Extended Reality (XR) Market Analysis

Technology {Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR)}

The global extended reality market is segmented and analyzed for demand and supply by technology into virtual reality (VR), augmented reality (AR), mixed reality (MR). Out of these, the virtual reality (VR) segment is estimated to gain the largest market share of about 39% in the year 2037. The growth of the segment can be attributed to the increasing use of virtual reality in various industries such as entertainment, education, healthcare, and retail, owing to its immersive experience. Moreover, a virtual reality system has become as common in homes as a laptop or a television, and the number of VR users is continuously growing each year as the technology becomes more widely available. Approximately 170 million people around the world use VR in some way. 68 percent of VR users intend to increase their VR usage in the coming year. According to reports, there are predicted to be more than 10 million VR units sold in the year 2021. Furthermore, the increasing availability of VR hardware and software, and the declining cost of VR headsets are also expected to drive the growth of the VR segment.

Component (Hardware, Software, Services)

The global extended reality market is segmented and analyzed for demand and supply by component into hardware, software, and services. Out of these, the hardware segment is estimated to gain a significant market share of about 47% in the year 2037. The growth of the segment can be attributed to the increasing demand for the development and adoption of head-mounted displays, smartphones, motion sensors, and other hardware components in extended reality applications. The hardware segment is also projected to witness the highest growth rate owing to the increasing investments in the development of extended reality technology. Companies are investing heavily in the research and development of extended reality hardware, such as headsets and haptic gloves, which are necessary for a fully immersive experience.

Our in-depth analysis of the global market includes the following segments: