NEW YORK, Jan. 24, 2023 /PRNewswire/ — From $38.3 billion in 2022, the extended reality market is set to grow by 38.5% from 2022 to 2030, to be a $394.8 billion market by 2030, as per research company P&S Intelligence. The market is driven by the rising usage of smartphones and connected devices and snowballing number of partnerships between the key market players.
Moreover, the increasing usage of the internet and the rising count of government initiatives regarding digitization are driving the market growth. Additionally, the increasing acceptance of AR and VR in many industries, such as entertainment, construction, retail, and automotive, is driving the usage of XR. Moreover, the rising installation of 5G towers and the mounting expenditure in XR startups are fueling the industry.
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Hardware Is Extensively Accepted by Public
In 2022, the hardware category had the largest market share, of approximately 55%. This is due to the snowballing usage of smartphones, partly due to the lowering price of components, such as cameras, sensors, position trackers, and displays.
The service category is set to experience the fastest growth in the future. The increasing acceptance of XR instruments has amplified the requirement for maintenance and integration, repair, and training services.
Global Usage of AR Technologies Surging Rapidly
The AR category holds a significant market share, credited to the increasing demand for AR devices and applications in the e-commerce, healthcare, and retail sectors. Furthermore, the rising expenditure in AR globally, with the increasing demand for advanced technology among people, will contribute to the growth of the category.
North Americans Are Largest Users of XR
In 2022, North America had the largest market share, of above 40%. The main factor driving the market growth is the rising acceptance of immersive technologies for training in sectors such as construction, mining, and oil & gas. Furthermore, the existence of a huge number of businesses that are spending heavily on these technologies to introduce enhanced solutions is driving the demand for XR.
Moreover, the growth in the demand for AR and VR with the rising expenditure in immersive technologies throughout industries including e-commerce, education, and retail will contribute to the market growth.
Browse detailed report on Extended Reality Market Size, Share, Growth and Demand Forecast to 2030
Europe had the second-largest revenue share in 2022, largely driven by the increasing technology acceptance across sectors. The snowballing usage of AR/VR for simulation and training in the automobile industry and the rising usage of immersive technologies by youths for entertainment and gaming purposes are the vital factors behind the regional market growth.
Global Extended Reality Market Report Coverage
By Device Type
- Personal Computer
By Delivery Model
- Consumer Engagement
- Business Engagement
- Virtual Reality
- Augmented Reality
- Mixed Reality
- Industrial & Manufacturing
- Media & Entertainment
- Aerospace & Defense
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
SOURCE P&S Intelligence