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- Penetration of mobile computing to accelerate the pace of innovation, ARs and VRs in mobile and gaming act as key enablers

- Growing demand for digital environments in industries a compelling proposition for developers of XR, global valuation to cross 1.1 Trn by 2030

ALBANY, N.Y. , March 10, 2021 /PRNewswire/ -- The extended reality (XR) market has evolved on the back of growing applications of virtual reality (VR), augmented reality (AR), and mixed reality, and an array of technologies that are combination of these. Various industry verticals such as gaming, entertainment, healthcare, education, and real-estate are leveraging these technologies to offer an immersive experience to their customers, and earn a competitive edge. Concomitant advances in hardware components and remarkable strides made by computing technologies have enriched the landscape of the extended reality (XR) market. Coupled with the advancements made in sound and digital graphics and penetration of smartphones, XR is witnessing new normals of mainstreaming in end-use industries. Numerous startups have entered the fray to leverage the edge.

The global extended reality market is projected to clock CAGR of 45% from 2020 to 2030. By the period-end, the valuation is expected to exceed US$ 1.1 Trn .

Key Findings of Extended Reality (XR) Market Study

An array of functional technologies in smart mobile devices powered by augmented reality (AR) and virtual reality (VR) open vast possibilities in extended reality market. Growing popularity of XR is enabling businesses in various end-use industries leverage the potential of 3D graphics, machine vision, and artificial intelligence technologies for delivering immersive mobile experiences to their customers. The trend has already picked up pace with startups and established players in the education, healthcare, and real-estate increasing their stakes in the market. In developing economies, the penetration of smart devices is robust among users of mobile devices, the reason having to do with the rise in disposal incomes in the past few decades. Advancements in on-device processing capabilities and progress in cloud computing infrastructures around the world is fueling growth in the extended reality market.

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Over the past few years, there has been steady developments in hardware components to enhance user's comfort and overall experience in AR and VR. Constant feature improvements made hand gloves and glasses are paving way to new immersive experience to customers in the extended reality (XR) market. Energy efficiency and ergonomics are the key consumer propositions hardware manufacturers are focusing on and are making sizable investments in the associated R&D. 

The COVID-19 pandemic has shaken the macroeconomic fundamentals of several countries across the globe. Consumers were sceptical of spending on AR and VR products in a large part of 2020. However, there is expected a growth in entertainment products in coming years. On the other hand, businesses in end-use industries are keen on harnessing XR to overcome the barriers due to COVID-19 outbreaks. This has also opened the canvas for collaborations among prominent players and startups.

Explore 224 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Extended Reality [XR] Market (Component: Hardware [Head Mounted Devices] and Software; Technology: Virtual Reality, Augmented Reality, Mixed Reality; Application: Media & Entertainment, Retail, Real-estate, Education, Healthcare, Military & Defense, and Engineering; and End Use: Personal and Commercial) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/extended-reality-xr-market.html

Extended Reality (XR) Market: Key Driving Factors and Avenues

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Extended Reality (XR) Market: Regional Dynamics

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