The Extended Reality Market : Opportunities and Challenges Ahead

"Extended Reality Market with COVID-19 Impact Analysis by Technology (AR, VR, MR), Application (Consumer, Commercial, Enterprises, Healthcare, Aerospace and Defense), Offering, Device Type, and Region(North America, Europe, APAC) - Global Forecast to 2026", is expected to grow from USD 33.0 billion in 2021 to USD 125.2 billion by 2026, at a CAGR of 30.6%.

The market growth can be attributed to several factors, such as surging deployment of extended reality in education sector and industrial training, rising demand for extended reality devices and technology in global automotive industry, surging adoption of extended reality in healthcare sector, and increasing demand for extended reality in entertainment and gaming industry.

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The extended reality (XR) market can be segmented into three main technologies: virtual reality (VR), augmented reality (AR), and mixed reality (MR).

Virtual Reality (VR): Virtual reality (VR) is an interactive, computer-generated representation of a three-dimensional environment. The most common way to enjoy VR is with a headgear that completely submerges the user in a virtual environment. VR has several uses outside of gaming and entertainment, including in the fields of healthcare, education, and retail.

Augmented Reality (AR):  With the aid of digital information like as images, sounds, and other sensory inputs, augmented reality (AR) technology enriches the physical world. A smartphone or tablet that projects digital content onto the actual world is one way to enjoy augmented reality (AR). Retail, healthcare, and education are just a few of the fields where augmented reality has potential.

Mixed Reality (MR): 

With the use of digital data including images, sounds, and other sensory inputs, augmented reality technology (AR) enriches the physical world. The real environment can be projected with digital data using an AR headset or a device like a smartphone or tablet. Retail, healthcare, and education are just a few of the areas that can use augmented reality.

The XR market is mostly comprised of these technologies. The expansion of the XR industry is being fueled by the creation of new and cutting-edge XR devices and apps that make use of these technologies, each of which has distinct advantages and uses.

Some of the key companies operating in the market are Microsoft (US), Sony (Japan), Oculus VR (Facebook) (US), HTC (Taiwan), Google (US), Samsung Electronics (South Korea), Apple (US), PTC (US), Seiko Epson (Japan),  and so on.

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