CHICAGO, US, Dec. 5, 2022 /EINPresswire.com/ – The market is expected to register revenue increase from $8.83 billion in 2021 to $98.74 billion by 2030. The market is growing at a CAGR of 31.48% over the period projected from 2022 to 2030.
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Extended reality, which includes virtual reality, augmented reality, and mixed reality, provides people with new, more natural ways to interact with computers and systems. Extended reality is gaining popularity in both the commercial world and the entertainment sector. Extended Reality (XR) is the merging of the real and virtual worlds to create immersive technologies with the help of some computer hardware or wearable technology. In addition, the extended reality (XR) market environment has seen faster innovations thanks to the explosive rise in the use of smartphones and improvements in computer technology, driving demand.
Market influencing factors
The growing desire for digital environments, immersive entertainment, and the rapid use of extended reality in the healthcare industry are key drivers for the growth of the extended reality (XR) market in Europe. The demand for extended reality technology is growing due to the surge in disposable income, the accessibility of smartphones and tablets, and the growing consumer desire for the best overall entertainment experience.
In addition, the use of augmented reality technology in healthcare — from self-care to surgery and treatment — reduces costs and improves patient outcomes without putting patients’ lives at risk. Virtual, augmented, and mixed reality, as well as other XR technologies, can improve the level and way healthcare education is delivered. Can deliver low-cost, high-volume, interactive learning across locations. Pharmaceutical companies may use XR to demonstrate how a new drug works to customers, patients, and other stakeholders. For example, by providing augmented reality demonstrations of how a drug interacts with a patient’s body, pharma teams can better communicate the value proposition. Thus, the increasing reliance on XR in healthcare will boost the growth of the industry in Europe.
In addition, the market has significant growth opportunities due to the continuous technological developments in Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality. For example, the extended reality (XR) labs of Qualcomm Technologies, a leading wireless technology company, have opened across Europe. XR Labs will focus efforts on XR research and development, engineering, and critical technology development areas, including advanced hand tracking, gesture control, SLAM/localization services, 3D mapping, and image recognition.
However, health issues, legal issues, privacy and security, and price increase of devices may hinder the growth of the market throughout the forecast period.
Analysis of the impact of COVID-19
The main stage of the XR market in Europe fell into demand due to the COVID-19 pandemic. However, as AR and VR platforms become more important to enterprises, demand has grown in some industries. The trend of working from home has also increased the visibility of the market.
The devastating effects of the pandemic on the control of the manufacturing sector has disrupted the global supply of AR devices. In the short term, the COVID-19 pandemic is expected to limit the expansion of the Extended Reality (XR) industry.
In 2021, the XR market in Europe will be dominated by hardware segment by components, and the segment will register the highest growth rate over the forecast years. This is due to the continuous invention of headphones and controllers.
In 2021, based on technology, the Virtual Reality (VR) sector has taken a large share of the industry as it creates an entirely digital environment. However, the Mixed Reality (MR) sector is likely to show the highest rate during the forecast years. This is because it allows teams on site to prove their work, reduce errors and quality, and enhance short links of communication within the team.
In 2021, in terms of application, the business sharing sector occupied the leading share in the industry, and this sector will have the highest annual growth rate in the forecast years. When working together on projects, companies can maximize their potential by taking advantage of Extended Reality (XR) technology. In addition, Extended Reality technology gives recruiters the opportunity to learn while accelerating the process of onboarding new workers.
In 2021, in terms of industry, the media and entertainment sector has a dominant position in the extended reality industry in Europe due to them being the leading sector with technologically advanced digital platforms. However, the manufacturing and manufacturing sector is likely to grow at the highest CAGR during the forecast period. This is due to the increasing adoption of XR technology by the industrial and manufacturing sector as this technology helps in the design of parts and tools.
In 2021, on a country basis, Europe’s extended reality industry is led by the United Kingdom. On the other hand, Germany had the highest rate in the industry from 2022 to 2030. In Germany, the extended reality industry is mainly focused on software development, which has led to increased adoption of XR in Germany.
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The leading players in the extended reality (XR) market in Europe are:
Dell Technologies Inc.
EON Reality, Inc.
Honeywell International Corporation,
Manus B machine
Samsung Electronics Co., Ltd
Oculus VR LLC
Other notable players
Europe extended reality market segmentation focuses on components, technology, application, industry, and country.
according to the component part
by technology sector
Virtual Reality (VR)
mixed reality (MR)
Depending on the part of the application
Communication with customers
By industry sector
Media and entertainment
selling by pieces
by country sector
Rest of Europe
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