Market Highlights
Extended Reality or XR is the combination of augmented reality (MR), virtual reality (VR), mixed reality (MR), as well as other technologies that blend the real and virtual world to give rise to an immersive experience. XR not only connects but also engages customers at a deeper level. The emergence of extended reality has revamped how a person experiences the virtual and physical environments, moving from mere observation to complete immersion.
Extended reality (XR) is a term encompassing technologies of augmented reality (AR), virtual reality (VR), and mixed reality (MR). It can blend the virtual reality into the real world and provide immersive experiences to the user. The global extended reality market report by Market Research Future (MRFR) provides invaluable insights on user interfaces, developments in immersive environments, and headsets as well as new opportunities and niche trends for the period of 2019 to 2025 (forecast period). The sudden COVID-19 outbreak and its impact on the industry as well as its functions have been explored in high detail.
Market Research Future (MRFR) reveals that the extended reality market 2020 was worth USD 27 Billion in 2018. The global market can touch a valuation of USD 393 Billion by 2025-end, while advancing at a rate of 69.4% between 2019 and 2025, considered to be the forecast period.
With the rising integration of XR with the business ecosystem, the former’s applicability across various enterprise verticals is bound to surge in the approaching years. The technology is touted to be a form factor that facilitates all-day use along with a clear ROI because of its manufacturing efficiency. The high convergence of mobile VR headset, AR glasses and smartphone into a single XR wearable is expected to replace every other type of screen, be it smartphones or smart TV screens. Therefore, it makes sense to assume that XR can turn into one of the most disruptive and ubiquitous computing platforms in the world.
Established vendors are in the process of designing intriguing XR experiences, leveraging the potential held by the human experience revolution with the use of artificial Intelligence as well as Internet of Things. The mounting demand for immersive technology has resulted in the high application of artificial intelligence (AI), Internet of Things (IoT), and cloud in systems across businesses and more.
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Regional Insight
Extended reality (XR) market share is bound to note growth across the regions of Europe, the Middle East and Africa (MEA), Asia Pacific (APAC), South America and North America.
In 2018, MRFR recognized North America as the top-performing market for extended reality, given the surge in augment reality (AR) as well as virtual reality (VR) across various sectors. The growth in investments by tech companies like Microsoft Corporation, Google and Qualcomm Incorporated, seems to be another factor working in favor of the market in North America. A number of educational institutions in the United States (U.S.) are making extensive use of virtual platforms to teach students with learning disabilities and autism in schools, which gives a considerable push to the regional market growth. The military and defense sector in the US is increasingly using immersive technologies like XR for training purposes, which also benefits the North American market.
The extended reality market in APAC can progress at the fastest rate during the review timeframe, on account of the rising number of vendors that offer training services such as AR and VR. Surging adoption of AR and VR technologies in media and entertainment sectors also fosters the market growth. Given the favorable growth of the immersive technology in APAC, new companies are striving to boost their market presence by expanding their services and business footprint in emerging countries like India and China.
Leading Players
The extended reality (XR) market size is expected to increase on account of the intense efforts being given by leading players like HP Reveal (US), Softserve (US), Northern Digital Inc. (Canada), Accenture (Ireland), Dassault Systèmes SolidWorks Corporation (France), Qualcomm Incorporated (US), Tata Exlsi (India), Medtronic (US), VRee (The Netherlands), Agile Lens (US), Gofind Inc. (US), AugRay (US), Mirari LLC (US), Talespin (US), SphereGen (US), Semcon (Sweden), to mention a few.
Segmentation:
The global extended reality market research has been segmented by type, component, delivery model, and end user.
By component, the global extended reality market has been bifurcated into hardware, solutions, and services. Furthermore, by hardware, the market has been sub-divided into cameras, sensors, transducers, and speakers. By services, the market is sub-segmented into professional services and managed services. The hardware sub-segment is expected to gain the maximum share of the market owing to rapidly falling prices of sensors and cameras. But the services segment is likely to showcase the highest growth rate during the assessment period owing to the tools used by XR solution providers to be elemental in training and providing access to data for higher learning.
