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Extended Reality Market by Application and Geography - Forecast and Analysis 2020-2024

  • Published: May 2021
  • Pages: 120
  • SKU: IRTNTR41203
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The extended reality market share is expected to increase by USD 176.74 billion from 2019 to 2024, and the market’s growth momentum will decelerate at a CAGR of 60.46%.

This extended reality market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers extended reality market segmentation by application (VR and AR) and geography (North America, Europe, APAC, and South America). The extended reality market report also offers information on several market vendors, including Accenture Plc, Alphabet Inc., Facebook Inc., HTC Corp., Microsoft Corp., Northern Digital Inc., Qualcomm Inc., Seiko Epson Corp., Softweb Solutions Inc., and Sony Corp. among others.

What will the Extended Reality Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Extended Reality Market Size for the Forecast Period and Other Important Statistics

 

Extended Reality Market: Key Drivers, Trends, and Challenges

The rapid improvements in sensor technology are notably driving the extended reality market growth, although factors such as infrastructural and integration issues may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the extended reality industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Extended Reality Market Driver

One of the key factors driving the extended reality market is the rapid improvements in sensor technology. With the ongoing transformation across various industries and verticals, there is an increasing demand for smart sensors that are more reliable, require lower maintenance and repair costs, and need minimum replacement time. Such sensors drive operational efficiencies across business processes. For instance, in the healthcare industry, researchers have designed tiny optical and biopotential sensors that can be fitted into a wearable device. These sensors allow doctors to diagnose a patient’s health in real-time. Furthermore, the miniaturization of sensors is increasing the installation of sensors in nearly all possible business assets for effective monitoring and analysis. Therefore, a significant focus on R&D pertaining to sensor technology is expected to aid the growth of the global extended reality market during the forecast period.

Key Extended Reality Market Trend

The advent of 5G is another factor supporting the extended reality market growth in the forecast period. 5G technology is characterized by features such as high bandwidth and low latency. Furthermore, the use of this technology can accelerate the adoption of extended reality products and ensure higher flexibility in various extended reality applications. 5G can enable the use of AR in live, outdoor environments that are not covered by Wi-Fi. It can facilitate cloud-based gaming, as it requires a stable network with a latency of less than 70ms. Moreover, a robust and affordable 5G subscription is required for cloud gaming to function effectively. Therefore, vendors are partnering with telecommunication service providers that offer 5G technology. Moreover, the deployment of 5G networks across the world is expected to be completed by the end of 2023.

Key Extended Reality Market Challenge

Infrastructural and integration issues will be a major challenge for the extended reality market during the forecast period. A key factor driving the adoption of extended reality technology (apps and hardware) is the availability of reliable and high-speed internet. However, most countries lack basic infrastructure for internet connectivity, and only a few nations such as the US, the UK, and Japan have the necessary sophisticated technologies for internet infrastructure. This is one of the primary reasons for the unequal penetration of extended reality across geographies. Moreover, many countries in APAC and South America have not realized the potential for extended reality. This has resulted in low awareness of the technology among consumers. In addition, the lack of high-speed internet is hindering the adoption of this technology. Furthermore, companies that use extended reality technologies in their daily operations require strong internet infrastructure across their facilities. Most potential customers are waiting for the technology to reach early maturity so that they can start using extended reality to gain benefits. This is because current users are not satisfied with the user experience offered due to the lack of hardware, content, and infrastructure. Therefore, slower adoption and connectivity issues may become serious challenges for the global extended reality market during the forecast period.

This extended reality market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global extended reality market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the extended reality market during the forecast period.

Who are the Major Extended Reality Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Accenture Plc
  • Alphabet Inc.
  • Facebook Inc.
  • HTC Corp.
  • Microsoft Corp.
  • Northern Digital Inc.
  • Qualcomm Inc.
  • Seiko Epson Corp.
  • Softweb Solutions Inc.
  • Sony Corp.

