Extended Reality Market Size to Reach USD 1,246.57 Billion in 2035 | Market Trends – Increasing adoption of extended reality in education industry

The global extended reality (XR) market size is expected to reach USD 1,246.57 Billion in 2035 at a CAGR of 24.2% during the forecast period. Steady growth of market can be attributed to increasing investments and advancements in augmented reality (AR) and virtual reality (VR) technologies. Rapid advancements in connected devices, increasing use of smartphones and increasing adoption of 5G networks are some other key factors contributing to revenue growth of market. 5G is expected to circumvent various primary challenges concerned with extended reality by enabling optimized distribution of processing capabilities across the network.

Extended reality is gaining traction across professional and personal applications. Growing focus on improving customer experience across various sectors is a key factor driving market growth. Rapid advancements in technology are further supporting development of extended reality (XR) and this is expected to broaden the scope of extended reality to become as eminent as smartphones. For instance, Houzz, which is an online platform for home décor and remodeling, launched an augmented reality (AR) feature in April 2019 that allows shoppers to cover their floors with tiles virtually to understand how the tiles would look in their homes.

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Extended reality is majorly dependent on an organization’s data, cloud capabilities, network infrastructure, and clear perception of designs. The COVID-19 pandemic has boosted usage of extended reality technology as businesses and companies have become more dependent on AR and VR tools to carry out virtual events and conferences. Work-from-home trend has also contributed to the shift to virtual events and boosted the adoption of XR technology. However, lack of efficiently connected infrastructure and decreased thermal efficiency of headsets impedes deployment and is expected to restrain market growth to a certain extent.

Some Key Highlights in the Report:
• Extended reality is increasingly used in businesses to enhance sales and formulate new approaches for improved customer engagement. Business engagement segment accounted for largest revenue share in global market in 2020 and segment revenue is expected to expand significantly over the forecast period.
• In August 2019, Indian telecom major, Reliance Jio unveiled HoloBoard MR Headset that offers mixed reality services. The headset enables users to generate 3D hologram of surfaces and position it before the user’s eyes. This is expected to provide a comprehensive realistic experience in mixed reality shopping, education, and hands-free video calling.
• Mobile augmented reality users are expected to reach 2.4 billion by 2023 globally attributed to improved customer experience across media and entertainment sectors. Besides enriching experiences for fans in sports, music concerts and events, the technology is also applicable across various sectors such as healthcare, public safety, oil & gas, and marketing, among others.
• Extended reality is widely used in healthcare sector for training purposes to help surgeons to perform complicated surgical procedures with no risk to patients. Patients and physicians can receive real-time medical reports with XR technology and this is expected to contribute to revenue growth of healthcare segment going ahead.
• North America accounted for largest revenue share in global market in 2020 attributed to increasing incorporation of extended reality technology to enhance classroom experience for students with learning disabilities and autism. Rising demand for XR technology from the U.S. military department for training of military personnel is also expected to contribute to regional growth of market.
• Major companies operating in the market include Accenture PLC, Qualcomm Technologies Inc., Softweb Solutions Inc., Varjo Technologies OY, SphereGen Technologies, Microsoft Corporation, Apple, Qualcomm Technologies Inc., Augray Ltd., and Intel.

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For the purpose of this report, Emergen Research has segmented the global extended reality market on the basis of type, application, end-use, and region:

Type Outlook (Revenue, USD Billion; 2021–2035)
• Business Engagement
• Customer Engagement

Application Outlook (Revenue, USD Billion; 2021–2035)
• Virtual Reality (VR)
• Augmented Reality (AR)
• Mixed Reality (MR)

End-use Outlook (Revenue, USD Billion; 2021–2035)
• BFSI
• Education
• Consumer Good & Retail
• Industrial & Manufacturing
• Healthcare
• Media & Entertainment
• Telecommunication & IT
• Others

Regional Outlook (Revenue, USD Billion; 2021–2035)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Benelux
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o U.A.E.
o South Africa
o Rest of MEA

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