The extended reality market comprises augmented reality (AR), virtual reality (VR), and mixed reality (MR) technologies. Extended reality enhances the users' virtual experience through digital contents like 3D graphics, videos, and more. AR technology overlays digital information on the physical environment by using electronic devices and software, while VR simulates physical presence in a virtual environment. MR combines real and virtual worlds to produce new environments where physical and digital objects co-exist and interact in real-time. Extended reality finds applications in various industries including healthcare, education, retail, industrial training simulations, and gaming. VR and AR are increasingly used in industrial training simulations to provide immersive learning experiences to workers, helping reduce training costs while improving worker safety.
The Global Extended Reality Market is estimated to be valued at US$ 190.24 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 To 2031
Key Takeaways
Key players operating in the extended reality market are LG Chem, Hanmi Pharmaceutical Co., Ltd., Boryung Pharmaceutical Co., Ltd., Novartis AG, EirGenix, Inc., Biocon Limited, G.L. Pharma GmbH, Daewoong Pharmaceutical Co., Ltd., Sandoz International GmbH, Boryung Pharmaceutical Co., Ltd., VHB Life Sciences Limited, HanAll Biopharma, Taiba Healthcare, Huons Co., Ltd., Dong-A ST Co., Ltd. Growing demand for AR and VR devices across industries like healthcare, education and industrial training is driving the market growth. Technological advancements in extended reality such as all-day wearable AR glasses, VR headsets with higher resolution and field of view are expected to provide new opportunities in the market.
Market Trends
The adoption of Extended Reality Market Growth is increasing rapidly across various industries for diverse applications. In industrial sector, companies are increasingly using VR and AR for worker training purposes to provide safe and cost-effective simulation-based learning. In healthcare, these technologies are being used for medical training, therapies and remote patient monitoring. Extended Reality is also finding applications in retail for virtual shopping, marketing & advertising.
Market Opportunities
Growing investments by key players to develop affordable and lightweight extended reality wearables will promote further adoption. Development of 5G networks will accelerate the deployment of extended reality across various industries by enabling low latency applications. Increasing focus on applications like mixed reality for collaboration and virtual meetings indicates significant growth prospects in the coming years owing to the flexibility offered by these technologies.
The COVID-19 pandemic has significantly impacted the Photodynamic Therapy Market Size and Trends. Extended reality technologies such as augmented, virtual, and mixed reality rely heavily on in-person interactions and experiences. However, social distancing measures enforced during the pandemic restricted public gatherings and events where extended reality could have been demonstrated and experienced. Therefore, the demand for extended reality products and services declined sharply during the initial months of the pandemic.
The COVID-19 outbreak accelerated the shift towards digital solutions and remote working. Extended reality continued to find application in various sectors like healthcare, education and training, design and engineering, and real estate during the pandemic. For example, AR and VR tools enabled remote collaboration and training for healthcare professionals. Virtual tours and site walkthroughs using Mixed Reality helped real estate firms facilitate property searches and transactions remotely.
As the pandemic restrictions eased in 2021-2022 with vaccination drives, economic activities resumed gradually and demand for extended reality started recovering. Many companies shifted their focus to healthcare, education and enterprise applications of extended reality. The pandemic made businesses and consumers more open to digital transformation and new technologies. This helped extended reality gain wider acceptance in cloud computing, collaboration and communications.
Looking ahead, extended reality companies will need to promote applications that enable remote working, learning and collaboration effectively. Partnerships between technology firms and sector leaders will be important to develop industry-specific extended reality solutions. Affordability of hardware and accessibility of content on multiple devices will drive further adoption. Extended reality is poised to grow significantly in healthcare, manufacturing and training domains in the long run.
In terms of value, the North American region accounts for the largest share in the Extended Reality market. The US has been at the forefront of innovation and commercialization of augmented and virtual reality technologies. Major tech players like Facebook, Microsoft and Google are based in the US and are investing heavily in extended reality hardware and platforms. Presence of leading end-use industries like healthcare, education, gaming and manufacturing support the use of extended reality.
The Asia Pacific region has emerged as the fastest growing regional market for Extended Reality. Countries like China, Japan, South Korea and India offer huge growth opportunities due to rising disposable incomes, increasing digitization across sectors, and supportive government initiatives for R&D and infrastructure development. Penetration of extended reality in manufacturing, retail and education is higher in Asia compared to other regions. 5G rollouts will further fuel the regional market growth of Extended Reality solutions in the future.
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