Global Extended Reality XR Market to be Propelled by Increasing Spending on Augmented and Virtual Reality by CAGR of ~50% During 2023 – 2033

Kenneth Research published a report titled “Extended Reality XR Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global extended reality XR market in terms of market segmentation by device type, component, industry, delivery mode, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

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The global extended reality XR market is estimated to grow at a CAGR of ~50% over the forecast period, i.e., 2023-2033. The market is segmented by device type into smartphones, computer, laptops, and others. Out of these, the smartphones segment is anticipated to hold the largest share over the forecast period owing to the rising number of smartphone users across the globe.

Increasing spending on augmented reality, mixed reality, and virtual reality is anticipated to increase the growth of the global extended reality XR market. Moreover, surging adoption of 5G is further expected to rise the growth of the market.

Geographically, the global extended reality XR market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of them, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of earlier adoption of real and virtual solutions in different verticals, and increasing consumers’ disposable income.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Enhancement of Jobs for Employees to Drive the Growth of the Market

More than 800 thousand jobs in the year 2019 are enhanced by augmented reality and virtual reality

There has been an enhancement in jobs for employees through providing better learning with the support of AR and VR.  Moreover, it provides hands on experience in a controlled and safe environment. Hence, it is projected to boost the growth of the global extended reality XR market.

However, the lack of technical professionals for the setup, concern of privacy issues, and high price for the installation of the system are expected to operate as key restraint to the growth of global extended reality XR market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global extended reality XR market which includes company profiling of Microsoft Corporation, Accenture plc, SphereGen Technologies LLC, Adobe Inc., SoftServe, Semcon AB Qualcomm Technologies, Inc., VertexPlus Technologies Pvt. Ltd., Medtronic, plc, Dassault Systemes Solidworks Corporation, AugRay LLC, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global extended reality XR market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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