PUBLISHER: Grand View Research | PRODUCT CODE: 1493402
PUBLISHER: Grand View Research | PRODUCT CODE: 1493402
The global extended reality market size is anticipated to reach USD 1,069.27 billion by 2030 and is projected to grow at a CAGR of 32.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market, including virtual reality (VR), augmented reality (AR), and mixed reality (MR), is experiencing significant growth driven by advancements in technology and increased adoption across various industries. With the rising demand for immersive entertainment experiences, consumers are increasingly seeking more engaging and interactive forms of entertainment, driving the adoption of extended reality (XR) technologies in gaming, live events, and multimedia content.
The shift towards remote work and distributed teams, accelerated by global events due to the COVID-19 pandemic, highlighted the need for effective virtual collaboration tools. XR technologies, including virtual reality (VR) and augmented reality (AR), offer immersive and interactive platforms for remote teams to collaborate in shared virtual environments, regardless of physical locations.
Moreover, the increasing support and investment from governments and public institutions worldwide is further driving the market growth. Numerous governments worldwide are implementing policies and funding initiatives and partnering with industry stakeholders to promote XR development and adoption. Government support in the form of research grants, tax incentives, regulatory frameworks, and public-private partnerships aimed at encouraging innovation, improving infrastructure, and expanding access to XR technologies. For instance, in September 2022, the European Commission initiated the VR/AR Industrial Coalition, serving as a forum for communication between the European VR/AR industry and policymakers. Its objective is to recognize key obstacles and prospects within the European VR/AR sector to guide policy decisions better.