The Extended Reality is an umbrella term that comprehends both augmented reality and virtual reality, therefore refuges a full spectrum of genuine and virtual surroundings. XR experience supplies to business issues and generates innovative solutions to add effectiveness and augment productivity to meet critical client requirement.
According to the report analysis, ‘Global Extended Reality (XR) Market to reach USD XXX Billion by 2026’ states that the Extended reality is obtaining large requirement from healthcare segments therefore worldwide spread of COVID-19 Virus will propel the growth of market over the review years owing to its inherent landscapes. As it supports in improving innovative healthcare solutions and delivering advent of proficiency and efficiency to healthcare professionals in several clinical and research methodology. Along with healthcare, the extended reality is partaking large utilization in several end use industries such as gaming, movie & entertainment, retail, tourism and several others. For instance: as per Jabil Inc., XR has over 76% of utilization in gaming industries, 60% of optimization in movie & entertainment, 34% in retail and over 30% of utilization in tourism etc. However, Security and Privacy Concerns Associated with Augmented Reality is the aspect limits the growth of market over the review years.
In addition, the regional analysis of worldwide Extended Reality (XR) market is considered for the major regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/substantial region across the world in terms of market share due to the express growth in technological advancement & modernization within the region. Whereas, the Asia-Pacific is also predicted to exhibition highest growth rate / CAGR over the review period of 2020-2026. Aspects such as increasing requirement of Extended reality from numerous end-use industries such as Healthcare, gaming, education & retail etc. in the region would produce lucrative growth predictions for the Extended Reality (XR) market around Asia-Pacific region.
Not only has this, the Media & entertainment, and gaming are at the vanguard of positioning technological advancements associated to other industries. Current advancements in technology in augmented reality and virtual reality is leading to increasing end-user expectations to witness virtual environments in dissimilar applications. During the recent years, corporates have introduced or modernized virtual reality solutions to develop the user experience to improve their productivity.
Several companies accept as true that the unremitting innovation in VR headsets and controllers is projected to boost the growth of the extended reality market throughout the forecast duration. Not only has this, most market players are delivering free software development kits (SDK) to inventors which is prospective to advance the requirement for better supervisory feature over software in extended reality connected devices. Meanwhile, the market is at the preliminary stage attached with high investment scenario; the market is projected to witness great scale of improvements in short to medium term as associated to the long term. Therefore, in the near years, it is anticipated that the market of extended reality will increase around the globe more positively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications