Northbrook, IL 60062 -- (SBWire) -- 12/19/2022 --The extended reality market is projected to reach USD 125.2 billion by 2026, growing at a CAGR of 30.6% during the forecast period.
Top Key Players in Extended Reality Market:
Microsoft (US),
Sony (Japan),
Oculus VR (Facebook) (US),
HTC (Taiwan),
Google (US).
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Driver: Surging adoption of extended reality in healthcare sector
The use of extended reality in the healthcare sector opens new opportunities for medical practitioners and holds a promising future, especially for modern healthcare organizations. The use of extended reality technology in the healthcare sector is reducing costs, and improving outcomes for individuals without taking risking the lives of patients.
Extended reality technology can help surgeons explore the target organs by picturing subtleties of the body of a patient, right before initiating any medical procedure to make it a risk-free process.
Opportunity: Continuous developments in 5G technology
The adoption of extended reality technology has been gaining momentum in both personal and professional applications. The advent of the 5G technology is expected to address some challenges by paving the way for optimized distribution of processing capabilities. Countries such as South Korea, China, and the US have already started 5G operations in some of their selected cities. Significant investments are being made globally to make 5G deployments across all regions of the world.
North America is leading the market for extended reality in 2020
North America held the largest share in the extended reality market in 2020. Growing use of smartphones, increasing adoption of smart electronic devices, and surging demand for extended reality technology in various applications are the key factors fueling the growth of the extended reality market in North America.
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Consumer application to account for the largest share of extended reality market during forecast period
On the basis of applications, the market is categorized into consumer, commercial, enterprise (manufacturing), healthcare, aerospace & defense, energy, automotive, and others. The consumer segment of the market comprises gaming and entertainment applications wherein AR technology is used to create 3D visual objects in the real world. The flourishing gaming and sports and entertainment sectors fuel the use of AR technology in consumer applications. VR technology also offers remarkable results regarding visual effects when used in gaming and sports broadcasts. The demand for HMD is high in consumer applications.
Extended Reality Market Size Global Forecast, Growth Drivers, Opportunities 2026