Northbrook, IL 60062 -- (SBWIRE) -- 07/15/2022 -- The extended reality market is expected to grow from USD 33.0 billion in 2021 to USD 125.2 billion by 2026, at a CAGR of 30.6%.
Surging deployment of extended reality in education sector and industrial training, rising demand for extended reality devices and technology in global automotive industry, surging adoption of extended realityin healthcare sector, and increasing demand for extended reality in entertainment and gaming industry—are the key factors driving the extended reality market.
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Based onthe technology, the extended reality market has been divided into AR technology, VR technology, and MR technology. AR technology held the highest share in 2020. The increasing adoption of AR in consumer and commercial applications drives the growth of the AR technology segment of the extended reality market across the world. MR devices based on holographic technology are characterized by their ability to place digital content in the real world as if it is there. They embed holographic content and applications into physical surroundings for users to see, place, and interact with them as if they are a part of the physical world.
On the basis of applications, the market is categorized into consumer, commercial, enterprise (manufacturing), healthcare, aerospace & defense, energy, automotive, and others. The use of AR HUD in automobiles ensures comfortable and safe driving. These displays allow drivers to see the virtual information projected on them. The rising demand for AR HUD and projectors is driving the adoption of AR technology in the automotive industry.
Among all regions, APAC is expected to register the highest growth in the extended realitymarket during the forecast period. China, Japan, India, South Korea,and Rest of APAC are covered under the APAC extended reality market analysis. Being an emerging economy, APAC is witnessing major changes in the adoption of new technologies and advancements. Due to the presence of a number of display panel manufacturers in the region, APAC witnesses an increasing adoption of the latest technologies.The extended reality market in APAC is expected to grow at a high rate in sectors such as healthcare, commercial, and consumer. The increasing number of players in the region is projected to boost the growth of the extended reality market.