Based on type, the XR market is categorized into mobile XR and PC-tethered XR. The former is expected to display a stellar growth rate during the forecast period owing to the procurement of portable devices. On the other hand, the PC-tethered XR segment is estimated to dominate the market due to the use of cloud services.
By delivery model, the market has been segmented into business-based and consumer-based.
Furthermore, based on end-user, the global XR market caters to transportation, healthcare, media and entertainment, retail and e-commerce, manufacturing and industrial, and others. The retail and e-commerce segment is likely to generate huge revenues for the global extended reality market owing to the technology tracking customer eye directional movements and catering to their demands.
Virtual Reality Software Market:WiseGuyReports.com adds “Global Virtual Reality Software Market Research Report 2020 Analysis and Forecast 2030” reports to its database.Executive SummaryThe global virtual reality software market is expected to grow from $1.27 billion in 2019 and to $2.033 billion in 2020 at a compound annual growth rate (CAGR) of 59.67%.
The increase in growth rate is mainly as technologies like VR allows people to shop, talk and socialize using these immersive platforms amidst the containment measures implemented due to the Covid-19 outbreak.
VR-based mobile apps enable the treatment of several diseases which help to resolve many health issues and these VR apps are also used for education, which is not limited to the use by students alone and can be used by other interested stakeholders too.
In 2019, the Royal College of Surgeons in Ireland (RCSI), for instance, developed an innovative VR application that enables medical education accessible to everyone even without a medical background.
It is also segmented by deployment into on-premise; cloud and by application into automotive; medical; real estate; oil and gas; entertainment; industrial; others.The bigger size of VR software hampers the growth of the virtual reality market.
This storage problem is resulting in additional costs for VR companies in terms of storage devices and also preventing many companies from investing in virtual reality software.In May 2020, Apple, an America-based company, acquired NextVR, Inc. for an undisclosed amount.
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2020 to 2025. it's taken the previous market status to project the longer term status.
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Global 3D Imaging Market to Soar at Robust CAGR of 26.8% by end of 2021The 3D imaging market is to widen extremely owing to the enhancement and modernization of technology in this sector.Especially in the sector of imaging has given the global 3D imaging market a palpablerise.
Our Research predicts that the global 3D imaging market is likely to take a hike worth US$17.99 bn by 2021 from US$3.51 bn in 2014.
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The ease of modeling, scanning, rendering, layout and animation, and reconstruction with the help of 3D technologies has truly segmented the global 3D imaging market in the past few years.
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Global Banking System Software Market size was US$ 25.20 Bn in 2017 and expected to reach US$ 40.09 Bn by 2026, at a CAGR of 5.98 % during forecast "Global Banking System Software Market Banking system software market is segmented by type, application, and region.
Application segment is divided by risk management, information security, business intelligence, training, and consulting solutions.
Geographically, banking system software market is spread by North America, Asia-Pacific, Europe, Latin America, and Middle East Africa.Increasing implementation of online banking and mobile banking by customers which appearances high level of inclination towards accessing their account details and perform financial actions by digital platform driving the demands for banking system software.
The customer can use their laptops, smartphones, tablets and emerging trends such as patch management are expected to provide numerous opportunities banking system software market growth.
Furthermore, Concerns regarding information security and high costs of moving from legacy systems to the new automated systems limits the growth of this market.Request for Sample with Complete TOC and Figures & Graphs @ https://www.trendsmarketresearch.com/report/sample/10243 Mobile Terminal Segment represented the major share in the global banking system software market owing to its high prevalence in the global market.
Mobile banking has been increasing with the growing number of smartphone owners with a bank account.North America is projected to be the dominant region on account of the prevalent banking sector and high attentiveness of online banking.
