The global extended reality (XR) market revenue stood at $18.6 billion in 2019 and it is expected to rise to $1,005.9 billion by 2030. Furthermore, the market will progress at a CAGR of 48.3% from 2020 to 2030, as per the estimates of the market research company, P&S Intelligence.

The market is being driven by the soaring usage of smartphones, 5G, connected devices, and augmented reality (AR)/virtual reality (VR) solutions, increasing popularity of gesture-based computing, and the increasing number of partnerships and collaborations among players.

The mushrooming usage of connected devices and smartphones, especially in emerging economies such as India and China, is driving the demand for AR applications. For instance, as per the estimates of the India Brand Equity Foundation (IBEF), the total number of smartphone users in India will rise from around 502 million in 2019 to 780 million by 2021.

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Furthermore, the organization found that the contribution of the country to the global smartphone industry grew from 9% in 2016 to 16% in 2019. Besides the aforementioned factor, the surging adoption of AR and VR solutions is also propelling the demand for extended reality across the world.

The increasing usage of head-mounted displays (HMDs) for knowledge and education purposes and among several enterprises operating in various industries for providing a highly engaging and interactive customer experience is pushing up the demand for AR and VR solutions across the world. Additionally, the soaring number of collaborations and partnerships among industry players is also fueling the growth of the market.