XR Hardware Market Size was valued at USD 1.7 Billion in 2022. The XR Hardware market industry is projected to grow from USD 2.04 Billion in 2023 to USD 8.77 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.00% during the forecast period (2023-2032). The fast adoption of expanded reality in the medical field, and the accessibility of reasonably priced virtual reality equipment are the key market drivers boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for XR hardware is being driven by the rising accessibility of reasonably priced virtual reality equipment. An further future world that these technologies are predicted to create is called "extended reality," which is a new catch-all phrase for immersive technology that includes Augmented world, Virtual Reality, and Mixed Reality.
Additionally, affordable VR devices have not only made XR technology more widely available to consumers, but they have also sparked the creation of fresh, creative XR applications. Because of this, there is an abundance of XR content available, such as training manuals, games, and simulations, all of which are propelling the XR industry upward. Furthermore, firms are already exploring the application of XR technology in a variety of fields, such as healthcare, education, and entertainment, thanks to the low cost of VR devices. This has caused new XR applications to be created that are suited for particular industries, which is what is propelling the XR market's expansion.
The healthcare sector is quickly embracing expanded reality. In the medical field, the use of extended reality opens up new opportunities and has a promising future, particularly for modern healthcare institutions. The use of extended reality technology in the healthcare sector is reducing expenses and increasing patient outcomes—all without putting patients' lives in peril. Extended reality technology can let surgeons explore the target organs before starting any medical procedure by helping them visualize the finer features of the patient's anatomy, making it a risk-free method. Though they are quite advanced, extended reality gadgets are also a source of health issues. The most frequent risk is that users will be hurt if they get distracted and bump into actual items while in the virtual world.
For instance, a 20-minute virtual reality exposure is predicted to impair certain children's ability to judge distances to objects, according to study from the University of Leeds. Furthermore, it is predicted that regular use of these devices may hasten the global spread of myopia. Thus, result in driving the XR Hardware market revenue.
The XR Hardware Market segmentation, based on type includes Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR). The virtual reality (VR) segment dominated the market. Virtual reality (VR) has ushered in a new era of gaming by providing players with an immersive first-person experience. Virtual reality has become more accessible and affordable in recent years. Additionally, Oculus unveiled the Oculus Quest, a cordless virtual reality headset that can be used alone.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The XR Hardware Market segmentation, based on End User, includes Education, Automotive, Retail, Manufacturing, Aerospace, Healthcare, and Media and Entertainment. The education category generated the most income. The COVID-19 pandemic has increased the use of augmented reality (AR) and other cutting-edge technology in the education sector as teachers search for more creative ways to instruct and give students dynamic information.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American XR Hardware market area will dominate this market, because a number of significant businesses, such as Qualcomm and Microsoft, are funding industry breakthroughs with substantial sums of money. Countries like the United States have been at the forefront in the development of augmented reality (AR), virtual reality (VR), and mixed reality (MR).
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe XR Hardware market has the second-largest portion of the market. Growing supply chain industry applications, such supply chain management, will cause the market to grow. Further, the German XR Hardware market had the biggest market share, and the UK XR Hardware market was the European market with the quickest rate of growth.
The Asia-Pacific XR Hardware Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is due to increasing spending on augmented and virtual reality technologies, along with quickening the development of other technologies and networked gadgets. Moreover, China’s XR Hardware market had the biggest market share, and the Indian XR Hardware market was the Asia-Pacific region's fastest-growing market.
Leading market players are making significant investments in R&D to broaden their product lines, which will contribute to the XR Hardware market's continued growth. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, XR Hardware industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global XR Hardware industry to help customers and expand the market segment. In recent years, the XR Hardware industry has provided some of the biggest benefits to medicine. Major players in the XR Hardware market, including Accenture plc, Qualcomm Incorporated, Unity Technologies, Adobe Inc., Alphabet Inc., SoftServe Inc., Northern Digital Inc., Sony Corporation, Facebook Inc. and others, are engaging in research and development activities in an effort to boost market demand.
Facebook is an online social media and social networking platform owned by the American software giant Meta Platforms. Four other Harvard College students and their roommates, Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, established it in 2004. The company's name is derived from the Facebook directories that American college students are regularly given access to. Initially, only Harvard students could join; however, subsequently, individuals from other North American. In September 2021, Facebook Inc. said that it will contribute USD 50 million to work with groups to develop the so-called Metaverse, a virtual space where users may move around and communicate with each other using a range of devices, in a sustainable manner.
Accenture plc, an Irish-American professional services firm with headquarters in Dublin, focuses on providing IT consulting and services. In 2023, the Fortune Global 500 firm recorded $64.1 billion in revenue. More than three-quarters of the Fortune Global 500 and 91 of the Fortune Global 100 are among Accenture's current clientele. In 2020, Accenture, Qualcomm, and Kellogg's worked together to develop a virtual reality (VR) merchandising platform for the retail sector. The solution allowed users to explore virtual product displays and make educated purchasing decisions by utilizing XR technologies to provide an immersive and interactive shopping experience.
January 2023: CYENS was used to announce the project launch by XR4ED, or Extended Reality for Education. Focused on immersive technology, the XR4ED initiative brings together a wide spectrum of stakeholders from the quickly evolving field of extended reality.
January 2023: Mapstar—the XR Map-based Metaverse that allows users to easily create new digital realities by mapping the environment in 3D and anchoring digital assets—unveiled its ability to enhance mall patrons' retail shopping experiences with its Augmented Reality on-site editing, LiDAR, XR-layer, and VR capabilities.
September 2019: Augray and Sony Pictures Entertainment India collaborated to introduce an augmented reality marketing campaign for the film "Spider-Man: Far From Home." Users could interact with Spider-Man-themed content on their cellphones thanks to the campaign's interactive augmented reality experiences.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.7 Billion |
| Market Size 2023 | USD 2.04 Billion |
| Market Size 2032 | USD 8.77 Billion |
| Compound Annual Growth Rate (CAGR) | 20.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End User, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Germany, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Accenture plc, Qualcomm Incorporated, Unity Technologies, Adobe Inc., Alphabet Inc., SoftServe Inc., Northern Digital Inc., Sony Corporation, Facebook Inc. |
| Key Market Opportunities | ·      Expanded reality is being rapidly adopted in the medical field. |
| Key Market Dynamics | ·      The number of people utilizing XR technology has expanded, but so has the accessibility of reasonably priced VR devices. |
Frequently Asked Questions (FAQ) :
In 2022, the size of the XR Hardware Market was estimated to be USD 1.7 billion.
From 2023 to 2032, the global market is expected to expand at a compound annual growth rate (CAGR) of 20.00%.
North America held the most market share worldwide.
Accenture plc, Qualcomm Incorporated, Unity Technologies, Adobe Inc., Alphabet Inc., SoftServe Inc., Northern Digital Inc., Sony Corporation, and Facebook Inc. are the major participants in the market.
The market in 2022 was led by the Virtual Reality (VR) segment.
In the global market, education held the highest share.
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Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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