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Extended Reality Market To Generate $1,005.9 Billion Revenue by 2030

A number of factors, such as the surging penetration of smartphones and connected devices, increasing adoption of augmented reality (AR)/virtual reality (VR) and 5G solutions, and rising number of partnerships and collaborations among players, are expected to drive the growth of the extended reality (XR) market at a CAGR of 48.3% during the forecast period (2020–2030). 

According to P&S Intelligence, the market size is projected to reach $1,005.9 billion by 2030 from $18.6 billion in 2019. In regard to the market, the launch of 5G networks has become a key trend. The surging penetration of connected devices and smartphones across the world is the main factor boosting the demand for XR solutions. 


Extended Reality Market its Future Outlook and Trends

The penetration of smartphones has grown rapidly in advanced economies, and it is also rising significantly in emerging nations. According to the Global System for Mobile Communication Association (GSMA), there were 5.2 billion mobile subscribers as of December 2019, and the number is expected to reach 5.8 billion by 2025. Smartphones are the most-popular hardware interface for XR applications, which is why this is a key driving factor. 

The rising demand for AR/VR solutions is another strong extended reality market driver, as the concept of XR includes these two technologies. AR adds something to the reality of the perceiver, while VR completely changes it. This gives XR users an immersive experience as they are able to see and experience new things and their existing reality in a new, fun, and exciting way. As a result, the user base of AR/VR games, most popularly Pokemon Go, is growing rapidly around the world.

This market research report provides a comprehensive overview of the market
  • The Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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