Topics Covered:

Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders

Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Currency Conversion Rates
2.6 Assumptions for the Study

Chapter 3. Executive Summary
3.1 Voice of Industry Experts/KOLs

Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Component
4.1.1.1 Hardware
4.1.1.2 Software AG
4.1.1.3 Services
4.1.2 By Device Type
4.1.2.1 Mobile
4.1.2.2 PC
4.1.2.3 Headset
4.1.3 By User
4.1.3.1 Single-user
4.1.3.2 Multi-user
4.1.4 By Delivery Model
4.1.4.1 Consumer engagement
4.1.4.2 Business engagement
4.1.5 By Application
4.1.5.1 VR
4.1.5.2 AR
4.1.5.3 MR
4.1.6 By Industry
4.1.6.1 Retail
4.1.6.2 Education
4.1.6.3 Industrial & manufacturing
4.1.6.4 Healthcare
4.1.6.5 Media & entertainment
4.1.6.6 Gaming
4.1.6.7 Aerospace & defense
4.1.6.8 Others
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Increasing adoption of 5G
4.3.1.2 Growing focus on gesture-based computing
4.3.2 Drivers
4.3.2.1 Growing penetration of smartphones and connected devices
4.3.2.2 Increasing collaborations among market players
4.3.2.3 Rising adoption of AR and VR
4.3.2.4 Impact analysis of drivers on market forecast
4.3.3 Restraints
4.3.3.1 High initial cost
4.3.3.2 Impact analysis of restraints on market forecast
4.3.4 Opportunities
4.3.4.1 Growing AR/VR market in developing economies
4.3.4.2 Launch of new headsets
4.4 Impact of COVID-19 on Global Extended Reality Market
4.4.1 Current Scenario
4.4.2 COVID-19 Scenario
4.4.3 Future Scenario
4.5 Porter's Five Forces Analysis

Chapter 5. Global Market Size and Forecast
5.1 By Component
5.2 By Device Type
5.3 By User
5.4 By Delivery Model
5.5 By Application
5.6 By Industry
5.7 By Region

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. LATAM Market Size and Forecast

Chapter 10. MEA Market Size and Forecast

Chapter 11. Major Markets For Extended Reality
11.1 U.S. Extended Reality Market Revenue
11.2 U.K. Extended Reality Market Revenue
11.3 Germany Extended Reality Market Revenue
11.4 China Extended Reality Market Revenue
11.5 India Extended Reality Market Revenue
11.6 South Korea Extended Reality Market Revenue

Chapter 12. Competitive Landscape
12.1 List of Players and Their Offerings
12.2 Market Share Analysis of Key Players
12.3 Product Benchmarking of Key Players
12.4 Strategic Developments in the Market
12.4.1 Mergers and Acquisitions
12.4.2 Product Launches
12.4.3 Partnerships
12.4.4 Others

Chapter 13. Company Profiles
13.1 Business Overview
13.2 Product and Service Offerings
13.3 Key Financial Summary

For more information about this report visit https://www.researchandmarkets.com/r/ggap4q

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