XR Market Analysis: Constant innovation in technology offering lucrative opportunities for the savvy solution provider
The proliferation of augmented reality (AR) and virtual reality (VR) products, in particular headsets and controllers, for enterprise applications is establishing numerous, lucrative avenues in the extended reality (XR) market.
In fact, according to a study conducted by Transparency Market Research, a global market intelligence company, states the XR market will grow at a CAGR of 45% from 2020–2030. By the end of this project period, this new market will have surpassed US $1.1 trillion.
A constant growth mindset
Some of the key companies that are expected to drive this growth include:
· Dell Technologies
· Google, Inc.
· Samsung Electronics
· Qualcomm Incorporated
· Oculus VR
· Microsoft Corporation
Driving the growth of the XR market is the rapid pace of penetration of smartphones coupled with continuous advancements in mobile computing. Additionally, recent industry initiatives on the integration of smartphones with mobile VR headset and AR glasses are further enriching the ecosystem.
Industries focused on XR
Per the report, the rise in application of VR products in education and healthcare is serving as a key driver of the XR market, complemented by enterprise use of VR, too. There is also rising interest in expanding the practical applications of AR in other industries.
To the latter point, the integration of AR with smartphones presents a vast avenue for expansion among commercial applications. And advancements being made in immersive 3D graphics for AR are expected to pave the way for even more profitable avenues in the XR market.
How much is XR accepted in the global market?
In terms of the global market, the report indicates that North America held a prominent share of the global XR market in 2020. To this point, the massive uptake of AR, VR, and MR technologies for enterprise and commercial applications has helped spur the revenue generation of the regional market. The valuation is projected to reach US $ 498 billion by the end of the forecast period.
Opportunities in the Asia Pacific XR market are expected to rise at prominent pace through 2030. Demand for low-cost, head-mounted displays are expected to propel revenue growth in this region.
Looking ahead
Advancements made in computer vision, machine learning, and the introduction of state-of-the-art computing platforms will bring transformative potential for solution providers when introducing their customers to the XR market.
The enterprise market is expected to embrace this new solution as hardware and software developers are working collaboratively to unveil mobile XR solutions at low price, in a bid to propel adoption. For the savvy solution provider, now is a good time to begin understanding this exciting new technology and how it could potentially benefit your customers.
Access the full study here.
