Global Extended Reality (XR) Market - Introduction
- Extended reality (XR) is a broad term encompassing virtual reality (VR), augmented reality (AR), mixed reality (MR), and everything in between. Even though virtual reality (VR) and augmented reality (AR) offer a wide-range of innovative experiences, the same underlying technologies are powering extended reality (XR).
- Extended reality (XR) is creating immersive portable XR experiences with photorealistic graphics by combining edge cloud processing, 5G, and on-device processing.
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Impact of Coronavirus (COVID-19) on the Extended Reality (XR) Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19), has a positive impact on the extended reality (XR) market. End-users are currently focusing more on gaming and entertainment sectors to gain added experience in terms of augmented or virtual reality. Additionally, gaming companies are emphasizing on developing more innovative gaming software for end-users with the help of virtual or extended reality devices. This is positively impacting the adoption of extended reality (XR) systems worldwide.
Continuous Innovation in Technology Making the Market More Lucrative and Driving the Global Extended Reality (XR) Market
- Media & entertainment, and gaming are at the forefront of deploying technological advancements compared to other industries. Recent developments in technology in augmented reality and virtual reality is leading to rising end-user expectations to experience virtual environments in different applications. Currently, companies have introduced or updated virtual reality solutions to improve user experience to enhance their productivity.
- Various companies believe that the continuous innovation in VR headsets and controllers is anticipated to boost the growth of the extended reality market during the forecast period. Moreover, most market players are providing free software development kits (SDK) to developers which is likely to improve the demand for better controlling feature over software in extended reality related devices. Meanwhile, the market is at the initial stage coupled with high investment scenario; the market is expected to witness high scale of advancements in short to medium term as compared to the long term.
- Therefore, continuous innovation in technology is influencing the adoption of extended reality (XR) worldwide.
High Cost of Devices Expected To Hamper the Global Extended Reality (XR) Market
- Extended reality (XR) devices that provide immersive augmented and virtual reality experiences are rather expensive and unaffordable by most customers. The high cost of extended reality (XR) devices reduces its adoption in small and medium enterprises. This is also a major restraint that is restricting the growth of the market. However, reduction in the prices of the devices is expected to increase their adoption rate. Thus, selling the devices at an affordable rate will help reduce the impact of this restraint.
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North America to Account for Major Share of the Global Extended Reality (XR) Market
- In terms of region, the global extended reality (XR) market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global extended reality (XR) market during the forecast period due to increasing partnerships among different ecosystem players to improve the extended reality experience, and increasing focus on less power consuming hardware, indicating potential growth of the extended reality (XR) market in the region. Europe is expected to be the second largest market for extended reality (XR) from 2020 to 2030.
- Asia Pacific is projected to be a rapidly growing market for extended reality (XR) during the forecast period due to more focus on providing extended reality solutions to healthcare, education, and gaming sectors, specifically in India, Japan, and China.
Key Players Operating in the Global Extended Reality (XR) Market
- Augray Ltd.
- HTC Corporation
- Microsoft Corporation
- Northern Digital Inc.
- Qualcomm Technologies Inc.
- SoftServe Inc.
- Softweb Solutions Inc.
- SphereGen Technologies
- VertexPlus Softwares Pvt. Ltd.
Global Extended Reality (XR) Market: Research Scope
Global Extended Reality (XR) Market, by Component
Global Extended Reality (XR) Market, by Device Type
- Augmented Reality Devices
- Virtual Reality Devices
- Mixed Reality Devices
Global Extended Reality (XR) Market, by Industry
- Media & Entertainment
- Others (Aerospace & Defense, Etc.)
Global Extended Reality (XR) Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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.