July 14, 2020
According to the research report titled ‘Global Extended Reality (XR) Market Size study, by Solution (Consumer Engagement and Business Engagement), by End-User Industry (Education, Retail, Industrial & Manufacturing, Healthcare and others), by Application (Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR)) and Regional Forecasts 2020-2026, available with Market Study Report LLC, global extended reality (XR) market is projected to register an appreciable growth rate through 2026.
For the uninitiated, extended reality (XR) refers to the all real and virtual environments powered by augmented reality (AR) and virtual reality (VR) technologies. Extended reality experience is designed to tackle various businesses issues and develop innovative solutions for improving efficiency and increasing productivity to fulfill the critical requirements of the client.
Rising demand for extended reality solutions from healthcare sector, in tandem with growing prevalence of COVID-19 across the globe is expected to drive the market growth over the forecast years. Extended reality aids in development of innovative healthcare solutions and elevates the efficiency & productivity of medical professionals in several clinical and research methodology. Extended reality also finds application in various end use industries such as movie & entertainment, retail, gaming, and tourism which further expands the business scope.
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Despite the positive outlook of global extended reality market, privacy and security issues associated with augmented reality is expected to restrain the industry growth over the forecast timeline.
Based on solution, global extended reality market is segmented into business engagement and customer engagement. With regards to the application spectrum, the market is split into augmented reality (AR), virtual reality (VR), and mixed reality (MR). Speaking of end-user scope, the market is categorized into education, retail, industrial & manufacturing, healthcare and others.
As per the regional analysis, global extended reality market is fragmented into Latin America, Asia Pacific, Europe, North America, and Rest of the World. North America currently holds majority market share due to rapid technological advancements & innovations in the region.
Parallelly, Asia Pacific market is expected to exhibit strong CAGR during 2020-2026, owing to increasing demand for extended reality solutions from various industries like education & retail, gaming, and healthcare.
Key players operating in global extended reality (XR) market are Augmedix, Google LLC, Catchoom, DAQR, Aurasma, Facebook Inc., HP Development Company LP, Blippar.com Limited, Acer Inc., and Dell Technologies Inc. among others.