Global Extended Reality Display Market: Introduction
- Extended Reality (XR) is a combination of Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), and is also defined as interaction between a human and machine, transmitted by computer technology and wearables.
- Extended Reality (XR) requires an innovative revolution in display technology to show brilliant virtual content, and to transit between real and virtual worlds.
- The extended reality display market is segmented based on type (head-mounted display [optical], head-up display, virtual retinal display, and virtual reality headset), solution (consumer engagement, business engagement), application (Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR)), end-use industry (education, retail, industrial & manufacturing, healthcare, media & entertainment, and others), and region.
Global Extended Reality Display Market – Drivers & Restraints
- Healthcare is expected to be the fastest growing segment of the global Extended Reality (XR) display market during the forecast period in terms of application.
- Meanwhile, medical practice with real patients in hospitals has reduced, and demand for simulation in the medical field has emerged. Realistic and simulation-based surgeries/operations are also a major driver expected to boost the growth of Extended Reality (XR) display technology during the forecast period.
- Moreover, the adoption of smartphones and gaming has increased drastically. Extended Reality (XR) displays are extensively used in the education, and entertainment and media segments.
- Other major drivers of the Extended Reality (XR) display market are :-
- Growing demand for spatial computing applications
- Lowering of Extended Reality (XR) prices
- Minimized risks of Extended Reality (XR) platforms
- Entertainment industry is a major segment of the Extended Reality (XR) display market, due to increasing number of gamers and also because of the increase in downloading of new apps /gaming applications.
- The lack of usage in underdeveloped economies is the major restraint of the global Extended Reality (XR) display market.
North America to lead the Global Extended Reality (XR) Display Market
- In terms of region, the global Extended Reality (XR) display market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is expected to witness the fastest growth in the Extended Reality (XR) display market during the forecast period due to the major contribution of manufacturers who operate in the U.S, Canada, and Mexico, providing displays.
- Moreover, the entertainment industry has the highest growth rate in the past few years in North America and the rising number of gaming users and app downloads are driving the Extended Reality display market in the region.
- The Extended Reality (XR) display market in Europe is expected to expand at a substantial rate during the forecast period as the region is well known for adoption of Extended Reality (XR) technologies in both enterprise and consumer applications. Also, Europe has the second highest revenue generation in the global Extended Reality (XR) display market.
- On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.
Key Players Operating in the Global Extended Reality Display Market
The global Extended Reality display market is a competitive and growing market, and consists of few market players. Major players operating in the global market are focusing on technological advancements and expanding their services to meet the business requirements.
Key players operating in the global Extended Reality display market include:
- Qualcomm Technologies Inc.
- Accenture PLC
- Northern Digital Inc.
- SoftServe Inc.
- SphereGen Technologies
- Facebook Inc.
Global Extended Reality Display Market: Research Scope
Global Extended Reality Display Market, by Type
- Head-mounted Display (Optical)
- Head-up Display
- Virtual Retinal Display
- Virtual Reality Headset
Global Extended Reality Display Market, by Solution
- Consumer Engagement
- Business Engagement
Global Extended Reality Display Market, by Application
- Virtual Reality (VR)
- Augmented Reality (AR)
- Mixed Reality (MR)
Global Extended Reality Display Market, by End-use Industry
- Industrial & Manufacturing
- Media & Entertainment
Global Extended Reality Display Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.