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Extended Reality Market - Product Type, Applications, Country Data, Analysis And Forecast To 2025 | Bis Research

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By Author: BIS Research
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The Extended Reality Market is projected to grow from $42.55 billion in 2020 to $333.16 billion by 2025, at a CAGR of 50.9% from 2020 to 2025. The growth in the extended reality market is expected to be driven by the ongoing trend of industry 4.0 and digital transformation. Extended reality technologies are based on spatial computing concepts, which is expected to put a significant change in currently available computing solutions.
The extended reality technology has garnered adoption in various end-use segments such as consumer and enterprise applications. During the forecast period, the extended reality market is aligned more toward the consumer applications, such as gaming, entertainment, and education. Gaming applications have the highest potential for XR during the forecast period, since XR elevates consumer experience and allows users to either fully immerse into the virtual environment or interact with the virtual content, which is not possible in the traditional gaming platforms. Education sector is also expected to have significant use of XR technologies. The traditional ways of teaching or delivering lectures ...
... may completely change with the inclusion of XR technologies. This will not only help improve learning experience but also increase the potential of teaching.
The enterprise application segment includes manufacturing, healthcare, and retail, among others. Manufacturing is expected to be the most impacted end-use application as the extended reality technology has the potential to change common industrial operations into more efficient procedures. Many early adopters have reported an increase in productivity, decrease in delays and increased efficiency in core industrial operations, such as assembly line and maintenance.
The Healthcare industry is one of the crucial and essential industries that is not only supporting the economy but also sustenance of human life. Extended reality is likely to affect the industry in various possible applications. Although extended reality is currently being deployed in healthcare training and some operational applications, such as diagnosis, with proper integration extended reality can increase overall effectiveness of the industry.

Impact of COVID-19 on Extended Reality Market
Extended reality technologies allow users to indulge more into virtual environments and to interact effectively over virtual or synthetic environments, which does not require any travel or movement. COVID-19 has restricted human movement as the crisis led to a global lockdown. However, with proper access to the internet and basic technologies, people have started adopting XR in some form or the other. The mobile and handheld AR applications, especially the social media and gaming applications, saw an increase in daily active user count, which suggest the effectiveness of AR in such mobile applications. The hardware segment of the market also saw some challenges, as it got affected by various trade restrictions imposed due to the lockdown, due to which the supply chain was disrupted, restricting manufacturing operations. Overall, the Covid-19 helped create a positive outlook toward extended reality, which will have a positive impact on the market.
Competitive Landscape
The competitive landscape for the extended reality market demonstrates an inclination toward companies adopting strategies such as product launch and development and partnerships, collaborations, and joint ventures. Among all the strategies adopted, partnerships and collaborations have been the most prominent strategy adopted by the key players in the market. In September 2020, Facebook announced a partnership with Logitech to develop a physical keyboard in VR. In March 2019, HTC VIVE announced a strategic collaboration with Qualcomm Technologies to pre-integrate and optimize VIVE Wave for Snapdragon standalone XR HMDs and 5G smartphones.
The market players also focused on product development and innovations. In September 2020, Facebook launched the latest version of Oculus headsets, the Oculus Rift 2. In February 2020, HTC launched the cosmos series of its VIVE VR headsets.
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Regional Market Dynamics
The extended reality market holds a prominent share in various countries of North America, Europe, Asia-Pacific and Japan, and the Middle East and Africa. North America is estimated to generate the highest revenue, in 2020. The large market share of the region has been attributed to the higher adoption of XR technologies in both consumer and enterprise application segments. Europe is estimated to generate the second highest revenue in 2020. This is largely attributed to the market friendliness and positive outlook of consumers toward immersive technologies. Thus, the extended reality market is expected to flourish and grow rapidly in the regions of North America and Europe.
Asia-Pacific and Japan, in 2020, are expected to hold a smaller market share as compared to North America and Europe. The market is highly cost sensitive, which has restricted early adoption; however, the market shows a huge potential during the forecast period due to ongoing economic developments. Countries such as Japan and South Korea are already leading the region in product development as well as consumption. Other developing countries, such as India and the ASEAN countries, have a huge potential to become important markets for extended reality.
Key Questions Answered in this Report :
• What is the expected extended reality market size during the forecast period, 2020-2025?
• What is the expected future scenario and revenue generated by the different extended reality technologies such as augmented reality, virtual reality, and mixed reality?
• What is the expected future scenario and revenue generated by different products and offering types such as hardware (HMD, gesture tracking, projector and display wall, smart glasses, HUD, MR headset, 3D holographic display), software and services?
• What is the expected future scenario and revenue generated by the application segments for which extended reality technologies are offered, including consumer and enterprise applications?
• Which region is the largest market for the extended reality market?
• What is the expected future scenario and the revenue generated by different regions and countries in the extended reality market, such as North America, Europe, Asia-Pacific & Japan, China, U.K., South America, and the Middle East and Africa?
• What is the competitive strength of the key players in the extended reality market on the basis of the analysis of their recent developments, product offerings, and regional presence?
• Where do the key extended reality companies lie in their competitive benchmarking compared to the factors of market coverage and market potential?
• How are the adoption scenarios, related opportunities, and challenges impacting the extended reality markets?
• How is the funding and investment landscape in the extended reality market?
• Which are the leading consortiums and associations in the extended reality market, and what is their role in the market?
• How classified is the patent landscape in this market with segmental understanding by technology, status, patent office, and organization?
• How can organizations that intend to use extended reality calculate their return-on-investment (ROI)?
• What is the consumer’s perspective on the adoption of extended reality in terms of potential benefits, purchase decision making factors, and applications?
• What are the market dynamics of the extended reality market, and what is their role in the market, including market drivers, restraints, and opportunities?
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