Extended Reality Market to Grow by USD 176.74 Bn during 2020-2024, Despite Anticipated Deceleration at a CAGR of over 60%

Strategic Insights -

The extended reality market is poised to experience significant growth over the next four years, with a projected increase in value of USD 176.74 billion. However, the market is expected to decelerate at a compound annual growth rate (CAGR) of over 60% during this period. Despite the anticipated deceleration, the market is driven by the increasing adoption of extended reality in various industries, including the military, and rapid improvements in sensor technology. The market is highly fragmented, with a mix of established and emerging players, including Accenture Plc, Alphabet Inc., Facebook Inc., HTC Corp., and Sony Corp.

Key Takeaways:

  • The extended reality market is expected to grow at a CAGR of over 60% during 2020-2024.
  • The market is highly fragmented, with Accenture Plc, Alphabet Inc., Facebook Inc., HTC Corp., and Sony Corp. as some of the major market participants.
  • Rapid improvements in sensor technology have been instrumental in driving the growth of the market.
  • The market is driven by the increasing adoption of extended reality in various industries, including the military.
  • The market is expected to grow by USD 176.74 billion during 2020-2024.
  • The market is segmented by application, geographic landscape, and vendor analysis, with detailed information on factors that will assist extended reality market growth during the next five years.
  • The growth of the extended reality market is expected to be driven by the increasing demand for immersive experiences and the need for enhanced productivity and efficiency in various industries.

Statistics:

  • Market size: USD 176.74 billion
  • CAGR: over 60%
  • Market growth rate: USD 23.34 billion
  • Selection of market drivers:

+ Increasing adoption of extended reality in military

+ Rapid improvements in sensor technology

+ Growing demand for immersive experiences

+ Need for enhanced productivity and efficiency in various industries

  • Market segmentation by application:

+ VR - market size and forecast 2019-2024 (USD 14.55 billion)

+ AR - market size and forecast 2019-2024 (USD 13.31 billion)

+ MR - market size and forecast 2019-2024 (USD 22.17 billion)

  • Market segmentation by geography:

+ North America - market size and forecast 2019-2024 (USD 43.43 billion)

+ Europe - market size and forecast 2019-2024 (USD 23.64 billion)

+ APAC - market size and forecast 2019-2024 (USD 31.14 billion)

+ South America - market size and forecast 2019-2024 (USD 10.12 billion)

+ MEA - market size and forecast 2019-2024 (USD 6.38 billion)

Sources:

  • Technavio
  • https://www.businesswire.com/news/home/20200729005680/en/
  • https://www.technavio.com/talk-to-us?report=IRTNTR41203
  • Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.