Connect with us

Technology

Extended Reality Market worth $84.86 billion by 2029 – Exclusive Report by MarketsandMarkets™

Published

on

DELRAY BEACH, Fla., Dec. 17, 2024 /PRNewswire/ — The extended reality market is expected to reach USD 84.86 billion by 2029, up from USD 24.42 billion in 2024, at a CAGR of 28.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of extended reality technology can be attributed to growing use of extended reality in education, industrial, healthcare, and gaming applications, increasing focus of technology providers on developing affordable VR devices, integration of spatial computing in extended reality applications, and development of GenAI in extended reality applications. Furthermore, the availability of 5G networks coupled with AI-fueled applications of extended reality also aids in the market expansion.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=147143592

Browse in-depth TOC on “Extended Reality Market” 

222 – Tables
77 – Figures
314 – Pages

Extended Reality Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 24.42 billion

Estimated Value by 2029

$ 84.86 billion

Growth Rate

Poised to grow at a CAGR of 28.3%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Type, Enterprise Size, Outlook, Technology, Device type, Offering, Application and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Issues related to latency and limited field of view

Key Market Opportunities

Emergence of newer applications of XR in automotive and aerospace & defense sectors

Key Market Drivers

Integration of spatial computing technology in XR applications

Based on device type, Augmented reality (AR) and Virtual reality (VR) devices will hold the largest market share in the extended reality market during the forecast period.

In the metrics of the extended reality market by device type, augmented reality (AR) and virtual reality (VR) devices will dominate the market during the forecast period. This is attributed to the rising usage of augmented and virtual reality in different sectors, namely gaming, healthcare, retail, and education, among others. Moreover, the market growth of AR and VR devices is because of technological developments such as AI incorporation, connectivity via 5G technology, and availability of better-performance hardware devices that help to improve user experience and enhance device usage. VR devices are becoming less expensive and more versatile. AR devices are growing in use for industrial training, distant teamwork, and medical imaging equipment, increasing their popularity worldwide.

Hardware to account for the highest CAGR in the offering segment during the forecast period.

The hardware segment is anticipated to record the highest CAGR for the offering segment of the extended reality industry throughout the forecast period. This growth is attributed to the increasing uptake of sophisticated AR and VR equipment, such as head-up displays, smart glasses, and VR headsets. There is an expansion in user acceptance and engagement due to active technological improvements in hardware systems, with better displays, lightweight devices, powerful processors, and the combination of those devices with AI and 5G networks. Furthermore, the increasing use of extended reality hardware in gaming, healthcare, automotive, and industrial training creates the need for more powerful and durable devices. Moreover, low-priced and high-performing devices presented by key players in the market are also enabling more people to use XR hardware. This is also due to more resources allocated toward developing next-generation hardware and the growing trends of using wearable extended reality devices in the workplace.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=147143592

North America to account for the largest market share during the forecast period.

During the forecast period, North America is expected to witness leading region in terms of market share. This can be attributed to its well-developed digital abilities, such as the widespread provision of 5G services, and the provision of high-band internet facilitated the growth of the extended reality apps in the region. Several sectors in North America are quick to incorporate extended reality technologies, including gaming, healthcare, retail, and education. Furthermore, consumers in North America tend to have strong purchasing power, factors that encourage greater use of extended reality devices within the region.

The report profiles key players in extended reality companies such as Meta Platform Inc. (US), Microsoft (US), Sony Group Corp. (Japan), Apple Inc. (US), Google (US), HTC Corp (Taiwan), PTC Inc. (US), Seiko Epson Corporation (Japan), Qualcomm Technologies Inc. (US), Samsung Electronics Co. Ltd (South Korea), Lenovo Group Ltd. (China). These players have adopted various organic and inorganic growth strategies such as product launches, expansions, partnerships, collaborations, acquisitions, contracts, and agreements.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=147143592

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Augmented and Virtual Reality Market by Enterprise, Technology (Augmented Reality, Virtual Reality), Offering (Hardware, Software), Device Type (HMDs, HUDs, Gesture Tracking Devices), Application and Region – Global Forecast to 2029

Augmented Reality Market Size, Share & Industry Growth Analysis Report by Product by Device Type (Head-mounted Display, Head-up Display), Offering (Hardware, Software), Application (Consumer, Commercial, Healthcare), Technology, and Geography – Global Forecast to 2026

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/extended-reality-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/extended-reality.asp

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/extended-reality-market-worth-84-86-billion-by-2029—exclusive-report-by-marketsandmarkets-302333371.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Alghanim Industries and BYD Unveil Landmark Showroom in Kuwait

Published

on

By

The largest BYD showroom outside China paves the way for transformative mobility.Cutting-edge electric and hybrid models empower eco-friendly choices.Reinforces customer-centric values and long-term commitment to Kuwait’s progress.

