The increasing adoption of 5G services will drive the extended reality market at a 48.3% CAGR during the forecast period (2020–2030). The market size is expected to rise from $18.6 billion in 2019 to $1,005.9 billion by 2030. XR solutions require high bandwidth, low latency, and high reliability, which can be provided by 5G services at an affordable price.
Additionally, the growing usage of head-mounted displays (HMDs) for knowledge and education purposes and among enterprises for offering more engaging and interactive customer experience will boost the demand for XR solutions, globally. In recent years, several market players have entered into partnerships and collaborations to expand the user base of XR technology in the retail, education, and hospitality industries.
For instance, in January 2020, Accenture Plc and Qualcomm Incorporated began collaborating with InterContinental Hotels Group to pilot-run a solution that utilizes AR and virtual reality (VR) technologies to improve the event planning experience. XR Event Planner, by Accenture Plc, brings hotel sales staff, buyers, and event planners on a common virtual platform to remotely envision and configure the layout in real time.
The APAC extended reality market is expected to witness the fastest growth in the forecast years. This will be due to the rising penetration of AR/VR mobile applications and the increasing integration of immersive technologies in the media & entertainment and gaming industries. Besides, the mushrooming spending on immersive technologies for training and development purposes will have a positive impact on the market in the region.
Additionally, the growing usage of head-mounted displays (HMDs) for knowledge and education purposes and among enterprises for offering more engaging and interactive customer experience will boost the demand for XR solutions, globally. In recent years, several market players have entered into partnerships and collaborations to expand the user base of XR technology in the retail, education, and hospitality industries.
For instance, in January 2020, Accenture Plc and Qualcomm Incorporated began collaborating with InterContinental Hotels Group to pilot-run a solution that utilizes AR and virtual reality (VR) technologies to improve the event planning experience. XR Event Planner, by Accenture Plc, brings hotel sales staff, buyers, and event planners on a common virtual platform to remotely envision and configure the layout in real time.
The APAC extended reality market is expected to witness the fastest growth in the forecast years. This will be due to the rising penetration of AR/VR mobile applications and the increasing integration of immersive technologies in the media & entertainment and gaming industries. Besides, the mushrooming spending on immersive technologies for training and development purposes will have a positive impact on the market in the region.
In the coming years, India, Indonesia, and China will witness significant demand for XR solutions in several end-use industries. Thus, the rising proliferation of smartphones and connected devices and the surging penetration of 5G services will propel the usage of XR solutions in the immediate future.
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