The Europe Extended Reality Market would witness market growth of 29.4% CAGR during the forecast period (2022-2028).
A computer-generated multi-sensory experience that allows individuals to engage and communicate with a simulated world is referred to as virtual reality. On the other hand, augmented reality enhances the real world with perceptual overlays that were digitally manufactured. More companies are utilizing AR and VR technologies to boost productivity, customer service, and communication. The proliferation of smartphones, the rise in popularity of video games, the cost-effective advantages of XR-based solutions, and the rapid uptake of AR and VR technologies by businesses are some of the factors that have an impact on the market.
The disruptive influence of AR and VR is seen across consumer technologies due to technological improvements, as many new items are being introduced to the market. Therefore, AR is proven to be a useful tool for businesses as consumers prioritize experience, accessibility, and service quality when making purchases. More businesses are embracing and testing AR and VR technology in a vast scope of work-related applications.
The UK is renowned around the world for its world-class innovation and creative excellence. The UK government made efforts to increase the spending on VR and AR by 78.3% between 2019 and 2024. By 2030, growth is expected to reach £62.5 billion, and the UK would present enormous investment prospects. The need for companies to function more sustainably and cut carbon emissions has intensified in the nation. Immersive technology can help with this by enhancing asset operations, continuing inspection, and maintenance across several important industries, including maritime, healthcare, advanced manufacturing, and renewable energy. An important area of growth for the country is electrification, which offers excellent prospects for immersive technology. This supports the growth of the regional market.
The Germany market dominated the Europe Extended Reality Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $10,333.2 million by 2028. The UK market is anticipated to grow at a CAGR of 28.3% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 30.4% during (2022 - 2028).
Based on Component, the market is segmented into Hardware, Software and Services. Based on Technology, the market is segmented into Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR). Based on End User, the market is segmented into Gaming, Aerospace & Defense, Manufacturing & Industrial, Healthcare, Education, Retail, Media & Entertainment and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Extended Reality Market will Hit $161.6 Billion by 2028, at a CAGR of 29.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Meta Platforms, Inc. (Facebook), Sony Corporation, Microsoft Corporation, Google LLC (Alphabet Inc.), Accenture PLC, Qualcomm Incorporated (Qualcomm Technologies, Inc.), HTC Corporation, Unity Software, Inc., Adobe, Inc., and SoftServe, Inc.
By Component
By Technology
By End User
By Country
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