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Rising Demand for Immersive Entertainment Boosts Growth

Rising Demand for Immersive Entertainment Boosts Growth

Dublin, February 20, 2023 /PRNewswire/—— “Global Extended Reality Market, By Component, By Technology, By Application, By Industry, Estimates and Forecasts, 2017-2030” report added to ResearchAndMarkets.com’s supply.

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The global extended reality market is valued at $31.26 billion In 2021, it is expected to reach $357.38 billion by 2030. The market is expected to register a CAGR of 31.80% during the forecast period.

The global extended reality industry is growing rapidly during the forecast period. Demand for immersive entertainment, including augmented and virtual reality, is growing. Moreover, increasing opportunities for patients and improving outcomes drive the growth of the extended reality market in the healthcare industry.

Apart from this, brands and consumers are engaging with the continuous advancement of technology across different industries.For example, in May 2019, Microsoft launched the second generation of HoloLens, the HoloLens 2. The full HoloLens 2 bundle includes a free trial of Unity Pro, Azure credits, and the Unity PiXYZ plugin for CAD data. Hence, these measures drive the market growth.

On the other hand, increasing privacy concerns are restraining the development of the industry. In addition, legal and health issues reduce the preference rate for ER products.

Growth Influencers:
Increasing demand for immersive entertainment and digital environments

The growing demand for digital technology has given birth to immersive entertainment models. Companies in this industry focus on highlighting their extended reality offerings by using different strategies.For example, in December 2021Mawari, one of the leading providers of XR streaming solutions, announced that its 3DXR content streaming platform for the Metaverse will debut on AWS Marketplace, Amazon Web Services’ catalog of hosted and curated software that allows customers to find, Buy and instantly deploy third-party party software.

The ever-evolving technology presents lucrative opportunities

The continuous evolution of operators has created a high level of demand among customers.For example, in July 2017, Atheer, Inc., a leading provider of enterprise-grade augmented reality solutions for industrial enterprises, has acquired SpaceView. The acquisition will provide Atheer customers with enhanced ways to visualize and place 3D virtual objects in the real world, creating richer mixed reality experiences. Atheer expands its growing portfolio of innovative AR and MR technologies and capabilities. SpaceView holds several patents related to the representation of 3D objects in 2D environments that complement Atheer’s own patent portfolio. Hence, this advancement complements the market growth.

Segment overview:

The global extended reality market is segmented into components, technologies, applications, and industries.

by component

The hardware segment is expected to account for more than 50% of the market by 2022.

by technology

  • virtual reality (VR)

  • Augmented Reality (AR)

  • Mixed Reality (MR)

The mixed reality segment is expected to maintain the highest growth rate of 33.77% owing to the increasing usage of mixed reality in both developed and developing regions.

by application

  • business participation

  • consumer participation

The Business Engagement section may have more than $100 billion 2022-2030 period. The segment is expected to witness substantial growth owing to high demand for extended reality software and services for business engagement purposes.

by industry

The media and entertainment sector is estimated to exceed $25 billion revenue through 2027.

Regional overview

Based on Region, the Global Extended Reality Market has been segmented into Europe, North America, Asia Pacific, South Americaand middle East and Africa. North America Extended Reality Market is expected to account for over $130 billion In the forecast years 2022 to 2030. besides, Asia-Pacific The extended reality market is likely to grow at the highest growth rate of 32.46%.

The extended reality market in Europe is growing at a steady rate owing to the increasing inclination toward newer technological applications.

The Global Extended Reality Market report answers the following questions:

  • What is the market size and forecast of the global Extended Reality market?

  • What are the inhibitors and impact of COVID-19 on the global Extended Reality market during the assessment period?

  • Which product/segment/application/area to invest in during the evaluation period of the global Extended Reality market?

  • What is the competitive strategic window of opportunity for the Global Extended Reality Market?

  • What are the technological trends and regulatory framework of the global Extended Reality market?

  • What is the market share of the key players in the global Extended Reality market?

  • Which models and strategic moves are considered beneficial for entering the global Extended Reality market?

Key topics covered:

Chapter 1 Research Framework

Chapter II Research Methodology

Chapter 3 Executive Summary: Extended Reality (XR) Market

Chapter 4 Extended Reality (XR) Market Overview

Chapter 5 Global Extended Reality (XR) Market Analysis, by Components

Chapter 6 Global Extended Reality (XR) Market Analysis, by Technology

Chapter 7 Global Extended Reality (XR) Market Analysis, by Application

Chapter 8 Global Extended Reality (XR) Market Analysis by Industry

Chapter 9 Global Extended Reality (XR) Market, by Region/Country

Chapter 10 North America Immigrant Services Market Analysis

Chapter 11 Analysis of European Immigrant Services Market

Chapter 12 Asia-Pacific Immigrant Services Market Analysis

Chapter 13. middle East & African Immigrant Service Market Analysis

Chapter 14 South America Immigrant Service Market Analysis

Chapter 16 Company Profile

Some of the companies mentioned in this report include

  • Dell Technologies

  • Atheer, Inc.

  • Blippar.com Ltd.

  • EON Reality, Inc.

  • Honeywell International

  • Google

  • HTC

  • Manual Mechanical BV

  • Magic Leap Company

  • Microsoft Corporation

  • Oculus Virtual Reality LLC

  • Nokia Corporation

  • Qualcomm

  • semiconductor

  • Samsung Electronics Co., Ltd.

  • VirZOOM Corporation

  • Sony Interactive Entertainment LLC

  • Vuzix Corporation

For more information on this report, please visit https://www.researchandmarkets.com/r/a1tgyp-extended?w=5

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ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and latest trends.

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