Global Extended Reality Display Market is expected to reach a market size of ~US$ 100 billion by 2028 – Ken Research
The Global Extended Reality Display Market was valued at ~US$ 8 billion in 2017. It is estimated to be ~US$ 25 billion in 2022 and is expected to reach a market size of ~US$ 100 billion by 2028 growing with a CAGR of ~25% during 2022 to 2028. The adoption of extended reality display in the healthcare sector is likely to drive market growth.
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Key Growth Drivers
The adoption of extended reality devices in the healthcare sector is driving the growth of the global extended reality display market.
- Extended reality devices are widely used in the healthcare sector by surgeons to detect every aspect of the human body, which helps them to see complex body structures easily during surgeries.
- Extended reality technology also helps medical practitioners to memorize information regarding human body parts such as the brain and heart more easily.
The Multiple Health Issues Due to Extreme Usage of Extended Reality Devices Are Major Challenges Faced by The Global Extended Reality Display Market.
- The excessive use of extended reality devices has many health issues as many users have reported that they have experienced several issues like headaches, eyestrain, dizziness, and nausea after using extended reality devices.
Since Covid-19 Pandemic, the use of XR Technology is widely increasing such as for Learning, Training, and Treatment purposes as it encourages students, teachers, and professors to learn and educate using augmented reality, virtual reality, and mixed reality labs due to the lack of offline interaction due to government norms and lockdowns worldwide.
Key Trends by Market Segment
By Solution: The consumer engagement segment by solution held the largest market share in 2021 in the global extended reality display market.
- Customer engagement is the process of interacting with customers through different channels to develop and strengthen a relationship with them. It is a strategy used by companies to add value throughout every client encounter and boost loyalty.
- In February 2019, Warby Parker, which is an American online retailer of prescription glasses, contact lenses, and sunglasses, offers an augmented reality (AR) try-on under which customers are able to test Glasses virtually using their mobile phones. Furthermore, there are going to be no delivery charges on multiple orders for new customers.
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By Application: The Virtual Reality (VR) segment by application held the largest market share in 2021 in the global extended reality display market.
- Virtual Reality is creating a digital world using computer technology to access that digital world users use various VR devices such as VR headsets, haptic gloves, feedback controllers, and more.
- In addition, teachers in a variety of educational centers are now focusing on virtual reality technology for providing better teaching such as 3D teaching models. VR, technology is less expensive, also more engaging, and visually appealing for students.
By End-User: The Gaming segment is projected to be the fastest growing market during the forecast period owing to the increasing adoption of immersive technologies in the gaming industry, along with the rising investment by key players.
- In January 2022, Microsoft acquired Activision Blizzard, which is the leader in gaming development and interactive entertainment content publisher. The acquisition will help the company to accelerate growth in the gaming business such as more games for the Microsoft Xbox series (Xbox is a gaming console launched by Microsoft).
- In In January 2022, Qualcomm Technologies, Inc. announced that gamers are now able to download and play the survival-horror game Resident Evil 4 VR exclusively on their Quest 2 VR headset, which is powered by the Snapdragon XR2 5G Platform.
By Geography: North America is estimated to be the dominant among all regions within the total global extended reality display market, however Asia Pacific is likely to be the fastest growing region during the forecast period.
- The extended reality market in North America is expected to dominate for the forecast period, mostly because of the existence of several suppliers that have made considerable investments in market innovations. The marketplaces for augmented reality (AR), virtual reality (VR), and mixed reality (MR) have been among the most inventive in nations like the US.
- In August 2022, Microsoft Inc. launched its wrist-mounted VR controller, which has haptic technology. The controller will be synced with the pointer in the screen thus the user is able to feel the actions on the screen.
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Competitive Landscape
The global Extended Reality Display market is highly competitive with ~500+ players, which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in Extended Reality Display Solutions. Large global players constitute ~5% of competitors, while regional players represent ~40% of competitors and country-niche players represent the largest share of ~55% of Competitors. Some of the major players in the market include Qualcomm Technologies Inc., Magic Leap, Google, Meta, HP Development Company, L.P, SoftServe Inc., Sony Interactive Entertainment LLC, Accenture, Apple Inc., Northern Digital In, and among others.
Recent Developments Related to Major Players
- In September 2022, Meta announced that they are collaborating with Qualcomm for designing a customized chipset for extended reality platforms, which delivers the next-generation platforms and core technologies in the metaverse.
- In September 2022, Sony Interactive Entertainment formed a partnership with USC Games. Under this, USC Games will provide students with studying game development and designing courses that include VR Gaming.
Conclusion
The Global Extended Reality Display Market is forecasted to grow significantly with a CAGR of ~25% during the forecast period primarily driven by the adoption of Extended Reality Display devices in the Healthcare sector. Though the market is highly competitive with ~ 500+ participants, country-niche players comprise the largest share of ~55% among total competitors followed by regional players at ~40% by number of competitors by type. North America is the dominant region for Extended Reality Display Market.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.
Ken Research has recently published report titled “Global Extended Reality Display Market Size, Segments, Outlook, and Revenue Forecast 2022-2028” The Global Extended Reality Display Market is segmented by Solution, Application, and End-User. In addition, the report also covers market size and forecasts for the four major regions for the global Extended Reality Display market. The revenue used to size and forecast the market for each segment is US$ billion.
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For more information on the research report, refer to the below link:
Global Extended Reality Display Market
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