Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) — The “Extended Reality Market by Augmented Reality, Virtual Reality, Mixed Reality, Head-Mounted Displays, Head-Up Displays, Sensors, Controllers and Processors, Displays, Gaming, Retail, E-Commerce and E-Learning – Global Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
The extended reality market is expected to grow from USD 24.42 billion in 2024 to USD 84.86 billion in 2029, with a CAGR of 28.3% within the forecast period
This is due to the growing superiority of technologies, increased applications across sectors, and the growing need for immersive activities. Advances in extended reality hardware, including devices with higher resolution and lower latency, along with the ready availability of 5G networks and AI, are improving extended reality abilities, thus improving usage across applications.
The report profiles key players such as Meta Platform Inc. (US), Microsoft (US), Sony Group Corp. (Japan), Apple Inc. (US), Google (US), HTC Corp (Taiwan), PTC Inc. (US), Seiko Epson Corporation (Japan), Qualcomm Technologies Inc. (US), Samsung Electronics Co. Ltd (South Korea), Lenovo Group Ltd. (China).
Based technology, AR Technology to register the second highest CAGR in the extended reality market during the forecast period.
It is anticipated that Augmented Reality (AR) technology will have the second-highest CAGR in the extended reality market in the forecast period. The AR allows customers to enjoy experiences such as trying virtual clothes or interacting with products in an enhanced manner. In real estate, AR enables virtual tours of the property instead of open houses, helping convince the buyer. AR assists surgeons, medical students, and even patients in the healthcare industry. AR is also used in the manufacturing and automotive industries.
AR aids technicians through displaying superimposed live instructions on the equipment thus enhancing performance and minimizing mistakes. In addition, the proliferation of AR-ready smartphones, tablets, and other handheld and wearable devices is also a factor adding to market growth. With growing recognition of AR’s significance in different businesses, the frequency of AR-enabled equipment utilization is rising. Therefore, such growth trends in the augmented reality market will positively affect the growth trends in the extended reality market during the forecasted period.
Enterprises & Commercial to account for the second largest market share in the market during the forecast period.
During the forecast period, the enterprise and commercial sectors are expected to hold the second-largest share of the extended reality market. Extended reality technologies, including virtual reality (VR), augmented reality (AR), and mixed reality (MR), have been widely accepted in retail, healthcare, manufacturing, and education across regions because they enhance business processes, training, and customer service. For instance, in the manufacturing segment, companies employ extended reality in training employees in complicated tasks without any physical models, which helps save time and cost.
In case of retail, extended reality technology enables customers to test the products in a virtual environment, leading to enhanced customer experience and increased sales. The advancement of these extended reality technologies primarily addresses business processes in the near future, posing efficiency, cost reduction, and improved customer interaction. As a result, enterprises and commercial enterprises are likely to hold a major market share of the extended reality market in the forecast period.
Asia Pacific accounted for the second largest market share in 2024.
Asia Pacific accounted for the second-largest market share in 2024. This is primarily due to growth in the healthcare, commercial, and consumer sectors. The rising number of companies is also supporting this growth. Investments in the commercial and consumer markets, particularly in Japan, India, and China, are a major factor behind this trend. The high demand for extended reality devices and software from the commercial sector is expected to drive the extended reality market in Asia Pacific.
The region is an attractive market for cell phones, tablets, laptops, and television manufacturers. Companies such as Samsung Electronics Co., Ltd. and LG Electronics are based in South Korea, while Sony Group Corporation, Sharp Corporation, and Panasonic Holdings Corporation are based in Japan. Asia Pacific registers the highest demand for consumer products such as smartphones, tablets, laptops, and TV sets.
The report provides insights on the following pointers:
- Analysis of key drivers (Growing use of XR in education, industrial training, healthcare, entertainment, and gaming, availability of affordable VR devices, rising demand for spatial computing in XR technologies, and growing demand for GenAI in XR technologies), restraints (High installation and maintenance costs of XR devices and rapid technology changes in extended reality devices), opportunities (Expanding use of XR in the automotive, aerospace and defence sectors, ongoing advancements in 5G technology, and rise in the global travel and tourism industry), and challenges (Protecting consumer privacy, issues with display delays and limited field of view)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new solution and service launches in the extended reality market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the extended reality market across various regions.
- Market Diversification: Exhaustive information about new solutions and services, untapped geographies, recent developments, and investments in the extended reality market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and solution and service offerings of leading players, including Meta Platform Inc. (US), Microsoft (US), Sony Group Corp (Japan), Apple (US), and Google (US).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 315 |
| Forecast Period | 2024 – 2029 |
| Estimated Market Value (USD) in 2024 | $24.42 Billion |
| Forecasted Market Value (USD) by 2029 | $84.86 Billion |
| Compound Annual Growth Rate | 28.3% |
| Regions Covered | Global |
Companies Featured
- Meta Platforms, Inc.
- Microsoft
- Sony Group Corporation
- Apple Inc.
- Htc Corporation
- Ptc Inc.
- Seiko Epson Corporation
- Qualcomm Technologies, Inc.
- Samsung Electronics Co. Ltd.
- Lenovo
- Intel Corporation
- Panasonic Holdings Corporation
- Eon Reality
- Continental AG
- Visteon Corporation
- Xiaomi Corporation
- Maxst Co. Ltd.
- Magic Leap, Inc.
- Virtuix
- Ultraleap
- Vuzix Corporation
- Northern Digital Inc.
- Tata Elxsi
- Fusion Vr
For more information about this report visit https://www.researchandmarkets.com/r/tx9u6
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