Market Trends of Extended Reality Display Industry
This section covers the major market trends shaping the Extended Reality Display Market according to our research experts:
Rising Adoption of AR and VR Applications Across Multiple End-User Industries
- The rapid adoption of AR and VR is transforming the gaming industry, significantly creating more opportunities for the XR display market. Companies are making rapid developments in their products to gain maximum market traction. For instance, the Oculus Quest VR headset improvised its VR system by adding a hand tracking feature, which may enable VR users to use their fingers to manipulate the VR worlds.
- Gesture-based computing is now becoming a part of gaming, TVs, devices, kiosks, medical, 3D sculpting, engineering, medical professionals, designers, advertisers, and even people with physical disabilities. Gesture-based gaming has moved beyond traditional gaming consoles and is witnessing increasing adoption in educational games for children. For instance, Magic Touch Math is the first game that focuses on learning mathematics using custom gesture drawings. Thus, gesture-based recognition can also be used in applications apart from traditional gaming applications.
- In September 2021, Audi announced the virtual reality entertainment holoride on the road. This makes travel to virtual worlds from within an Audi possible. The startup holoride is working to make car rise a multi-modal experience. This new technology will merge VR content with driving movements in real-time to enable back seat passengers in Audi to dive into games, movies, and presentations and experience virtual content by adapting to the driving movements of the car in real-time using VR glasses.
- Further, in September 2021, the University of East London (UEL) announced the launch of an EON-XR Center in partnership with EON Reality. The EON-XR Center in the United Kingdom lets students and lecturers access AR and VR-based training through various devices, including smartphones, websites, and VR headsets.Thus, driving the growth and demand for the market studied. Thus, such developments are expected to further drive the demand for the XR displays studied in the market.
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North America is Expected to Hold Significant Share
- The North American region is expected to hold a significant market share as the United States Government is finding both direct and indirect ways to use extended reality technology to facilitate innovation and promote prosperity.
- For instance, the Foreign Service Institute at the State Department has introduced VR as an experiential learning tool in specific training. Several AR and VR training programs have been implemented in the region to develop local workforces and manage wastewater.
- The region is dominating the market due to factors such as high technology exposure. Besides, the easy availability of resources has created a robust demand for extended reality devices. Several regional companies are deploying innovative displays into their AR/VR wearables.
- Many large American technology giants, from Apple to Google, are significantly investing in building VR and AR equipment. As the display forms a critical element in such devices, such investments will aid the market's growth.
- For instance, in June 2022, Facebook's parent company Meta unveiled four virtual reality (VR) prototype displays for research purposes as the company seeks to achieve the full potential of metaverse technology. The models are expected to deliver visual experiences that closely resemble reality and solve problems such as poor resolution, distorted views, and eye fatigue while making headsets lighter.
- The region is also home to many major players, such as eMagin Corporation, a major manufacturer of high-resolution OLED microdisplays for AR/VR and other near-eye imaging products. The company hosted an exhibit of its current product line, including its dPd Direct Patterning OLED Microdisplay Technology, at Display Week 2022, one of the industry's largest conferences devoted to the display market, in San Jose, California, in May 2022.
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