 

This statistical study of the extended reality market encompasses successful business strategies deployed by the key vendors. The extended reality market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Qualcomm Inc. - The company offers XR platforms, Snapdragon XR1 Platform, and Snapdragon XR2 5G Platform for AR, VR, and MR devices.
  • Microsoft Corp. - The company offers HoloLens 2, an MR product that combines computing devices with applications and solutions for virtual visualization.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The extended reality market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Extended Reality Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the extended reality market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global application software market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.

 

Which are the Key Regions for Extended Reality Market?

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39% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the extended reality market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The extended reality market in APAC is primarily driven by rapid industrialization, increasing technology adoption, and growth in healthcare. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

Countries in APAC, such as India and Australia, were severely hit by the COVID-19 pandemic in 2020. To limit the spread of the pandemic, governing bodies across APAC imposed a lockdown for several weeks in the first half of 2020. Amid the lockdown, schools and colleges were closed, which provided a boost to the mobile and PC gaming segments in APAC, as most students and youth engaged in online gaming. Therefore, the global extended reality market in APAC witnessed growth in 2020.

What are the Revenue-generating Application Segments in the Extended Reality Market?

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The extended reality market share growth by the VR segment during the forecast period. The increasing popularity of 360-degree videos and VR gaming drives the VR segment of the global market is growing. Moreover, the growth of VR content is driven by the increased sales of popular head-mounted displays (HMDs) such as Samsung Gear VR and Google Cardboard. Furthermore, the rising use of medical institutions and military and aviation sectors for training and educating students and trainees will further drive the segment growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the extended reality market size and actionable market insights on post COVID-19 impact on each segment.

 

Extended Reality Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Decelerate at a CAGR of 60.46%

Market growth 2020-2024

$ 176.74 billion

Market structure

Fragmented

YoY growth (%)

65.05

Regional analysis

North America, Europe, APAC, and South America

Performing market contribution

North America at 39%

Key consumer countries

US, China, Canada, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Accenture Plc, Alphabet Inc., Facebook Inc., HTC Corp., Microsoft Corp., Northern Digital Inc., Qualcomm Inc., Seiko Epson Corp., Softweb Solutions Inc., and Sony Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Extended Reality Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive extended reality market growth during the next five years
  • Precise estimation of the extended reality market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the extended reality industry across North America, Europe, APAC, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of extended reality market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
    • Exhibit 03: Value chain analysis: Application software
  • 2.2 Value chain analysis

    3 Market Sizing

    • 3.1 Market definition
      • Exhibit 05: Market segments
    • 3.2 Market segment analysis
      • 3.3 Market size 2020
        • 3.4 Market outlook: Forecast for 2020 - 2025
          • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
          • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

        4 Five Forces Analysis

        • 4.1 Five forces summary
          • 4.2 Bargaining power of buyers
            • Exhibit 09: Bargaining power of buyers
            • Exhibit 10: Bargaining power of suppliers
          • 4.3 Bargaining power of suppliers
            • Exhibit 11: Threat of new entrants
          • 4.4 Threat of new entrants
            • 4.5 Threat of substitutes
              • Exhibit 12: Threat of substitutes
            • 4.6 Threat of rivalry
              • Exhibit 13: Threat of rivalry
              • Exhibit 14: Market condition - Five forces 2020
            • 4.7 Market condition

              5 Market Segmentation by Application

              • 5.1 Market segments
                • Exhibit 16: Comparison by Application
              • 5.2 Comparison by Application
                • Exhibit 17: VR - Market size and forecast 2020-2025 ($ million)
              • 5.3 VR - Market size and forecast 2020-2025
                • Exhibit 18: VR - Year-over-year growth 2020-2025 (%)
                • Exhibit 19: AR - Market size and forecast 2020-2025 ($ million)
              • 5.4 AR - Market size and forecast 2020-2025
                • Exhibit 20: AR - Year-over-year growth 2020-2025 (%)
                • Exhibit 21: MR - Market size and forecast 2020-2025 ($ million)
              • 5.5 MR - Market size and forecast 2020-2025
                • Exhibit 22: MR - Year-over-year growth 2020-2025 (%)
                • Exhibit 23: Market opportunity by Application
              • 5.6 Market opportunity by Application

