The Business Research Company has recently updated its global market studies with the most recent market size data for the years 2023 and 2032.
According to The Business Research Company’s Extended Reality Global Market Report 2023, rising government efforts would be the main factor driving the market’s expansion over the forecast period. Government initiatives are actions taken by different governments to help a certain sector of the economy or geographic region of a nation. Several governmental entities, including the government of Dubai, are launching a number of initiatives to build extended reality and promote the nation’s digital transition.
With a compound annual growth rate (CAGR) of 29.1%, the global extended reality market is anticipated to increase from $34.56 billion in 2022 to $44.62 billion in 2023. The hopes of a global economic recovery from the COVID-19 pandemic were hampered by the Russia-Ukraine conflict. Economic sanctions on a number of nations, an increase in commodity prices, and disruptions in the supply chain as a result of the conflict between these two nations have caused inflation in the prices of products and services and had an impact on numerous markets throughout the world. With a CAGR of 29.1%, the extended reality market is anticipated to reach $123.77 billion in 2027.
