The global XR headset market is expanding as a result of the increasing use of XR headsets in the media and entertainment industry. In addition, the market’s major players are spending a lot of time and energy developing innovative and clever business strategies, opening up new business chances in the years to come.
The report states that with a CAGR of 28.3% from 2022 to 2031, the global XR headset market is expected to grow from $38.1 million in 2021 to $401.4 million by 2031.
IMPACTS OF COVID-19:
- Due to increased use of XR headsets across numerous industries, including healthcare, education, automotive, e-commerce, and others, the Covid-19 pandemic had a negative effect on the global market for XR headsets.
- Due to the widespread deployment of rigorous lockdowns, many firms required their workers to work from home, which increased the need for online conferences, meetings, and training.
In terms of end users, the media and entertainment sector accounted for over one-third of the worldwide XR headset market in 2021, and it is anticipated that it will continue to hold the top spot throughout the forecast period. Since 2020, the use of XR headsets in the media and entertainment industry has dramatically increased as a result of people being compelled to stay at home and partake in activities that foster social isolation. The industry segment expected to experience the largest CAGR from 2022 to 2031 is healthcare, at 29.9%.
According to solution, the consumer engagement market category accounted for more than half of the worldwide XR headset market in 2021, and it is anticipated that it would continue to hold the top spot throughout the forecast period. By engaging the senses as consumers interact with the products for sale, XR headsets boost customer engagement. Business involvement is the interaction between businesses, VR, and other workforce development and education institutions that produces measurable increases in intended objectives for both sides. Additionally improved understanding through data visualization. Collaboration and internal communication have improved. Because extended reality in general has become increasingly widespread in the commercial sphere.
According to region, North America accounted for about one-third of the global XR headset market in 2021 and had the greatest revenue market share. This enormous increase is partly attributable to the region’s media and entertainment sector’s growing adoption of VR and AR technologies.