                6 Customer landscape

                • 6.1 Customer landscape

                  7 Geographic Landscape

                  • 7.1 Geographic segmentation
                    • Exhibit 26: Geographic comparison
                  • 7.2 Geographic comparison
                    • Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
                  • 7.3 North America - Market size and forecast 2020-2025
                    • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
                    • Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
                  • 7.4 APAC - Market size and forecast 2020-2025
                    • Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
                    • Exhibit 31: Europe - Market size and forecast 2020-2025 ($ million)
                  • 7.5 Europe - Market size and forecast 2020-2025
                    • Exhibit 32: Europe - Year-over-year growth 2020-2025 (%)
                    • Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
                  • 7.6 South America - Market size and forecast 2020-2025
                    • Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
                    • Exhibit 35: MEA - Market size and forecast 2020-2025 ($ million)
                  • 7.7 MEA - Market size and forecast 2020-2025
                    • Exhibit 36: MEA - Year-over-year growth 2020-2025 (%)
                    • Exhibit 37: Key leading countries
                  • 7.8 Key leading countries
                    • 7.9 Market opportunity by geography
                      • Exhibit 38: Market opportunity by geography ($ million)

                    8 Drivers, Challenges, and Trends

                    • 8.1 Market drivers
                      • 8.2 Market challenges
                        • Exhibit 39: Impact of drivers and challenges
                      • 8.3 Market trends

                        9 Vendor Landscape

                        • 9.1 Overview
                          • 9.2 Landscape disruption
                            • Exhibit 42: Industry risks

                          10 Vendor Analysis

                          • 10.1 Vendors covered
                            • 10.2 Market positioning of vendors
                              • Exhibit 44: Market positioning of vendors
                              • Exhibit 45: Accenture Plc - Overview
                              • Exhibit 46: Accenture Plc - Business segments
                            • 10.3 Accenture Plc
                              • Exhibit 47: Accenture Plc - Key news
                              • Exhibit 48: Accenture Plc - Key offerings
                              • Exhibit 49: Accenture Plc - Segment focus
                              • Exhibit 50: Alphabet Inc. - Overview
                              • Exhibit 51: Alphabet Inc. - Business segments
                              • Exhibit 52: Alphabet Inc. - Key news
                            • 10.4 Alphabet Inc.
                              • Exhibit 53: Alphabet Inc. - Key offerings
                              • Exhibit 54: Alphabet Inc. - Segment focus
                              • Exhibit 55: Avnet Inc. - Overview
                              • Exhibit 56: Avnet Inc. - Business segments
                              • Exhibit 57: Avnet Inc. - Key news
                            • 10.5 Avnet Inc.
                              • Exhibit 58: Avnet Inc. - Key offerings
                              • Exhibit 59: Avnet Inc. - Segment focus
                              • Exhibit 60: Facebook Inc. - Overview
                              • Exhibit 61: Facebook Inc. - Business segments
                            • 10.6 Facebook Inc.
                              • Exhibit 62: Facebook Inc. - Key offerings
                              • Exhibit 63: HTC Corp. - Overview
                              • Exhibit 64: HTC Corp. - Business segments
                            • 10.7 HTC Corp.
                              • Exhibit 65: HTC Corp. - Key offerings
                              • Exhibit 66: Microsoft Corp. - Overview
                              • Exhibit 67: Microsoft Corp. - Business segments
                            • 10.8 Microsoft Corp.
                              • Exhibit 68: Microsoft Corp. - Key news
                              • Exhibit 69: Microsoft Corp. - Key offerings
                              • Exhibit 70: Microsoft Corp. - Segment focus
                              • Exhibit 71: Northern Digital Inc. - Overview
                              • Exhibit 72: Northern Digital Inc. - Product and service
                              • Exhibit 73: Northern Digital Inc. - Key offerings
                            • 10.9 Northern Digital Inc.
                              • Exhibit 74: Qualcomm Inc. - Overview
                              • Exhibit 75: Qualcomm Inc. - Business segments
                            • 10.10 Qualcomm Inc.
                              • Exhibit 76: Qualcomm Inc. - Key news
                              • Exhibit 77: Qualcomm Inc. - Key offerings
                              • Exhibit 78: Qualcomm Inc. - Segment focus
                              • Exhibit 79: Seiko Epson Corp. - Overview
                              • Exhibit 80: Seiko Epson Corp. - Business segments
                            • 10.11 Seiko Epson Corp.
                              • Exhibit 81: Seiko Epson Corp. - Key news
                              • Exhibit 82: Seiko Epson Corp. - Key offerings
                              • Exhibit 83: Seiko Epson Corp. - Segment focus
                              • Exhibit 84: Sony Corp. - Overview
                              • Exhibit 85: Sony Corp. - Business segments
                            • 10.12 Sony Corp.
                              • Exhibit 86: Sony Corp. - Key news
                              • Exhibit 87: Sony Corp. - Key offerings
                              • Exhibit 88: Sony Corp. - Segment focus

