Global Extended Reality (XR) Market to Reach US$ 1,913.7 Billion by 2032, Spurred by Rising Trend of Remote Working

April 27, 2022 | Technology & Media

The latest report by IMARC Group, titled “Extended Reality (XR) Market Report by Component (Hardware, Software, Services), Type (Consumer Engagement, Business Engagement), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Application (Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR)), End User Industry (Education, Retail, Industrial and Manufacturing, Healthcare, Media and Entertainment, and Others), and Region 2024-2032,” finds that the global extended reality (XR) market reached a value of US$ 92.5 Billion in 2023. 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$ 1,913.7 Billion by 2032, exhibiting a CAGR of 39.2% during the forecast period (2024-2032).

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 Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
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
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Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Extended Reality (XR) Market to Reach US$ 1,913.7 Billion by 2032, Spurred by Rising Trend of Remote Working

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