Extended Reality (XR) Market Size Witnesses Robust Growth Rate of CAGR 39.2%, Exceeding US$ 1,913.7 Billion 2024-32

According to IMARC Group’s latest report, titled “Extended Reality (XR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032." offers a detailed analysis of the global extended reality (XR) market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the Extended Reality (XR) Market?

The global extended reality (XR) market size reached US$ 92.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,913.7 Billion by 2032, exhibiting a growth rate (CAGR) of 39.2% during 2024-2032.

What is Extended Reality (XR)?

Extended reality (XR) is the amalgamation of all immersive technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). It relies on applications, headsets, and smart wearables that extend the reality by generating realistic sounds and images through digital materials. Nowadays, various enterprises are adopting XR for employee recruiting and training purposes. It is used to create a learning experience that is more interactive, engaging, and effective in the long term. Moreover, it is also utilized by established businesses to advertise their products and services while providing a unique experience to users.

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What are the growth prospects and trends in the XR industry?

The market is primarily driven by the increasing number of employees working remotely through the cloud. XR enables employees to visualize the live environment of their offices, attend virtual meetings, and work more efficiently. Besides this, the expanding entertainment industry is also escalating the demand for XR technologies among users to experience live events such as concerts and sports competitions on smartphones remotely.

The market is primarily driven by the increasing number of employees working remotely through the cloud. In addition, the increasing number of individuals opting for professional online gaming represents another major growth-inducing factor. Moreover, XR is widely utilized in the healthcare industry to improve diagnostic efficiency. For instance, it is employed in modern imaging technologies, such as magnetic resonance imaging (MRI) and computerized tomography (CT) scans, which is creating a favorable market outlook across the globe. Furthermore, the growing awareness of the benefits associated with XR is anticipated to expand its applications across retail, defense, transportation, and travel and tourism industries.

Who are the key players operating in the industry?

The report covers the major market players including: 

• Accenture PLC
• Augray
• Dassault Systèmes SolidWorks Corporation (Dassault Systèmes SE)
• Medtronic PLC
• Microsoft Corporation
• Qualcomm Incorporated
• Samsung Display Co. Ltd. (Samsung Electronics Co. Ltd.)
• Semcon
• SoftServe Inc.
• Softweb Solutions Inc. (Avnet Inc.)
• SphereGen
• Varjo
• VertexPlus Softwares Pvt. Ltd.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

• Hardware
• Software
• Services

Breakup by Type:

• Consumer Engagement
• Business Engagement

Breakup by Organization Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Breakup by Application:

• Virtual Reality (VR)
• Augmented Reality (AR)
• Mixed Reality (MR)

Breakup by End User Industry:

• Education
• Retail
• Industrial and Manufacturing
• Healthcare
• Media and Entertainment
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)

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