Research Nester’s recent market research analysis on “Extended Reality Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global extended reality market in terms of market segmentation by component, technology, solution, device type, end user industry, and by region.
Rapid Acceptance of Extended Reality to Promote Global Market Share of Extended Reality
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GigXR, the provider of immersive healthcare training solutions, has added a new training model to the HoloSecnarios platform to improve learning curves. The initiative integrates basic life support (BLS) training on the HoloSecnarios platform, which leverages mixed reality (MR) technology to provide immersive learning experiences for healthcare professionals. The extended reality marketplace is used in healthcare to help doctors and surgeons better understand complex anatomical structures and diseases.
The XR can create 3D models of organs, simulate medical procedures and provide physicians with real-time medical images. This technology can help improve medical accuracy, reduce costs, and enable better patient care.
Some of the major growth factors and challenges that are associated with the growth of the global extended reality market are:
Growth Drivers:
- Businesses Transitioning to Remote Working
- Rapidly Growing Entertainment Sector
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Challenges:
Extended reality technologies require high-performance hardware, such as powerful processors and high-resolution displays, to deliver a seamless and immersive experience. However, the current state of technology still has limitations in terms of processing power, battery life, and display quality. Advancements in these areas are necessary to enhance the user experience and make XR more accessible.
By technology, the global extended reality market is segmented into virtual reality (VR), augmented reality (AR), and mixed reality (MR). The virtual reality (VR) segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth of the segment is attributed to the increasing use of VR in various industries such as entertainment, education, healthcare, and retail due to its immersive experience. Additionally, a virtual reality system is now as common in homes as a laptop or television, and the number of VR users continues to grow each year as the technology becomes more widespread. Approximately 170 million people around the world use virtual reality in some way.
By region, the North American extended reality market is to generate the highest revenue by the end of 2035. The growth of the market is mainly attributed to the increasing demand for immersive technologies in the aerospace and defense sectors. With a strong manufacturing base, a highly skilled workforce, and access to research and development resources, the United States is home to the largest aerospace industry in the world. The A&D industry is increasingly using extended reality technologies like VR and AR to improve the efficiency and accuracy of their operations. These technologies enable to simulate and train aircraft pilots, maintenance and repair personnel, and logistics. In addition, in 2021 it was announced that Microsoft had received a US order from Army for 120,000 Microsoft HoloLens augmented reality headsets valued at up to USD 20 billion.
This report also provides the existing competitive scenario of some of the key players of the global extended reality market which includes company profiling of Accenture plc, Qualcomm Technologies Inc., Varjo, SoftServe Inc., Northern Digital Inc., Sony Corporation, Facebook Inc., Unity Technologies, Adobe Inc., Alphabet Inc.,
