The rising penetration of connected devices and smartphones, surging demand for augmented reality (AR)/virtual reality (VR) solutions, and increasing number of collaborations among key players are expected to drive the extended reality (XR) market at a CAGR of 48.3% during the forecast period (2020–2030). The market generated $18.6 billion in 2019 and it is expected to reach $1,005.9 billion by 2030. Additionally, the growing focus on gesture-based computing and 5G technologies will also facilitate the market growth in the coming years.
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The growing adoption of 5G technology has become a key trend in the extended reality market. XR solutions have magnified network requirements like low latency, high bandwidth, and high reliability, which can be provided by 5G technology at a low cost. Thus, the rapid adoption of 5G connections and surging 5G mobile shipments are the key factors facilitating the market growth. In the coming years, the U.S., Russia, Japan, China, and India will be the leading users of XR technology, due to the high number of 5G connections in these countries.
Globally, in 2019, North America generated the highest revenue, due to the presence of leading market players and rapid adoption of XR solutions in the region. Moreover, the escalating focus on AR/VR solutions in the aerospace and defense and education sectors will also fuel regional market growth in the coming years. For example, in 2018, the U.S. Department of Education’s Office of Special Education Programs (OSEP) laid down its plan to invest $2.5 million in a program aimed at leveraging VR to nurture social skills in students with disabilities.
This market research report provides a comprehensive overview of the market
Globally, in 2019, North America generated the highest revenue, due to the presence of leading market players and rapid adoption of XR solutions in the region. Moreover, the escalating focus on AR/VR solutions in the aerospace and defense and education sectors will also fuel regional market growth in the coming years. For example, in 2018, the U.S. Department of Education’s Office of Special Education Programs (OSEP) laid down its plan to invest $2.5 million in a program aimed at leveraging VR to nurture social skills in students with disabilities.
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
