Global Extended Reality (XR) Market to Reach US$ 604.3 Billion by 2028, Spurred by Rising Trend of Remote Working

April 27, 2022 | Technology & Media

The latest report by IMARC Group, titled “Extended Reality (XR) Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global extended reality (XR) market reached a value of US$ 64.5 Billion in 2022. Extended reality (XR) is the amalgamation of all immersive technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). It relies on applications, headsets, and smart wearables that extend the reality by generating realistic sounds and images through digital materials. Nowadays, various enterprises are adopting XR for employee recruiting and training purposes. It is used to create a learning experience that is more interactive, engaging, and effective in the long term. Moreover, it is also utilized by established businesses to advertise their products and services while providing a unique experience to users.

Global Extended Reality (XR) Market Trends:

The market is primarily driven by the increasing number of employees working remotely through the cloud. XR enables employees to visualize the live environment of their offices, attend virtual meetings, and work more efficiently. Besides this, the expanding entertainment industry is also escalating the demand for XR technologies among users to experience live events such as concerts and sports competitions on smartphones remotely. In addition, the increasing number of individuals opting for professional online gaming represents another major growth-inducing factor. Moreover, XR is widely utilized in the healthcare industry to improve diagnostic efficiency. For instance, it is employed in modern imaging technologies, such as magnetic resonance imaging (MRI) and computerized tomography (CT) scans, which is creating a favorable market outlook across the globe. Furthermore, the growing awareness of the benefits associated with XR is anticipated to expand its applications across retail, defense, transportation, and travel and tourism industries. Looking forward, IMARC Group expects the market to reach US$ 604.3 Billion by 2028, exhibiting a CAGR of 43.5% during the forecast period (2023-2028).

Market Summary:

On the basis of the component, the market has been classified into hardware, software, and services.
Based on the type, the market has been bifurcated into consumer and business engagement.
On the basis of the organization size, the market has been categorized into small and medium-sized, and large enterprises.
Based on the application, the market has been segmented into virtual reality (VR), augmented reality (AR), and mixed reality (MR).
Based on the end user industry, the market has been segregated into education, retail, industrial manufacturing, healthcare, media and entertainment, and others.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has been analyzed in the report, with some of the key players being Accenture PLC, AugRay LLC, Dassault Systèmes SolidWorks Corporation (Dassault Systèmes), Qualcomm Incorporated, Semcon, SoftServe Inc., Softweb Solutions Inc. (Avnet Inc.), SphereGen Technologies LLC, Varjo, and VertexPlus Technologies Limited.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Component, Type, Organization Size, Application, End User Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Accenture PLC, AugRay LLC, Dassault Systèmes SolidWorks Corporation (Dassault Systèmes), Qualcomm Incorporated, Semcon, SoftServe Inc., Softweb Solutions Inc. (Avnet Inc.), SphereGen Technologies LLC, Varjo and VertexPlus Technologies Limited
Customization Scope	10% Free Customization
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Post-Sale Analyst Support	10-12 Weeks
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Global Extended Reality (XR) Market to Reach US$ 604.3 Billion by 2028, Spurred by Rising Trend of Remote Working

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