The report is titled “Extended Reality (XR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The paper offers a thorough overview of the market, providing data on the size, trends, and growth projections of the global extended reality (XR) market.
How Big is the Market for Extended Reality (XR)?
In 2022, the extended reality (XR) market had a value of $64.5 billion. Looking ahead, IMARC Group projects that the market will develop at a compound annual growth rate (CAGR) of 43.5% from 2023 to 2028, reaching US$ 604.3 billion.
What is XR?
The integration of immersive technologies including augmented reality (AR), virtual reality (VR), and mixed reality (MR) is known as extended reality (XR). It relies on the usage of apps, headsets, and intelligent wearables to augment our perception of reality by creating realistic sounds and images using digital components. Many companies are using XR in the modern business environment for activities like hiring and training new employees. It can be used to create a learning experience that is more engaging, dynamic, and long-lasting. Additionally, well-known businesses use XR to sell their goods and services, giving customers a unique and interesting experience.
What are the XR industry’s growth prospects and trends?
The growing trend of remote work using cloud-based platforms has a significant impact on the market. Employees can engage in virtual meetings, see their workplace spaces in real time, and use XR technologies to increase productivity. Additionally, as customers look to watch live events like concerts and sporting tournaments on their smartphones from a distance, the expansion of the entertainment industry is also causing an increase in demand for XR technology.
The growing number of people playing professional online games is another important aspect fueling growth. Additionally, XR is frequently used in the healthcare industry to increase the accuracy of diagnostic procedures, including the usage of CT and MRI scans and other cutting-edge imaging methods. This adoption is improving the outlook for markets around the world. Furthermore, XR is anticipated to find wider application in sectors like retail, defense, transportation, and travel and tourism as people become more aware of its advantages.
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