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Extended Reality (XR) Market - Growth, Trends, Forecasts (2020 - 2025)

Extended Reality (XR) Market - Growth, Trends, Forecasts (2020 - 2025)

  • December 2020
  • 129 pages
  • ID: 6000977
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until Mar 10th 2021

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Extended Reality (XR) Market is expected to register a healthy CAGR of over 62.67% during the forecast period (2020 - 2025). The integration of XR across the business ecosystem will result from wide applicability across multiple enterprise verticals, with a form factor that supports all-day use and a clear ROI by the help of its manufacturing efficiencies that is currently being driven by the organizational inertia, enterprise risk aversion, and sales cycles.

- The convergence of the smartphone, mobile VR headset, and AR glasses into a single XR wearable could replace all the other screens, ranging from smartphones to smart TV screens. Mobile XR has the potential to become one of the world’s most ubiquitous and disruptive computing platforms.
- Companie’s are designing transformative XR experiences that capitalize on the potential of the human experience revolution using artificial Intelligence and Internet of Things.
- The demand for immersive technology is driven through the rising application of artificial intelligence (AI), connected to the Internet of Things (IoT), and delivered through the cloud and integrated into systems.
- Furthermore, the market for the extended reality (XR) is being impacted by COVID-19, primarily due to multiple factors that include physical lockdowns, essential e-commerce delivery limitations, brick-and-mortar retail closures, supply chain disruptions (supplier, manufacturer, distribution, wholesale, retail), and economic impacts.

Key Market Trends
Consumer Engagement is Gaining Traction Owing to the Emergence of Immersive Platform

- XR devices create the illusion to make people feel as if they are in an entirely new digital world. Such technologies have been praised for its ability to create virtual tours in the stores and destinations, rehabilitate brain injury, and virtually inspect the interior and exterior design of a car which no existing technology could do. Given its enormous potential, XR technology has been increasingly applied and studied in a plethora of fields, ranging from tourism, education, retailing, gaming and healthcare to manufacturing.
- Extended reality (XR) solution allows rich data to be easily accessible in a situational context, creating virtually unlimited opportunities in the market. Future-thinking enterprises are incorporating extended reality into their internal processes as well as product and service delivery. It provides higher customer engagement, significant time efficiency improvement, and a significant reduction in human error.
- Through immersive experiences, businesses can tap expertise in thousands of skills from anywhere in the world. Across industries and applications, immersive experiences are pushing companies to not only think differently about what is possible but also to create new solutions that bypass the distance-based challenges they face today.
- Moreover, In response to the COVID-19 pandemic several physical stores are now re-opening, with hygiene and safety as a top priority. Beauty retailers such as Sephora and Ulta forbid customers from physically testing beauty products on their skin. Beauty retailers are instead turning to AR to help consumers digitally test out products to assist in buying decisions.

North America to Remain the Largest Market Over the Forecast Period

- North America is one of the prominent regions for the extended reality market. It has also been a pioneer in the adoption of innovations, which provides North America with an edge over the other regions.
- Educational institutions across the United States Department of Education is using a virtual platform to help students with autism and learning disabilities in schools, across the country. In 2018, the Office of Special Education and Programs announced an investment of USD 2.5 million towards a new program that will use XR to nurture social skills in students with disabilities.
- In the military and defense sector, the US Military is looking at immersive technologies for training purposes. The United States will also be investing as much as USD 11 billion by 2022 into virtual, augmented and mixed reality training systems, with extended reality becoming a primary focus of military innovation.
- Further, with the increasing usage of smart glass and head-up displays, the market for extended reality has gained traction. Smart glass is a key segment witnessing a considerable penetration of AR technologies in the region and is anticipated to grow significantly during the forecast period.

Competitive Landscape
The Extended Reality (XR) market is moderately competitive and consists of a few players. In terms of market share, some of the players are currently expanding their services across the emerging market. However, with the advancement in the immersive technology trend across the virtual platform, new players are increasing their market presence thereby enhancing their services as well as expanding their business footprint across the emerging economies.

- May 2020 - Qualcomm Technologies Inc. partnered with global operators, smartphone OEMs and XR viewer manufacturers to deliver XR viewers to consumers and enterprises within the next year. Fifteen global operators, including China Mobile, China Telecom, China Unicom, Deutsche Telekom, EE, KDDI, KT, LG Uplus, NTT DOCOMO, Orange, SK Telecom, SoftBank, Telefonica, Verizon and Vodafone, have shared plans to sample and commercialize XR viewers to provide immersive, never-before-experiences over 5G. Aditionally, XR viewers can unlock a new generation of immersive experiences using 5G-enabled smartphones that provide high bandwidth and low latency, which is essential for high-quality XR.
- February 2020 - Accenture opened its third Innovation Hub in India, expanding its innovation capabilities for clients. The Accenture Innovation Hub in Pune provides an immersive environment for clients to co-innovate with Accenture experts in a variety of industries and across a range of advanced technologies, including extended reality, artificial intelligence, the internet of things, blockchain and quantum computing, among others. The Innovation Hub in Pune will seamlessly integrate with the Innovation Hub in Bengaluru and the Innovation Hub in Hyderabad, and will bring the best of innovations and capabilities from India using state-of-the-art collaboration technologies. The new Innovation Hub will have more than 1,200 people working out of it, andwill feature Accenture’s second Nano Lab in the Asia-Pacific region.

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