The Growth and Potential of the Global Extended Reality Market

1-09-2023
By Archan Dey
Metaverse

The Growth and Potential of the Global Extended Reality Market

Extended reality (XR) refers to all interactive real-and-virtual experiences, such as virtual reality (VR), augmented reality (AR), and mixed reality (MR).

XR is a fast-expanding industry that can transform several sectors, such as entertainment, education, healthcare, gaming, and manufacturing.

Market Growth and Forecast

In 2022, the Global Extended Reality market was valued at $35.14 billion. The market is expected to increase and reach approximately $345.90 billion by 2030.

During the forecast period, the market will be growing at an approximate CAGR of 33.09%.

Global Extended Reality Market During 2022-2030 ($Billion) - Innovius Research — ***Global Extended Reality Market During 2022-2030 ($Billion)***

The extended reality (XR) sector is swiftly growing due to increasing expenditures in virtual reality and augmented technologies and the acceleration of the development of various other technologies and related devices.

As 5G technology gets more extensively used, the popularity of extended reality technologies is expected to rise.

Top Global Players

Share of Global Extended Reality Market, By Region in 2022 (%)

Market Dynamics

Drivers

➟ Increase in investments in extended reality

➟ Expanded reality’s rapid acceptance in various industry

➟ Increase in the adoption of extended reality in the supply chain

Challenges

➟ High cost associated with the development and implementation of extended reality technology

Global Extended Reality Market Developments

Immersivecase-Extended Reality - Innovius Research

Immersivecast announced the debut of the XR Metaverse Workspace in 2021. This product launch was a service environment that was supposed to support multi-dimensional Web 3.0 operations such as NFT, AR, and VR. This product launch with Deutsche Telekom, Samsung, and Ericsson resulted in the first-ever 5G network slicing test.

htc-Extended Reality - Innovius Research

In January 2023, HTC Corporation launched the VIVE XR Elite, its latest all-in-one consumer flagship. This compact and lightweight headset consists of powerful and versatile capabilities that merge mixed reality (MR) and virtual reality (VR) technologies. It is an ideal choice for various activities, such as gaming, productivity, fitness, and more.

Sony-Extended Reality - Innovius Research

Sony Group Corporation released PlayStation VR2 and PlayStation VR2 Sense Controller Charging Station in February 2023 to provide a distinctive gameplay experience. The PS VR2 Sense controllers provide headset feedback, eye tracking, 3D audio, adaptive triggers and haptic feedback.

Apple-Extended Reality - Innovius Research

In June 2023, Apple Vision Pro, their first-ever immersive headset, was released. Apple Vision Pro, designed primarily as a mixed-reality device, lets users switch between AR to VR experiences with the turn of a dial.