                            11 Appendix

                            • 11.1 Scope of the report
                              • Exhibit 89: Currency conversion rates for US$
                            • 11.2 Currency conversion rates for US$
                              • Exhibit 90: Research Methodology
                            • 11.3 Research methodology
                              • Exhibit 91: Validation techniques employed for market sizing
                              • Exhibit 92: Information sources
                              • Exhibit 93: List of abbreviations
                            • 11.4 List of abbreviations

                              Research Framework

                              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                              TechnavioINFORMATION SOURCES

                              Primary sources

                              • Manufacturers and suppliers
                              • Channel partners
                              • Industry experts
                              • Strategic decision makers

                              Secondary sources

                              • Industry journals and periodicals
                              • Government data
                              • Financial reports of key industry players
                              • Historical data
                              • Press releases
                              Technavio

                              TechnavioDATA ANALYSIS

                              Data Synthesis

                              • Collation of data
                              • Estimation of key figures
                              • Analysis of derived insights

                              Data Validation

                              • Triangulation with data models
                              • Reference against proprietary databases
                              • Corroboration with industry experts
                              Technavio

                              TechnavioREPORT WRITING

                              Qualitative

                              • Market drivers
                              • Market challenges
                              • Market trends
                              • Five forces analysis

                              Quantitative

                              • Market size and forecast
                              • Market segmentation
                              • Geographical insights
                              • Competitive landscape
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                              The extended reality market market growth will increase by $$ 176.74 bn during 2021-2024.
                              The extended reality market market is expected to grow at a CAGR of 60.46% during 2021-2024.
                              Technavio has segmented the extended reality market market by application (VR, AR, and MR) ,geography (North America, Europe, APAC, South America, and MEA) , and geographic (North America, Europe, APAC, and South America).
                              Accenture Plc, Alphabet Inc., Facebook Inc., HTC Corp., Microsoft Corp., Northern Digital Inc., Qualcomm Inc., Seiko Epson Corp., Softweb Solutions Inc., Sony Corp. are a few of the key vendors in the extended reality market market.
                              North America will register the highest growth rate of 39% among the other regions. Therefore, the extended reality market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
                              The key factors driving the extended reality market market growth are:
                              • Rapid improvements in sensor technology
                              • Advent of 5G
                              The extended reality market market vendors should focus on grabbing business opportunities from the vr segment as it accounted for the largest market share in the base year.
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