Extended reality (XR) solutions are being increasingly used in smartphones and connected devices. With the rising adoption of these consumer electronics, the usage of XR solutions will rise significantly. Also, the surging usage of augmented reality (AR) applications on these devices will fuel the integration of XR technology in the coming years. AR applications and devices are widely used in the retail, healthcare, and e-commerce industries.

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Moreover, the escalating investments in AR technology advancements will amplify the adoption of XR solutions in the foreseeable future. Moreover, the increasing adoption of 5G services will drive the extended reality market at a 48.3% CAGR during the forecast period (2020–2030). The XR market size is expected to rise from $18.6 billion in 2019 to $1,005.9 billion by 2030.

XR solutions require high bandwidth, low latency, and high reliability, which can be provided by 5G services at an affordable price. Additionally, the growing usage of head-mounted displays (HMDs) for knowledge and education purposes and among enterprises for offering more engaging and interactive customer experience will boost the demand for XR solutions, globally.

In recent years, several market players have entered into partnerships and collaborations to expand the user base of XR technology in the retail, education, and hospitality industries. For instance, in January 2020, Accenture Plc and Qualcomm Incorporated began collaborating with InterContinental Hotels Group to pilot-run a solution that utilizes AR and virtual reality (VR) technologies to improve the event planning experience. XR Event Planner, by Accenture Plc, brings hotel sales staff, buyers, and event planners on a common virtual platform to remotely envision and configure the layout in real time.

This market research report provides a comprehensive overview of the market

* Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings