Press Release - | Extended Reality Market to Reach Valuation of USD 161.5 Billion by 2028 – Rise in the Use of Extended Reality (XR) in the Healthcare Sector Drives the Market |
Vantage Market Research | 20 Feb 2023
Technology & Media
Extended Reality Market to Reach Valuation of USD 161.5 Billion by 2028 – Rise in the Use of Extended Reality (XR) in the Healthcare Sector Drives the Market
In terms of revenue, the Global Extended Reality Market is expected to reach USD 161.5 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 30.1% from 2023 to 2030.
Over the projected period, the Extended Reality Market (XR) Market is anticipated to develop fastest. In terms of emerging technologies, Extended Reality Market (XR) includes immersive technologies like augmented reality, virtual reality, mixed reality, and other potential future realities. The growing demand for shorter distances between people and more visual material is one of the key drivers driving the industry. Numerous businesses are working on enabling technologies that, by seeing the massive potential in the XR domain, could aid in the global commercialization of XR technology.
Gesture-based computing's growing popularity also assists the market's expansion by creating new opportunities and applications. For example, gesture-based computing describes interfaces where users interact with digital resources using only their bodies rather than typical input devices such as a keyboard, mouse, game controller, or voice recognition system. As a result, it is now possible to work in engineering, medicine, 3D sculpting, gaming, TVs, electronics, kiosks, medical experts, designers, marketing, and even persons with physical limitations. In addition, gesture-based gaming in children's educational games is expanding beyond the confines of traditional gaming consoles.
Key Highlights from the Report
Market Dynamics
Extended Reality Market (XR) applications in the healthcare industry give physicians new options and hold promise for the future, especially for modern healthcare institutions. Extended Reality Market technology can help surgeons explore the target organs before starting any medical procedure by visualizing the finer intricacies of the patient's body, reducing the likelihood of complications. For instance, Wolters Kluwer Health, a significant supplier of point-of-care solutions and information to the healthcare sector, announced in December 2022 the integration of BioDigital XR with its development into medical education and practice. This cooperation will offer immersive, safe-to-fail environments with Virtual Reality (VR) and augmented reality (AR) solutions to enhance students' learning courses. As a result, the rising digitization of the medical industry has increased the extended global reality (XR) market CAGR in recent years.
Extended Reality Market technologies are spreading in private and business contexts. These problems are anticipated to be solved by the arrival of 5G technology, allowing for improved processing capability distribution. Specifically, it is expected that by 2023, there will be 1,02 billion 5G customers, up from less than 200 million in 2019. Countries like China, South Korea, and the US have already started using 5G in a few limited locations. Worldwide, considerable expenditures are being made to support 5G installations in every region. As a result, the quick adoption and implementation of 5G service is another element boosting the revenue growth of the Extended Reality Market (XR) industry.
In 2022, the Extended Reality Market in North America accounted for the most significant portion. The widespread use of immersive technologies for training purposes in sectors like oil & gas, mining, and construction is the main factor boosting the market growth. Additionally, a sizable number of businesses investing extensively in such technologies to bring cutting-edge solutions is another crucial driver for developing the sector. In the future, it is anticipated that the market growth will be further fueled by the spike in demand for AR/VR in companies for training and development reasons as well as the growing investment in immersive technologies across industries, including education, e-commerce, and retail.
The Global Extended Reality Market is Segmented as follows
List of the Key Players of the Global Extended Reality Market is
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The Global Extended Reality Market Scope can be Tabulated as below
Parameter | Details |
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Market Size Provided for Years | 2016-2028 |
Base Year | 2021 |
Historic Years | 2016-2020 |
Forecast Years | 2022-2028 |
Segments Covered |
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Region & Counties Covered |
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Companies Covered |
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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Technology & Media
Extended Reality Market to Reach Valuation of USD 161.5 Billion by 2028 – Rise in the Use of Extended Reality (XR) in the Healthcare Sector Drives the Market
20 Feb 2023
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Extended Reality Market to Reach Valuation of USD 161.5 Billion by 2028 – Rise in the Use of Extended Reality (XR) in the Healthcare Sector Drives the Market
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