Latest News- Extended Reality (XR) Market: VR is expected to lead the Application segment during 2025-2029

The Extended Reality (XR) Market is being driven by Rapid improvements in sensor technology

The Extended Reality (XR) Market is expected to grow at a CAGR of 64.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1842.9 billion. 5G technology, renowned for its high-bandwidth and ultra-low latency capabilities, is revolutionizing the Extended Reality (XR) market. This advanced connectivity enables the widespread adoption of AR and VR products, enhancing their functionality in diverse applications. 5G empowers AR in live, uncovered outdoor environments, unbound by Wi-Fi limitations. It bolsters cloud-based gaming by ensuring a stable network with a latency of under 70 ms, necessitating a robust yet affordable 5G subscription for optimal performance. 5G networks significantly reduce latency compared to their predecessors, allowing for swift data transmission and minimal delay between send and receive times. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • VR
  • AR
  • MR
• Component
  • Hardware
  • Software and services
• End-user Industry
  • Education
  • Retail
  • Industrial & Manufacturing
  • Healthcare
  • Media & Entertainment
  • Others
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rapid improvements in sensor technology
• Increasing adoption of extended reality in military
• Growing popularity of 360-degree videos

However, the market also witnesses some limitations, which are as follows:

• Infrastructural and integration issues associated with extended reality (XR) solutions
• Shortage of skilled workforce
• Strict government regulations associated with data protection

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Market Scope in Extended Reality (XR) Market Research Report

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Research Analysis Overview

The Extended Reality (XR) market encompasses Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), revolutionizing various sectors. In the entertainment industry, XR offers immersive virtual meetings and online gaming experiences. In contemporary healthcare institutions, doctors and surgeons use XR technology for target organ visualization during surgeries. The education sector leverages XR for simulations, training programs, and games, enhancing learning experiences. With the advent of 5G technology, the XR market is poised for growth, as VR devices and XR content become more accessible. The gaming industry benefits from XR technology's ability to provide realistic experiences, while industrial training programs utilize XR for effective and efficient skill development.

Market Research Overview

The Extended Reality (XR) market encompasses companies specializing in virtual and augmented reality technologies for various industries, including virtual meetings, online gaming, and healthcare. This sector falls under the broader application software market, which caters to specialized software solutions for businesses and consumers. Notably, it excludes companies producing systems or database management software and those in the interactive home entertainment industry. According to Technavio, the global XR market size is determined by the consolidated revenue of companies providing XR solutions, including cloud-based services. Key industries include gaming, healthcare, and education, with applications ranging from virtual surgeries and medical training to immersive student experiences.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/