The global extended reality (XR) market is projected to grow by USD 1.04 trillion from 2024 to 2028, driven by advancements in sensor technology and the integration of 5G. This growth signifies a compound annual growth rate (CAGR) of approximately 56.45% during the forecast period.
XR technology, encompassing virtual reality (VR), augmented reality (AR), and mixed reality (MR), is transforming various industries, including gaming, healthcare, and education. VR and AR applications are gaining traction, particularly in gaming, where immersive experiences are becoming increasingly popular.
5G technology is a crucial enabler, providing the necessary bandwidth and low latency for seamless XR experiences. This integration allows for real-time interactions in applications such as remote collaboration and training, further accelerating market growth.
Despite the promising outlook, challenges remain, including infrastructural issues and the need for enhanced internet connectivity in developing regions. However, key players like Meta, Microsoft, and NVIDIA are leading innovations that are expected to shape the future of XR technology.