North America Extended Reality Market Size, Share & Industry Trends Analysis Report By Component, By Technology (Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR)), By End User, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Extended Reality Market would witness market growth of 28.3% CAGR during the forecast period (2022-2028).
The pandemic created a spike in demand for AR and VR products. As a result, several companies have begun producing these products with cutting-edge technologies and unique functionalities and attributes. For example, some tablets offer dual 3G SIM for surfing and calling needs in a single tab, while others have various CPUs and operating systems (OS), like Android ICS, which is currently progressively being displaced by Android Jellybean.
The characteristics and specifications of the next augmented and virtual realities are projected to undergo a revolution owing to cutting-edge technology and innovation. Additionally, 5G technology is anticipated to offer attractive market expansion opportunities. People are responding to it quite well, and as a result, improvements in tablet technology will undoubtedly generate excitement in the AR and VR industries.
eCommerce and online buying have significantly changed the retail industry. As customers can try things out on their cellphones before buying them, augmented reality technology is bringing products to life. Users of VR headsets can interact with brands in a virtual setting. In addition, users are able to test-drive and put together sturdy goods like furniture and appliances within the VR through immersive storytelling. In the coming years, the market will advance owing to these intriguing possibilities.
A hub for cutting-edge technology is found in this region. The increased use of XR is attributed to industrialization and rising industrial safety consciousness. Among the most advanced XR markets is anticipated to be in the US. The majority of American-based businesses are leading the way in this technology. A strong regional AR ecosystem has been developed due to widespread technological exposure and the accessibility of smart devices. The region also boasts the highest rate of smart gadget adoption, particularly for smart glasses and smartwatches. Due to the substantial influence that smart devices, particularly smartphones, have on the development of the AR industry, the region presents a sizable opportunity. This supports the growth of the regional market.
The US market dominated the North America Extended Reality Market by Country in 2021 and would continue to be a dominant market till 2028; thereby, achieving a market value of $43,426.2 million by 2028. The Canada market is poised to grow at a CAGR of 31.2% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 30% during (2022 - 2028).
Based on Component, the market is segmented into Hardware, Software and Services. Based on Technology, the market is segmented into Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR). Based on End User, the market is segmented into Gaming, Aerospace & Defense, Manufacturing & Industrial, Healthcare, Education, Retail, Media & Entertainment and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Extended Reality Market is Predict to reach $161.6 Billion by 2028, at a CAGR of 29.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Meta Platforms, Inc. (Facebook), Sony Corporation, Microsoft Corporation, Google LLC (Alphabet Inc.), Accenture PLC, Qualcomm Incorporated (Qualcomm Technologies, Inc.), HTC Corporation, Unity Software, Inc., Adobe, Inc., and SoftServe, Inc.
Scope of the Study
Market Segments Covered in the Report:
- Virtual Reality (VR)
- Augmented Reality (AR)
- Mixed Reality (MR)
By End User
- Aerospace & Defense
- Manufacturing & Industrial
- Media & Entertainment
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Meta Platforms, Inc. (Facebook)
- Sony Corporation
- Microsoft Corporation
- Google LLC (Alphabet Inc.)
- Accenture PLC
- Qualcomm Incorporated (Qualcomm Technologies, Inc.)
- HTC Corporation
- Unity Software, Inc.
- Adobe, Inc.
- SoftServe, Inc.
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