KUWAIT CITY, Kuwait, Dec. 18, 2024 /PRNewswire/ — Alghanim Industries, (Kutayba Alghanim Group), one of the largest privately-owned companies in the MENA region, celebrated the grand opening of its first BYD Alghanim showroom on the 4th Ring Road in Al Rai. As the largest BYD showroom outside China, this landmark facility marks a pivotal step forward in Kuwait’s journey toward cleaner, more sustainable transportation solutions.

This opening BYD coincides with its 30th anniversary and the production of its 10 millionth NEV—an unprecedented global achievement. As a pioneer in clean energy, BYD is reshaping the future of transportation through cutting-edge, environmentally responsible innovation. Alghanim Industries’ partnership with BYD aligns with its broader strategy to explore new opportunities in energy and sustainability, reaffirming the company’s commitment to innovation and excellence in Kuwait’s automotive sector and beyond.

This milestone occasion was further distinguished by the attendance of His Excellency Zhang Jianwei, Ambassador of the People’s Republic of China to Kuwait, who commended the partnership as a notable alliance between Alghanim Industries—renowned for its enduring legacy and customer-first ethos—and BYD, a Chinese innovator shaping the future of sustainable transportation.”

A Partnership Driving Kuwait’s Sustainable Vision

Kutayba Y. Alghanim, Executive Chairman of Alghanim Industries, reflected on the company’s enduring legacy and role in shaping Kuwait’s future mobility: “”Throughout our long history of serving Kuwait, Alghanim Industries has introduced offerings that enrich everyday life. Today, by partnering with BYD—an international leader in electric mobility—we’re not simply adding to our automotive range; we’re paving the way toward a cleaner, more innovative transport landscape. This alliance signals a forward-looking commitment to building a thriving, sustainable future for generations to come.”

Building on this perspective, Mahmoud Samara, CEO of Alghanim Industries, emphasized the company’s tangible steps toward advancing sustainable transportation: “For decades, Alghanim Industries has operated on a simple truth: serving our customers’ needs is what drives real progress. This principle led us to be among the first to introduce electric vehicles to Kuwait and invest in early charging infrastructure—an approach that raised industry standards and redefined what’s possible. Now, as we join BYD, an innovator whose vision and values mirror our own, we are moving beyond incremental improvements and embracing an era where sustainability, innovation, and genuine customer focus work in harmony, setting the tone for Kuwait’s evolving mobility landscape.”

Underscoring the synergy between the two organizations, AD Huang, General Manager of BYD Middle East & Africa, praised the strength of the collaboration: “We are proud to partner with Alghanim Industries, a trusted name whose success across multiple sectors has contributed to Kuwait’s growth and development. Their dedication to excellence and a forward-thinking approach aligns perfectly with BYD’s vision for a sustainable future. As we celebrate our 30th anniversary and the production of our 10 millionth NEV, we look forward to working closely with Alghanim Industries to deliver transformative mobility solutions, helping accelerate Kuwait’s journey toward cleaner, more efficient transportation.”

Paving the Way for Kuwait’s Green Future

Beyond the showroom’s launch, the partnership between BYD and Alghanim Industries reinforces a long-term vision for sustainable mobility in Kuwait. Alghanim Industries is actively investing in EV infrastructure, home-charging solutions, and collaborating with both public and private entities to accelerate the shift toward cleaner energy transportation.

Looking ahead, BYD plans to introduce models like the Sealion 7, the Shark electric pickup, and the Atto 2 compact SUV, broadening Kuwait’s range of environmentally friendly driving options.

With BYD’s global expertise and Alghanim Industries’ enduring legacy, this collaboration is poised to advance Kuwait’s transition toward sustainable mobility—creating a cleaner, more vibrant future for all.

Showcasing BYD’s Cutting-Edge Lineup

The BYD Alghanim showroom features a diverse selection of NEVs designed for a range of lifestyles and preferences:

BYD SEAL: An electric vehicle designed for various driving needs, featuring an 82.5 kWh battery that offers a range of up to 570 km on a single charge (WLTC). It includes a sleek design, comfortable interior, and innovative driver-assistance technologies, making it ideal for daily commutes and family outings.BYD HAN: An electric sedan equipped with a 85.4 kWh battery, providing a range of up to 565 km on a single charge (WLTC). It can reach a top speed of 180 km/h and accelerates from 0 to 100 km/h in just 3.9 seconds. The Han EV combines elegant design with cutting-edge technology, advanced safety features, and a state-of-the-art infotainment system.BYD ATTO 3: A compact electric SUV with a 60.48 kWh battery, offering a range of up to 420 km (WLTC). It is equipped with a front electric motor producing 150 kW (201 hp) and 310 Nm of torque, ensuring a balanced and dynamic driving experience. The BYD ATTO 3 features a spacious interior with advanced infotainment and safety systems.BYD QIN PLUS DM-i: A plug-in hybrid sedan featuring an 18.3 kWh lithium iron phosphate battery and a 1.5L engine. It provides a total maximum output of 145 kW (194 hp) and 325 Nm of maximum torque, with an electric range of up to 95 km and a combine driving range of up to 795 km (WLTC). The BYD QIN PLUS DM-i accelerates from 0 to 100 km/h in around 7.3 seconds and has a top speed of 185 km/h.BYD SONG PLUS DM-i: A versatile plug-in hybrid SUV powered by a 1.5T engine paired with an electric motor, delivering a combined output of 270 kW (362 hp). It features an electric range of up to 80 km with a 18.3 kWh battery. It also gives a combined range of up to 890 km (WLTC). The BYD SONG PLUS DM-i offers advanced safety features and a spacious interior for a comfortable driving experience.

