Chicago, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Extended Reality Market by Technology (AR, VR, MR), Application (Consumer, Commercial, Enterprises, Healthcare, Aerospace and Defense), Offering, Device Type, and Region(North America, Europe, APAC) - 2026", The 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 are driving the extended reality market.

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Extended Reality Market Report Scope :

Report Metric	Details
Estimated Market Size	USD 33.0 Billion
Projected Market Size	USD 125.2 Billion
Growth Rate	CAGR of 30.6%
Base Year Considered	2020
Historical Data Available for Years	2017–2026
Forecast Period	2021–2026
Segments Covered	By Type, By Technology, By Offering, By Device Type, By Application, By Region
Region Covered	APAC, Europe, North America, South America, Middle East & Africa
Market Leaders	Microsoft (US), Sony (Japan), Oculus VR (Facebook) (US), HTC (Taiwan), Google (US), and so on.
Key Market Driver	Surging adoption of extended reality in healthcare sector
Key Market Opportunity	Continuous developments in 5G technology
Largest Growing Region	North America
Largest Market Share Segment	VR devices
Largest Application Market Share	Consumer application

In this research report, the extended reality market has been segmented on the basis of technology, offering, device type, application, and geography.

Extended Reality Market, by Technology

• AR Technology
• VR Technology
• MR Technology

Market, by Offering

• Hardware
• Software

Market, by Device Type

• AR Devices
•  VR Devices
•  MR Devices

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133 – Tables
83 – Figures

246 – Pages                     

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Microsoft (US) was the leading player in the extended reality market in 2020. Microsoft is a technology company that develops, licenses, and supports a wide range of software products, devices, and offer-related services. It offers operating systems, server applications, cross-device productivity applications, video games, desktop and server management tools, business solution applications, and training and certifications for computer system integrators and developers. The company also designs, manufactures, and sells personal computers, gaming and entertainment consoles, tablets, other intelligent devices, and related accessories. Microsoft offers cloud-based solutions that provide customers with software, services, platforms, and content. In addition, it provides consulting and online advertising services, along with solution support.

Sony, Inc. (Japan) ranked 2nd in the extended reality market. Sony is one of the largest electronics conglomerate groups involved in the designing, manufacturing, developing, and selling of electronic equipment. It also offers electronic instruments and devices for consumer and industrial markets, besides extending its customer support services globally. Sony classifies its business operations under the following reportable segments, namely, Game & Network Services (G&NS), Music, Pictures, Electronics Products & Solutions (EP&S), Imaging & Sensing Solutions (I&SS), Financial Services, and All Other. Project Lindbergh is a team consisting of professionals from Sony Group that have expertise in music systems, games, and broadcast cameras, as well as audio and visual technologies to create the next-generation XR (extended reality) experiences, including AR and VR.

 Recent Developments

• In January 2021, SEL launched the new SEL-3350 Automation Controller designed for applications that require midlevel I/O and computation. SEL-3350 can withstand harsh environments in utility substations, industrial control systems, and automation systems.
• In December 2020, Hitachi ABB Power Grids launched the new Remote Terminal Unit (RTU) 530 that extends the life of existing power distribution networks and supports the migration to modern technologies with enhanced security features, including secure communication, encryption, and security logging.
• In November 2020, Siemens Energy was contracted by Kuwait’s Ministry of Electricity and Water (MEW) to provide maintenance of 116 high-voltage substations. The advanced maintenance services provided to these substations will help maximize performance, lower operating costs, and deliver better and more reliable network operations for the Ministry of Electricity in Kuwait.

What are the growing application verticals in the extended reality market?

The extended reality market is led by the consumer application. Gaming has been the most important sector in which mobile AR has been used. Pokémon Go has led the market and contributed significantly to the market growth. The demand for VR HMDs is high in consumer applications because of their use in gaming and sports & entertainment. The use of HMDs as smart glasses in sports (such as ski driving and fighting games) is increasing.

Recent Developments Extended Reality Industry

• In Jun 2020, Google developed a new technology to make the immersive augmented reality (AR) and virtual reality (VR) experiences available on consumer devices.
• In May 2019, Microsoft launched the second-gen HoloLens, the HoloLens 2. The complete set of the HoloLens 2 includes free trials of Unity Pro, Azure credits, and the Unity PiXYZ Plugin for CAD data. The company also announced the Unreal Engine 4 support for HoloLens 2 to offer a highly realistic experience to customers.
• In October 2018, Sony Interactive Entertainment (SIE), a subsidiary of Sony, signed a two-year patent license agreement with Lenovo. The objective of the agreement was to provide Lenovo with a license to use the patented PlayStationVR (PS VR) industrial design of Sony Interactive Entertainment for the Lenovo mirage solo VR headset.

Related Reports:

1. The Head-up Display Market size is valued at USD 2.4 billion in 2022 and is anticipated to USD 6.4 billion by 2027; growing at a CAGR of 21.3% from 2022 to 2027.
2. The Augmented Reality and Virtual Reality Market is expected to have a market size of USD 37.0 billion and can reach up tp USD 114.5 billion by 2027, the end of 5 year forecast period at a market growth of 25.3% rate.
3. The Head-mounted Display Market is estimated to be USD 5.5 billion in 2021 and expected to reach USD 36.5 billion by 2026, at a CAGR of 46.0% from 2021 to 2026.
4. The Augmented Reality Market is projected to reach USD 88.4 billion by 2026, growing at a CAGR of  31.5% during the forecast period. 

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