According to MarkNtel Advisors study the Global Extended Reality Market is anticipated to grow at a CAGR of around 55% during the forecast period, i.e., 2021-26.

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Key Findings of the Study: Extended Reality market

Key Driver: Increasing Adoption of Extended Reality Solutions in the Healthcare Sector

The adoption of ER in the healthcare sector is gaining incredible pace since it offers lucrative opportunities to medical practitioners, like helping in developing 3D imitations of patient scans that could further help them in their studies. ER can also help create an interactive platform for healthcare providers where multiple surgeons can collaborate for training lessons, discussions, etc. Hence, these benefits of ER in the healthcare sector are projected to drive the market during 2021-26.

Possible Challenge: Health Issues Associated with the Overuse of Extended Reality Devices

With the mounting sophistication in ER devices, various associated health concerns are also increasing significantly. The most common risk with using ER devices is getting injured by blundering into real objects while immersed in the virtual world. Whereas headaches, eye strains, & dizziness are other health concerns. Moreover, the regular use of these devices can also cause myopia. Hence, these severe health concerns might hamper the overall growth of the Extended Reality Market in the coming years.

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Scope of the Report and Extended Reality Market Segmentation:

 By Component

• Hardware
  • Sensors
  • Cameras
  • Transducers
  • Speakers
• Services
  • Professional Services
  • Managed Services
• Software
  • Handheld Mobile Apps
  • Content Creation & Software Engines
  • Development Suit

 By Type

• Mobile XR
• PC-tethered XR
• Windows

 By Delivery Model

• Consumer Based
  • Gaming
  • Entertainment
  • Others
• Business Based
  • Manufacturing & Production
  • Healthcare
  • Others

By Organization Size

• Small & Medium-Sized
• Large Enterprises

 By Application

• Virtual Reality
• Augmented Reality
• Mixed Reality

 By End- Users

• BFSI
• Healthcare & Life Sciences
• Telecommunications & IT
• Government & Public Sector
• Manufacturing
• Consumer Goods & Retail
• Media & Entertainment
• Others (Education, etc.)

Of both, the Business-Based delivery model accounted for the largest market share.

Extended Reality Market Development:

• In 2019, Indian telecom giant Reliance Jio launched Jio HoloBoard MR Headset that offers mixed reality services. It enables its subscribers to create a 3D hologram of any subject placed in front of their eyes. It helps achieve cinematic experience in mixed reality education, movie watching, shopping, & hands-free video calling.
• In 2022, Bots Inc. has announced a strategic investment in XR casino, the first technology company expert in Extended Reality (XR) cross-technology casino gaming & XR game development solutions.
• In 2020, Qualcomm Technologies and Accenture collaborated with InterContinental Hotels Group in the United States to pilot a solution that utilizes an extended reality to transform the event planning experience.
• In 2019, Microsoft launched a HoloLens 2, an augmented reality headset. It brings value to manufacturing shop floors, construction sites, remote working, etc. With the help of HoloLens 2, employees can quickly learn complex tasks and collaborate at any moment from anywhere.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Geographically, among all regions, North America acquired the largest share in the Extended Reality Market and is expected to maintain its dominance even during the forecast period.

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