Each model comes equipped with advanced features, including high-resolution rotating touchscreens, wireless smartphone integration, over-the-air (OTA) updates, advanced driver assistance systems (ADAS), and premium interiors designed for comfort and convenience.

Enhancing Community Engagement

To commemorate the showroom launch, Alghanim Industries announced support for a local road-improvement initiative led by Yousef Al Omran, known as “Bu Jarrah,” a prominent social media personality recognized for community-focused projects. While a lighthearted addition, this initiative demonstrates Alghanim Industries’ commitment to contributing positively to the surrounding neighborhood.

Event Highlights

The grand opening gathered industry leaders, automotive enthusiasts, and community members. Guests enjoyed a live performance by Murmuration, a band known for its dynamic and creative flair, adding a festive note to an event that celebrated both innovation and community progress.

In addition to Murmuration’s dynamic performance, guests were treated to a captivating recital by six-year-old Turkish qanun prodigy Aytaç Doğan Junior, whose extraordinary talent brought a distinctive cultural flair to the evening’s celebration.

 

 

 

 

Photo – https://mma.prnewswire.com/media/2583262/Alghanim_Industries_1.jpg
Photo – https://mma.prnewswire.com/media/2583261/Alghanim_Industries_2.jpg
Photo – https://mma.prnewswire.com/media/2583259/Alghanim_Industries_3.jpg

View original content:https://www.prnewswire.co.uk/news-releases/alghanim-industries-and-byd-unveil-landmark-showroom-in-kuwait-302334099.html

Continue Reading

Technology

HKT and LeapXpert collaborate on secure and regulatory compliant digital communications solutions

Published

on

By

With first successful deployment at The Bank of East Asia 

HONG KONG, Dec. 18, 2024 /PRNewswire/ — HKT (SEHK: 6823) and LeapXpert today announced a collaboration to offer secure and regulatory compliant digital communication solutions for businesses, especially financial institutions, with first deployment by The Bank of East Asia, Limited (“BEA”).

Leveraging HKT’s robust fixed and mobile network infrastructure as well as expertise in system integration, along with LeapXpert’s experience in providing comprehensive communication compliance solutions, this collaboration enables businesses to communicate with their customers using the preferred channels of the latter, including social media platforms such as WhatsApp, WeChat and more, while upholding regulatory compliance requirements. It also eliminates the need for employees of businesses to switch between multiple messaging apps.

While regulatory requirements mandate recordkeeping for communications on various channels including messaging apps, LeapXpert’s Digital Communications Governance and Archiving (DCGA) solutions ensure communications are governed and in compliance with strict regulatory requirements. It also facilitates archiving and surveillance of exchanged information to prevent the sharing of sensitive data and protect the platform from viruses or malware attacks through files transfer.

Steve Ng, Managing Director of Commercial Group, HKT, said, “Amid an increasingly stringent regulatory environment, it is more important than ever for businesses to safeguard the security of their interactions while ensuring customer convenience. We are pleased to collaborate with LeapXpert on bringing regulatory compliant digital communication solutions to businesses. As a trusted partner to enterprises, we are dedicated to providing them with solutions that offer high levels of security and data protection while enhancing customer experience.”

BEA, a Hong-Kong-based financial services group, has deployed The LeapXpert Communications Platform, underpinned by HKT’s connectivity infrastructure, as the dedicated enterprise messaging solution for employees to communicate with customers. It enables customers to continue enjoying their preferred native messaging apps, in this case WhatsApp and WeChat.

Stephen Leung, Group Chief Information Officer, General Manager and Head of Technology and Productivity Division at BEA, said, “We are excited to adopt LeapXpert’s communication solution through HKT’s infrastructure. The solution enables a secure and centralised platform to conduct real-time communication with customers, enhancing our interaction capabilities while keeping compliance requirements in check. This collaboration contributes to BEA’s vision to be a preferred and trusted banking partner for our customers.”

