The extended reality market is expected to grow from USD 33.0 billion in 2021 to USD 125.2 billion by 2026, at a CAGR of 30.6%. The factors such as surging deployment of extended reality in education sector and industrial training, rising demand for extended reality devices and technology in global automotive industry, surging adoption of extended reality in healthcare sector, and increasing demand for extended reality in entertainment and gaming industry are driving the extended reality market.
Requirement of incorporation of extended reality technology in aerospace and defense sector and continuous developments in 5G technology are creating opportunities for the extended reality market. Some of the key companies operating in the market are Microsoft (US), Sony (Japan), Oculus VR (Facebook) (US), HTC (Taiwan), Google (US), Samsung Electronics (South Korea), Apple (US), PTC (US), Seiko Epson (Japan), and so on.
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Microsoft (US) was the leading player in the extended reality market in 2020. Microsoft is a technology company that develops, licenses, and supports a wide range of software products, devices, and offer-related services. It offers operating systems, server applications, cross-device productivity applications, video games, desktop and server management tools, business solution applications, and training and certifications for computer system integrators and developers. The company also designs, manufactures, and sells personal computers, gaming and entertainment consoles, tablets, other intelligent devices, and related accessories. Microsoft offers cloud-based solutions that provide customers with software, services, platforms, and content. In addition, it provides consulting and online advertising services, along with solution support.
Microsoft operates through business segments, namely, Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The company operates globally. It is expanding through its subsidiaries such as Microsoft Ireland Research, Microsoft International BV (Netherlands), Microsoft Korea, Inc. Microsoft (China) Company, Limited, Microsoft UKP Limited, and Microsoft India Private Limited.
Sony, Inc. (Japan) ranked 2nd in the extended reality market. Sony is one of the largest electronics conglomerate groups involved in the designing, manufacturing, developing, and selling of electronic equipment. It also offers electronic instruments and devices for consumer and industrial markets, besides extending its customer support services globally. Sony classifies its business operations under the following reportable segments, namely, Game & Network Services (G&NS), Music, Pictures, Electronics Products & Solutions (EP&S), Imaging & Sensing Solutions (I&SS), Financial Services, and All Other. Project Lindbergh is a team consisting of professionals from Sony Group that have expertise in music systems, games, and broadcast cameras, as well as audio and visual technologies to create the next-generation XR (extended reality) experiences, including AR and VR.
Extended Reality Market with COVID-19 Impact Analysis by Technology (AR, VR, MR), Application (Consumer, Commercial, Enterprises, Healthcare, Aerospace and Defense), Offering, Device Type, and Region(North America, Europe, APAC) - Global Forecast to 2026
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