Extended Reality (XR) Hardware Global Market Estimated to Surge at a CAGR of 41.9% to Reach $550.36 Billion By 2028

The Extended Reality (XR) Hardware Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Extended Reality (XR) Hardware Global Market Report 2024, The XR hardware market size is expected to see exponential growth in the next few years. It will grow to $550.36 billion in 2028 at a compound annual growth rate (CAGR) of 41.9%. The growth in the forecast period can be attributed to growing gaming and entertainment sector, increased competition and advancements in component technology, rising use of XR for enterprise applications, growing tech adoption and digital literacy, and surging adoption of XR in the healthcare sector. Major trends in the forecast period include technological advancements, advancements in component technology, growing demand for marketing and advertising campaigns, advancements in internet connectivity, and continuous innovations in XR software and hardware.

The expansion of the video gaming sector is expected to propel the growth of the extended reality (XR) hardware market going forward. The video gaming industry encompasses developing, marketing, and monetizing video games. The internet has revolutionized the gaming industry, enabling online multiplayer experiences, game streaming, and digital distribution platforms that have transformed business models and player engagement. Extended Reality (XR) hardware enhances the video gaming sector by providing immersive and interactive experiences, enabling realistic graphics and innovative game mechanics, and promoting social interaction and physical activity. For instance, in February 2024, according to the Entertainment Software Association, a US-based trade association, and Circana, a US-based media company, in US total video game sales reached $57.2 billion in 2023, rising from $56.6 billion in 2022. Additionally, spending on video game content increased to $48.0 billion from $47.5 billion, driven by a 13% rise in digital download spending on console platforms and an 11% increase in digital premium downloads on PC, cloud, and non-console VR platforms. Therefore, the expansion of the video gaming sector is driving the growth of the extended reality (XR) hardware market.

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The extended reality (XR) hardware market covered in this report is segmented –
1) By Solution: Consumer Engagement, Business Engagement
2) By Application: Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR)
3) By End-User: Education, Retail, Industrial And Manufacturing, Healthcare, Media And Entertainment, Other End-Users

Major companies operating in the XR hardware market are developing innovative products with advanced technologies, such as natural sight vision technologies, to enhance the user experience in virtual and augmented environments. Natural sight vision technologies are focused on delivering higher resolution and better clarity, strengthening the XR experience's realism and immersion. For instance, in November 2023, Varjo, a Finland-based manufacturer of virtual reality, augmented reality, and mixed reality headsets launched the XR-4 series, including XR-4, XR-4 Focal Edition, and XR-4 Secure Edition, featuring high-resolution displays, foveated capture, advanced LiDAR depth sensing, and gaze-directed autofocus cameras. The XR-4 series aims to deliver mixed reality experiences nearly indistinguishable from natural sight, targeting industrial applications. 

The extended reality (xr) hardware market report table of contents includes:
1. Executive Summary
2. Extended Reality (XR) Hardware Market Report Structure
3. Extended Reality (XR) Hardware Market Trends And Strategies
4. Extended Reality (XR) Hardware Market – Macro Economic Scenario
5. Extended Reality (XR) Hardware Market Size And Growth
…..
27. Extended Reality (XR) Hardware Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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