The global extended reality (XR) market generated a revenue of $18.6 billion in 2019 and is predicted to attain a valuation of $1,005.9 billion by 2030. Furthermore, according to the forecast of PS Intelligence, a market research firm based in India, the market would exhibit an explosive CAGR of 48.3% between 2020 and 2030. 

The prominent factor fueling the progress of the extended reality market is the growing usage of augmented reality (AR)/virtual reality (VR), smartphones, connected devices, and 5G. Since the last few years, there has been a sharp rise in the number of smartphone users across the world and with the growing penetration of the internet and the rising spending power of people in several countries, this trend is likely to continue in the coming years as well. 

As per a report produced by the GSM Association in March 2020, as of December 2019, there were as many as 5.2 billion unique mobile subscribers in the world. This number accounted for almost 67% of the global population. Furthermore, the number of smartphone users is predicted to rise to 5.8 billion in 2025, accounting for a share of nearly 70% of the global population in that year. 

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This will, in turn, massively push up the demand for AR applications in the future. The increasing partnerships and collaborations among the market players and the soaring popularity of gesture-based computing are the other major factors fueling the market boom. Thus, it is quite clear that the market will grow substantially all over the world in the years to come, primarily because of the rising usage of smartphones, growing popularity for AR/VR applications, and the rapid proliferation of AR/VR mobile applications around the world. 

This market research report provides a comprehensive overview of the extended reality market