XR Market Recent Trends, Developments, Challenges and Opportunities

The mushrooming usage of connected devices and smartphones, especially in emerging economies such as India and China, is driving the demand for AR applications. For instance, as per the estimates of the India Brand Equity Foundation (IBEF), the total number of smartphone users in India will rise from around 502 million in 2019 to 780 million by 2021.

Furthermore, the organization found that the contribution of the country to the global smartphone industry grew from 9% in 2016 to 16% in 2019. Additionally, the soaring number of collaborations and partnerships among industry players is also fueling the growth of the market. Besides the aforementioned factor, the surging adoption of AR and VR solutions is also propelling the demand for extended reality across the world.

The increasing usage of head-mounted displays (HMDs) for knowledge and education purposes and among several enterprises operating in various industries for providing a highly engaging and interactive customer experience is pushing up the demand for AR and VR solutions across the world.

Across the globe, the extended reality market is expected to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the increasing use of immersive technologies for gaming, media & entertainment, and various other purposes and soaring internet penetration in the region.

In addition, the huge investments being made in the development of immersive technologies so that they can be used for training and development purposes in several industries, are also driving the expansion of the market in the region.

Hence, it can be safely said that the market will grow substantially in the coming years, mainly because of the growing usage of smartphones and connected devices and AR and VR solutions, increasing collaborations between industry players, and the ballooning requirement for immersive technologies across the world.

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