(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Nov 26, 2021, 02:40 /Comserve / -- Global Extended Reality Market Extended Reality (XR) is an umbrella term covering technologies like augmented, virtual, and mixed reality to enhance the real & virtual world.
With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.
Global Extended Reality Market Extended Reality (XR) is an umbrella term covering technologies like augmented, virtual, and mixed reality to enhance the real & virtual world. According to the MarkNtel Advisors' research report, 'Global Extended Reality Market Analysis, 2021,' the market is very likely to grow at a CAGR of around 55% between 2021-26.
The factors surging the market growth are primarily the heavy investments made by giant companies like Microsoft in spatial computing technology, the significant decline in the prices of XR hardware, and the burgeoning adoption of XR in gaming, education, and entertainment. The rapidly growing requirement of smartphones & connected devices, boost in digital transformation across verticals, and massive investments toward R&D of sensor technologies are some crucial factors likely to propel the market growth in the forecast period.
Impact of COVID-19
The Covid-19 pandemic has rapidly expanded the adoption of various digital technology like AR, VR, and mixed reality. The lockdown imposition restricted the physical movements due to which people indulged more into the virtual environment to support remote working, online classes, and shopping virtually.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Global Extended Reality Market Future Growth, and Revenue Forecast, (2021-2026)
The abundance of internet access has inclined people to adopt XR in some form or the other. Moreover, gaming applications and social media platforms like Snapchat & Instagram witnessed robust growth due to the rising number of daily active users and the burgeoning use of augmented reality.
Healthcare & Life Science Accounted for the Substantial Market Share
Based on end-user, healthcare & life science accounted for the substantial market share in the Global Extended Reality market in 2019. The adoption of extended reality has immensely benefitted the healthcare industry. The XR allows their medical students to undergo skill-based training by learning on holographically shown human organs.
Besides, it enables surgeons to understand their patient's conditions better and helps in cognitive behavior & exposure therapy during the treatment. Moreover, the XR intersects real-time data in live surgeries to curb the dependency on pain medication. Hence, it is said to be the next high-tech solution in healthcare in the coming years, reveals MarkNtel Advisors in their research report, 'Global Extended Reality Market Analysis, 2021.'
Hardware Dominated the Market
Based on the component, the hardware segment dominated the Global Extended Reality market in 2019. It further bifurcates into sensors, cameras, transducers, and speakers. The diminishing cost of hardware, boost in the adoption of Smart Devices, and technologically advanced AR & VR devices are crucial factors propelling the segment growth.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Global Extended Reality Market Future Growth, and Revenue Forecast, (2021-2026)
Asia-Pacific Register Fastest Growth
Asia-Pacific is likely to register the fastest growth in the Global Extended Reality market during 2021-26. China acquired the highest market share in the Asia-Pacific region. This growth attributes to burgeoning investments in AR & VR technologies, a significant rise in the number of online education platforms, and surging adoption among various end-users, such as manufacturing, entertainment, healthcare, and IT, for technological transformations. The launch of a theme park with 5G & extended reality is also positively impacting the market growth.
Burgeoning Adoption of XR in consumer Applications
The gaming and entertainment industries were early implementers of XR technology and have seen astronomical adoption. The COVID-19 pandemic has an optimistic impact on the gaming and entertainment industries due to a boost in XR in marketing & advertising. The increasing use of the internet and demand for VR headsets, with the launch of technologically advanced gaming products, are likely to enhance the market growth in the forecast period.
Competitive Landscape
According to the MarkNtel Advisors, the major leading players in the global Extended Reality market are Facebook Inc, Alphabet Inc. (Google Inc.), HTC Corporation, Unity technologies, Microsoft Corporation, Samsung Electronics CO., LTD, Magic Leap, Sony Corporation, Vuzix Corporation, Atheer, PTC, Apple Inc., Eon Reality, Niantic Inc., Snap Inc., etc.
Key Questions Answered in the Market Research Report:
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of Global Extended Reality Market?
2. What is the region-wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, opportunities, current and future trends and regulations in the Global Extended Reality Market?
TABLE OF CONTENT
1. Introduction
1.1. Product Definition
1.2. Research Process
1.3. Market Segmentation
1.4. Assumptions
2. Preface
3. Executive Summary
4. Impact of COVID-19 on Global Extended Reality Market
5. Global Extended Reality Market Start-up Ecosystem
5.1. Timeline of Entrepreneurial Activity
5.2. List of Prominent Start-ups
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