CHICAGO, Jan. 25, 2023 (Globe Newswire) — Extended reality market By Technology (AR, VR, MR), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense), Supply, Device Type, and Region (North America, Europe, Asia Pacific) – 2026″Factors such as the increasing prevalence of extended reality in the industrial education and training sector, increasing demand for extended reality devices and technology in the global automotive industry, increasing adoption of extended reality in the healthcare sector, and increasing demand for extended reality in the entertainment and gaming industry are driving the extended reality market.
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Scope of the Extended Reality Market Report:
|Estimated market size||33.0 billion US dollars|
|expected market size||125.2 billion US dollars|
|growth rate||A compound annual growth rate of 30.6%|
|Consider the base year||2020|
|Historical data available for years||2017-2026|
|main market driver||The adoption of extended reality in the healthcare sector is on the rise|
|Major market opportunities||Continuous developments in 5G technology|
|largest growth area||North Amarica|
|largest market segment||Virtual reality devices|
|The largest application market share||consumer application|
In this research report, the extended reality market has been segmented on the basis of technology, display, device type, application, and geography.
The extended reality market, through technology
- AR technology
- VR technology
- MR technique
market by offering
Market by device type
- AR devices
- VR devices
- MR devices
Browse the in-depth table of contents on extended reality Market trends“
133 – Tables
83 – numbers
246 – pages
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Microsoft (USA) It was the leading player in the extended reality market in 2020. Microsoft is a technology company that develops, licenses, and supports a broad range of display-related software and hardware products and services. It offers operating systems, server applications, cross-device productivity applications, video games, desktop and server management tools, business solution applications, and training and certification for computer system integrators and developers. The Company also designs, manufactures, and sells personal computers, gaming and entertainment devices, tablets, and other smart devices and related accessories. Microsoft delivers cloud-based solutions that provide customers with software, services, platforms, and content. In addition, it offers online advertising and consulting services, along with solution support.
Sony, Inc. (Japan) Number two in the extended reality market. Sony is one of the largest electronics groups engaged in the design, manufacture, development and sale of electronic equipment. It also offers electronic tools and devices for the consumer and industrial markets, along with expanding customer support services globally. Sony categorizes its business operations under the following reportable segments: Game and Network Services (G&NS), Music, Photo, Electronics Products and Solutions (EP&S), Imaging and Sensor Solutions (I&SS), Financial Services, and All Others. Project Lindbergh is a team made up of Sony Group professionals with expertise in music and game systems and broadcast cameras, as well as audio and video technologies to create next-generation XR (Extended Reality) experiences, including AR and VR.
- In January 2021, SEL launched the new SEL-3350 automation control module designed for applications that require a medium level of I/O and computation. The SEL-3350 can withstand harsh environments in utility substations, industrial control systems, and automation systems.
- In December 2020, Hitachi ABB Power Grids launched the new Remote Terminal Unit (RTU) 530 that extends the life of existing power distribution networks and supports the transition to modern technologies with enhanced security features, including secure communication, encryption, and security logging.
- In November 2020, Siemens Energy was contracted with the Kuwait Ministry of Electricity and Water (MEW) to provide maintenance for 116 high-voltage substations. The advanced maintenance services provided to these substations will help increase performance, reduce operating costs and deliver better and more reliable grid operations to the Ministry of Electricity in Kuwait.
What are the growing application segments in the Extended Reality Market?
The extended reality market is driven by consumer applications. Gaming was the most important sector in which augmented reality was used on mobile devices. Pokémon Go led the market and contributed significantly to the growth of the market. VR HMDs are in high demand in consumer applications due to their use in gaming, sports, and entertainment. HMDs are increasingly being used as smart glasses in sports (such as ski driving and fighting games).
Recent developments in the extended reality industry
- In June 2020, Google developed new technology to make Augmented Reality (AR) and Virtual Reality (VR) experiences available on consumer devices.
- In May 2019, Microsoft released the second generation of HoloLens, HoloLens 2. The full suite of HoloLens 2 includes free Unity Pro trials, Azure credits, and the Unity PiXYZ Plugin for CAD data. The company also announced Unreal Engine 4 support for HoloLens 2 to deliver a hyper-realistic experience for customers.
- In October 2018, Sony Interactive Entertainment (SIE), a subsidiary of Sony, signed a two-year patent licensing agreement with Lenovo. The objective of the agreement was to grant Lenovo a license to use Sony Interactive Entertainment’s patented PlayStationVR (PS VR) industrial design for the Lenovo mirage solo VR headset.
- the overhead display market The volume is estimated at US$2.4 billion in 2022 and is expected to reach US$6.4 billion by 2027; Growing at a compound annual growth rate of 21.3% from 2022 to 2027.
- the Augmented Reality and Virtual Reality Market The market size is expected to reach US$37.0 billion and could reach US$114.5 billion by 2027, at the end of the expected 5-year period with a market growth rate of 25.3%.
- the Head-mounted display market Estimated at $5.5 billion in 2021 and expected to reach $36.5 billion by 2026, at a compound annual growth rate of 46.0% from 2021 to 2026.
- the Augmented reality market expected to arrive $88.4 billion By 2026, at a compound annual growth rate of 31.5% over the forecast period.