The extended reality market is expected to grow by USD 176.74 billion during 2020-2024 according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Extended Reality Market 2020-2024 (Graphic: Business Wire)
With the ongoing digital transformation across various industries and verticals, there is a rising demand for reliable smart sensors that require little maintenance and have relatively low repair costs. These sensors drive operational efficiencies across business processes. For instance, in the healthcare industry, researchers are designing tiny optical and biopotential sensors that can be fitted into wearable devices. These sensors further allow doctors to diagnose a patient’s health in real-time. Moreover. miniaturization of sensors is increasing the installation of sensors in all possible business assets to enable effective monitoring and analysis. Additionally, a significant focus on R&D pertaining to sensor technology is expected to aid the growth of the global extended reality market during the forecast period. Thus, rapid developments in sensor technology will drive the growth of the global extended reality market during the forecast period.
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As per Technavio, the increasing adoption in the military will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Extended Reality Market: Increasing Adoption in the Military
The rising adoption of extended reality in the military sector is one of the key extended reality market trends expected to boost market growth during the forecast period. Extended reality is applicable in the military sector as it offers solutions such as tactical augmented reality (TAR). TAR resemble night-vision goggles and are often used for tracking the location of soldiers and allied and enemy forces. In addition, virtual training minimizes the risks associated with real-time training, particularly where personnel and equipment or devices are involved. Therefore, defense agencies are increasingly shifting their focus to simulation and synthetic training methodology. Furthermore, the increased budget for defense and law enforcement over the last few years has also boosted the demand for innovative simulation training systems among military and police. These military simulations and virtual training systems are well supported by an architecture based on commercial-off-the-shelf (COTS) components, which use the plug and play capability. All these factors are expected to drive market growth during the forecast period.
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Extended Reality Market: Segmentation Analysis
This market research report segments the extended reality market by application (VR, MR, and AR) and geography (North America, Europe, APAC, South America, and MEA).
The North America region led the extended reality market in 2019, followed by Europe, APAC, South America, and MEA respectively. The region is expected to register the highest incremental growth due to factors such as high penetration of AR and VR technology across various in industry verticals, such as retail, healthcare, e-commerce, and automotive sector and strong presence as well as penetration of major vendors in the information technology industry.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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