Global XR Market Valuation to Reach $1.1T by 2030, Notes TMR
Extended reality (XR) is deployed across different end-use industries. The new technology is used for personal as well as commercial purposes. Augmented realty, mixed realty, and virtual reality are some of the prominent technologies in the global extended XR market.
A new study published by Transparency Market Research (TMR) says the global extended reality market is expected to exceed the valuation of 1.1 Trn by the end of forecast period from 2020 to 2030.
The concept of XR is being adopted across various industries—including education, healthcare, media and entertainment, gaming, and the real-estate industry. Of these, gaming is a prominent sector that is likely to offer lucrative avenues to the global XR market players due to popularity of various games.
In addition, a significant rise in the penetration of smartphones in developed and developing countries and advancements in the computer technology have resulted in increased rate of innovations across the XR market ecosystem. These factors are translating into extensive growth of the global market.
Extended Reality (XR) Market: Growth Boosters
Rising popularity of augmented reality and virtual reality technologies and their applicability across various end-use industries are expected to translate into promising growth of the market in the near future. Enterprises in the market may concentrate on the development of extended reality solutions by collaborating with new market players, specifically in developed regions, including Europe and North America.
In the recent years, there is significant growth in the demand for stimulated digital environment. This is one of the prominent factors that may boost the growth opportunities in the extended reality (XR) market. Moreover, the market is anticipated to grow on the back of increased number of tech startups across the globe.
Popularity of augmented reality has increased over the period in the past few years. One of the key reasons for this scenario is noteworthy advancements in the overlaying of digital graphics and sound in the real world with the help of animations, images, and texts.
Various types of electronic products such as tablets and smartphones are available at reasonable prices across major parts of the globe. This scenario has resulted into the substantial rise in the demand for augmented reality, thereby offering promising expansion opportunities for the market. However, the growth of market may be hindered due to the high costs of the hardware.
In terms of region, the extended reality (XR) market is likely to gather lucrative avenues in the Asia Pacific region during the forecast period of 2020 to 2030. One of the key reasons for this development includes increased technology adoption in the region.
To see more findings and to download TMR’s latest XR market report, click here.