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The global extended reality (XR) market was valued at US$ 42.86 Billion in 2021.
We expect the global extended reality (XR) market to exhibit a CAGR of 46.20% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic has led to the growing demand for Extended Reality (XR) across several organizations for visualizing the live environment of the office and attending virtual meetings, on account of the rising deployment of a remote working model.
The rising adoption of online gaming as a profession, along with the increasing utilization of XR for immersive experiences, such as concerts and sports competitions on smartphones, is primarily driving the global extended reality (XR) market.
Based on the type, the global extended reality (XR) market can be divided into consumer engagement and business engagement. Currently, consumer engagement exhibits a clear dominance in the market.
Based on the application, the global extended reality (XR) market has been segregated into Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR). Among these, Virtual Reality (VR) currently holds the largest market share.
Based on the end-user industry, the global extended reality (XR) market can be bifurcated into education, retail, industrial and manufacturing, healthcare, media and entertainment, and others. Currently, the media and entertainment industry accounts for the majority of the global market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global extended reality (XR) market include Accenture PLC, Augray, Dassault Systèmes SolidWorks Corporation (Dassault Systèmes SE), Medtronic PLC, Microsoft Corporation, Qualcomm Incorporated, Samsung Display Co. Ltd. (Samsung Electronics Co. Ltd.), Semcon, SoftServe Inc., Softweb Solutions Inc. (Avnet Inc.), SphereGen, Varjo, and VertexPlus Softwares Pvt. Ltd.
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