Growth factors such as the increasing adoption of augmented reality (AR)/virtual reality (VR) solutions, surging penetration of smartphones and connected devices, and rising number of partnerships and collaborations among players are expected to drive the growth of the extended reality (XR) market at a CAGR of 48.3% during the forecast period (2020–2030). With this growth rate, the market size is projected to reach $1,005.9 billion by 2030 from $18.6 billion in 2019.
The increasing penetration of AR/VR solutions among people and industries is a key factor that will improve the extended reality market growth scenario in the coming years. To gain knowledge and for entertainment purposes, people are increasingly adopting head-mounted displays (HMDs), which is why market players are offering these solutions to provide an engaging and interactive customer experience. AR and VR add to or completely replace the visual reality for people, thus transporting them to a completely different world, which is exciting.
The surging penetration of connected devices and smartphones across the world is another main factor boosting the demand for XR solutions. The penetration of smartphones has grown rapidly in advanced economies, and it is now growing significantly in emerging nations too. According to the Global System for Mobile Communication Association (GSMA), in March 2020, there were 5.2 billion smartphone connections as of December 2019, with this number expected to reach 5.8 billion by 2025.
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This market research report provides a comprehensive overview of the market
The increasing penetration of AR/VR solutions among people and industries is a key factor that will improve the extended reality market growth scenario in the coming years. To gain knowledge and for entertainment purposes, people are increasingly adopting head-mounted displays (HMDs), which is why market players are offering these solutions to provide an engaging and interactive customer experience. AR and VR add to or completely replace the visual reality for people, thus transporting them to a completely different world, which is exciting.
The surging penetration of connected devices and smartphones across the world is another main factor boosting the demand for XR solutions. The penetration of smartphones has grown rapidly in advanced economies, and it is now growing significantly in emerging nations too. According to the Global System for Mobile Communication Association (GSMA), in March 2020, there were 5.2 billion smartphone connections as of December 2019, with this number expected to reach 5.8 billion by 2025.
Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/extended-reality-xr-market-insights/report-sample
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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