Avi Pardo, Co-founder and CBO of LeapXpert, said, “HKT’s collaboration with LeapXpert exemplifies how businesses can enhance their offerings by integrating our advanced communication solutions. By integrating our platform with HKT’s services, we create a unique market differentiator that delivers significant value to enterprise customers. Together with HKT, we offer cutting-edge communication solutions that cater to the precise needs of modern, single-identity responsible business communication.”

About HKT

HKT is a technology, media, and telecommunication leader with more than 150 years of history in Hong Kong. As the city’s true 5G provider, HKT connects businesses and people locally and globally. Our end-to-end enterprise solutions make us a market-leading digital transformation partner of choice for businesses, whereas our comprehensive connectivity and smart living offerings enrich people’s lives and cater for their diverse needs for work, entertainment, education, well-being, and even a sustainable low-carbon lifestyle. Together with our digital ventures which support digital economy development and help connect Hong Kong to the world as an international financial centre, HKT endeavours to contribute to smart city development and help our community tech forward. 

For more information, please visit www.hkt.com.

LinkedIn: linkedin.com/company/hkt 

About LeapXpert

LeapXpert, the responsible business communication pioneer, provides enterprises peace of mind through governed communication solutions. The LeapXpert Communications Platform enables governed, compliant, and secure communication between enterprise employees and their clients across consumer messaging channels, while leveraging Communication Intelligence to enhance front-office employee productivity and decision-making. LeapXpert, a Gartner Cool Vendor, is headquartered in New York, with offices in London, Tel Aviv, and Asia. Hundreds of enterprise customers, with hundreds of thousands of users in more than 45 countries, depend on LeapXpert daily for Digital Communications Governance. For more information, visit www.leapxpert.com.

Issued by HKT Limited.

HKT Limited is a company incorporated in the Cayman Islands with limited liability.

Logo – https://mma.prnewswire.com/media/1770411/LeapXpert_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/hkt-and-leapxpert-collaborate-on-secure-and-regulatory-compliant-digital-communications-solutions-302334082.html

SOURCE LeapXpert; HKT

Continue Reading

Technology

YOUNGLIMWON SOFTLAB to Showcase Low-Code Application Development Platform Flextudio at CES 2025

Published

on

By

SEOUL, South Korea, Dec. 17, 2024 /PRNewswire/ — YOUNGLIMWON SOFTLAB, a leading ERP (Enterprise Resource Planning) software company, announced that its in-house venture team, Flextudio Team, will participate in CES 2025 in Las Vegas to unveil its low-code enterprise application development platform, Flextudio.

Flextudio empowers businesses to rapidly and efficiently develop custom applications with its user-friendly interface and powerful features, maximizing development productivity. This innovative platform enables businesses to quickly adapt to evolving market trends and internal needs by facilitating the swift deployment and maintenance of tailored applications.

“We are excited to showcase Flextudio’s innovative technology and differentiated value to the global market at CES 2025,” said Kwon Olim, Director at YOUNGLIMWON SOFTLAB and Team Leader of Flextudio Team. “This is a key step in our strategy to expand our presence internationally and empower businesses worldwide to enhance their agility and competitiveness.”

With a strong track record of serving over 3,000 enterprise customers since its establishment in 1993, YOUNGLIMWON SOFTLAB formed the Flextudio Team in 2021 to address the growing need for businesses to respond swiftly to dynamic business environments. The platform is designed to accelerate business process innovation and digital transformation by streamlining application development and deployment.

YOUNGLIMWON SOFTLAB plans to further enhance Flextudio by integrating AI and other advanced technologies to actively support its customers’ digital transformation journeys.

Flextudio will be showcased at the YOUNGLIMWON SOFTLAB booth in the Eureka Park Tech West area, within the AI/Enterprise section.

About YOUNGLIMWON SOFT LAB

YOUNGLIMWON SOFT LAB is a leading provider of ERP solutions, dedicated to helping businesses optimize their operations and achieve sustainable growth. With a commitment to innovation and customer satisfaction, YOUNGLIMWON SOFT LAB delivers comprehensive and reliable ERP systems tailored to meet the unique needs of diverse industries.

Full name: Son Nikki, Email address: sonmj@ksystem.co.kr, Telephone number: 821059162591

Flextudio is a development platform designed to help build custom business software with low – code. You can download our press kit about our company and product.

Press kit : https://flextudio.notion.site/Power-Apps-We-give-you-SuperPower-Apps-13c45217f07780aea4fbfd0280e903d4

Click here for more details about our booth at: https://ces25.mapyourshow.com/8_0/exhibitor/exhibitor-details.cfm?exhid=001Pp00000dEK5JIAW

View original content:https://www.prnewswire.com/news-releases/younglimwon-softlab-to-showcase-low-code-application-development-platform-flextudio-at-ces-2025-302334488.html

SOURCE Younglimwon Softlab

Continue Reading

Trending