Many enterprises are increasingly adopting AR and VR technologies in order to provide a highly engaging and better customer experience and create a more-interactive experience. For instance, many businesses are rapidly adopting head-mounted displays (HMDs) for knowledge and education purposes for providing an enhanced learning experience.

Owing to these factors, the demand for extended reality solutions is surging, which is predicted to fuel the extended reality market at a CAGR of 48.3% from 2020 to 2030. Furthermore, the revenue of the market will grow from $18.6 billion in 2019 to$1,005.9 billion by 2030, as per the estimates of the market research company, PS Intelligence. To cater to the escalating demand for extended reality solutions, many leading extended reality solution providers across the world are announcing collaborations and partnerships.

For example, Qualcomm Incorporated and Accenture plc announced a collaboration with InterContinental Hotels Group in January 2020 for pilot-running a solution that utilizes VR and AR for improving the event planning experience. The XR Event Planner solution developed by Accenture plc brings event planners, the hotel sales staff, and buyers on a common virtual platform, which enables them to remotely envision and configure the layout in real time.

Depending on device type, the extended reality market is divided into headset, personal computer (PC), and mobile categories. Amongst these, the headset category is predicted to demonstrate the fastest growth in the market in the coming years. Hence, it can be safely said that the demand for extended reality solutions will shoot up in the upcoming years, primarily because of the growing adoption of AR and VR applications and the mushrooming use of connected devices and smartphones across the world.