XR market revenue 2023-2028
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The global extended reality (XR) market was valued at 25.7 billion U.S. dollars in 2024, an industry that includes augmented reality (AR) and virtual reality (VR). Forecasts suggest that by 2028, the XR market could be worth 41.8 billion U.S. dollars.
Augmented reality (AR)
AR technology integrates digital information with the physical environment, live and in real-time. Through the addition of graphics, sounds, haptic feedback, or even smell to the natural world as it exists, AR can combine real life with a super-imposed image or animation using the camera on a mobile device or AR headset. As part of the wider XR industry, the global AR market is expected to grow considerably in the coming years.
Metaverse
Regarded as the next iteration of the internet, the metaverse is where the physical and digital worlds come together. As an evolution of social technologies, the metaverse allows digital representations of people, avatars, to interact with each other in various settings. Whether it be at work, in an office, going to concerts or sports events, or even trying on clothes, the metaverse provides a space for endless, interconnected virtual communities using VR headsets, AR glasses, smartphone apps, or other devices.
