Extended Reality Industry To Observe Fastest Growth In MR Category

As per a report by P&S Intelligence, the extended reality market generated USD 38.3 billion in 2022, and it will grow at a rate of 38.5%, to reach USD 394.8 billion, by 2030. 

The growth in the industry is driven by the mounting implementation of AR and VR, rising collaborations among industry players, and increasing adoption of smartphones and connected devices.

A key trend observed in the extended reality industry is the growing emphasis on gesture-based computing.

In 2022, the hardware category accounted for the largest extended reality market share, at approximately 55%. This is ascribed to the rising penetration of smart devices and the decreased component cost, such as position trackers, displays, sensors, and cameras.

In 2022, AR accounted for a significant share in the industry. This is attributed to the high demand for AR devices and applications in the industries of e-commerce, healthcare, and retail.

Additionally, the MR category will witness the fastest growth in the years to come. This is credited to the huge investment in the technology by organizations for product planning to improve user experience and the mounting demand for MR in the aerospace & defense industry for training and simulation purposes.

In 2022, business engagement accounted for the largest share in the industry, owing to the increased implementation of immersive technologies in industries for employee development and training purposes. 

Whereas, the consumer engagement category will witness faster growth, in the years to come. This is due to the growing demand for AR and VR technologies among users, mainly for entertainment and gaming purposes.

In 2022, North America accounted for the largest industry share, of more than 40%. This is ascribed to the high implementation of immersive technologies for training purposes in the construction, oil & gas, and mining industries. 

Hence, with the increasing uses of AR and VR and rising collaborations between players in the industry, the extended reality industry will continue to grow significantly in the years to come. 

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