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, characterized by its high-bandwidth and low-latency capabilities, is poised to accelerate the adoption of Extended Reality (XR) products. With 5G, businesses can leverage AR in live, outdoor environments previously inaccessible due to Wi-Fi limitations. This technology facilitates cloud-based gaming, requiring a stable network with a latency of less than 70 ms for optimal performance. A robust yet affordable 5G subscription is essential for effective cloud gaming implementation. The significantly lower latency offered by 5G networks compared to previous generations enables faster data transmission, reducing the delay between sending and receiving data. This technological advancement is a game-changer for XR applications, enhancing user experience and driving business growth.
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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) Geography (North America, APAC, Europe, South America, 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:
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Key Features in Extended Reality (XR) Market Research Report
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The Extended Reality (XR) market encompasses Virtual Reality (VR) and Augmented Reality (AR), revolutionizing various sectors such as virtual meetings, online gaming, and contemporary healthcare institutions. Doctors and surgeons utilize XR for target organ visualization, while students benefit from immersive educational simulations. XR technology, fueled by 5G, transforms industries like gaming and education with VR devices and XR content. The entertainment and industrial training sectors also leverage XR technology for games, simulations, and training programs.
The Extended Reality (XR) market encompasses businesses specializing in virtual meetings, online gaming, and advanced healthcare applications. This sector falls under the broader IT software industry, specifically the application software market. According to Technavio, the global application software market size is determined by the consolidated revenue of companies producing XR software for business and consumer use. This includes enterprise and technical software, as well as cloud-based solutions. Notably, this category excludes companies involved in interactive home entertainment and those producing systems or database management software. Key applications of XR technology span various industries, such as healthcare, where doctors and surgeons utilize virtual realities for target organ visualization and training.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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