The extended reality market is projected to reach USD 111.5 billion by 2028 from USD 40.1 billion in 2023, at a CAGR of 22.7% from 2023 to 2028. Surging deployment of extended reality in education sector and industrial training and increasing demand for extended reality in entertainment and gaming industry are the major factor driving the growth of extended reality market globally. Moreover, continuous developments in 5G technology is also key factor contributing to the market growth.
A few key players in the extended reality market are Microsoft (US), Sony Group Corporation (Japan), Meta Platforms, Inc. (US), HTC Corporation (Taiwan), Google (US), PTC Inc. (US), Seiko Epson Corporation (Japan), Apple Inc. (US), Qualcomm Technologies, Inc. (US), and Samsung Electronics Co., Ltd. (South Korea). The market players have adopted various strategies such as product launches and developments, partnerships, collaborations, contracts, agreements, alliances, joint ventures, expansions, and acquisitions to strengthen their position in the extended reality market. The organic and inorganic strategies have helped the market players to expand themselves globally by providing advanced solutions for extended reality.
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Meta Platforms, Inc.
Meta Platforms, Inc. is a social media and technology company, offering technology solutions for social platforms and end users. The company has a strong customer base and presence worldwide with offices in more than 90 cities and 13 data centers in more than 40 countries. It has been consistently investing huge amount in R&D activities. This allows the company to develop cutting-edge products and solutions that can deliver immersive AR/VR/MR experiences to users.
Microsoft is a technology company that develops, licenses, and supports a wide range of software products, devices, and offer-related services. It is one of the prominent players in the extended reality market and has a strong brand image. It has been consistently exhibiting good financial performance over the last few years. Along with strong financials, the company has strong geographic presence and a broad client base worldwide.
Sony Group Corporation
Sony Group Corporation is one of the largest electronics conglomerate groups involved in the designing, manufacturing, developing, and selling electronic equipment. It also offers electronic instruments and devices for the consumer and industrial markets, besides extending its customer support services globally. The company has a global presence and operates through its offices and plants in Japan, China, Malaysia, and the US. The PlayStations offered by the company witness high demand, due to which the company is constantly involved in developing innovative products.
Apple Inc. is the world’s leading company that develops electronic products. It designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music splayers. The company offers AR, VR, and MR solutions and is working on the development of VR/MR headsets, which would be launched soon. The company has a worldwide presence in over 245 locations in countries such as the US, the UK, Canada, Japan, China, Italy, Australia, Germany, France, Switzerland, the UAE, Taiwan, and South Korea. It has operations in over 270 locations in the US and 245 locations other than the US.
Google is an American multinational technology company that specializes in Internet-related services and products. It makes significant research and development investments in advertising, cloud, machine learning, etc.; for instance, in 2022, the company invested 39.5 billion, i.e., 14%, of its total revenue in R&D activities. Moreover, it has a significant outreach through ARCore for Android users. Google has over 70 offices in more than 50 countries across the world. The company has a prominent office and building space at its headquarters and is well supported by other offices and building spaces, R&D, and sales and support offices located in North America, Europe, Asia, and South America.
Extended Reality Market by Technology (AR, VR, MR), Offering (Hardware, Software), Device Type (AR Devices, VR Devices, MR Devices), Application (Consumer, Commercial, Enterprises, Automotive) and Region - Global Forecast to 2028
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