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Increasing Role of Extended Reality Solutions in Businesses Boosting their Demand

As per the World Bank, the number of mobile cellular subscriptions increased from 7.18 billion in 2015 to 7.98 billion in 2019. The increasing penetration of smartphones and other connected devices will result in the largescale adoption of extended reality (XR) solutions across the world. Moreover, the accelerating internet use will also fuel the demand for XR solutions in the upcoming years.
 
Additionally, the mounting popularity of augmented reality (AR) and virtual reality (VR) technologies among general public and the retail, education, healthcare, gaming, industrial and manufacturing, aerospace and defense, and media and entertainment sectors will fuel the extended reality market at a robust CAGR, of 48.3%, during 2020–2030.


XR Market Outlook and Opportunities in Grooming Regions

The market was valued at $18.6 billion in 2019 and it is projected to generate $1,005.9 billion revenue by 2030. The rising usage of head-mounted displays (HMDs) by individuals for education purposes and enterprises for providing an interactive customer experience is creating a huge requirement for AR and VR solutions, worldwide.

Moreover, the escalating 5G deployment rate will also accelerate the usage of XR solutions among individuals and enterprises. These solutions require high bandwidth, low latency, and high reliability, which can be offered by 5G at an affordable cost. According to the International Telecommunication Union (ITU), around 51% of the world population were using the internet in 2019.
 
For example, the Federal Communications Commission (FCC) aims to develop a robust 5G network infrastructure and fuel 5G technology deployment in the U.S. through its 5G Open Radio Access Networks program. Similarly, the Government of India constituted a High Level Forum for 5G India 2020 to establish a strong 5G network infrastructure in the country.
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