According to a new report, published by KBV research, The Global Extended Reality Market size is expected to reach $161.6 billion by 2028, rising at a market growth of 29.7% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 30.4% during (2022 - 2028). The rise of integrated technology-related service and consulting offerings, such as training, management, and security services, has been attributed to a significant expansion in the services segment and is expected to continue during the projected period. The services business sector is still relatively new, but several big virtual and augmented reality technology companies have made investments in service organizations.
The Virtual Reality (VR) segment acquired maximum revenue share in the Global Extended Reality Market by Technology in 2021 thereby, achieving a market value of $71.9 billion by 2028. The use of computer technology to establish a simulated world is responsible for the segment's expansion. VR immerses the consumer inside an experience, in contrast to the conventional user interface. This means that users are engaged in a three-dimensional world and may interact with it instead of simply observing a monitor screen. VR technology has recently made a name for itself in the gaming industry as well.
The Aerospace & Defense segment has shown the growth rate of 29.2% during (2022 - 2028). Full visual awareness is constrained in military tanks. The tank crew has a full horizontal field of view owing to an AR head-mounted display and a 360-degree camera. Drivers can safely maneuver through dust, sand, or haze with night vision and a 4X zoom, enhancing their survivability. Additionally, VR-based flight simulators allow pilots to receive realistic training without risking their lives. These factors are accelerating the expansion of the segment throughout the forecast period.
The North America market dominated the Global Extended Reality Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $60.2 billion by 2028. The Europe market is exhibiting a CAGR of 29.4% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 30.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/extended-reality-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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