ID: MRFR/ICT/1234-CR | March 2019 | Region: Global | 111 pages
Global Mixed Reality Industry is predicted to develop at a stellar 48.6% CAGR between 2017- 2023, reveals the latest Market Research Future’s (MRFR) mixed reality market forecast report. The strong mixed reality market size is due to the increasing investments in innovations.
The novel coronavirus has already created havoc across the world. Lockdowns and social distancing trends have impacted the business sector and the economy at large. Early-stage technologies like augmented reality, virtual reality, and mixed reality have also faced ups and downs. To some extent, the mixed reality market share has been uplifted during the crisis. On the one hand, this crisis posed some negative effects on such technologies, chiefly due to these technologies not being fully developed as well as not being used much. The lockdown and the concept of physical distancing led to the breakdown of supply chains overall of different industries like transportation and logistics, IT and telecommunication, and others as a result of which end-use mixed reality products supply too has been impacted. Technology giants like Valve, MagicLeap, and HTC have come up with VR headsets that can wonderfully support conferencing calls amid employees that are working from home, thus boosting the mixed reality headset market growth. But following the lockdown, just essential items are permitted to be delivered in different countries. This, in turn, has resulted in supply chain disruptions of products like VR/AR headsets, and delivery of these products has been restricted to end users. The companies, however, that are using these products currently may benefit from their usage, with VR headsets experiencing a rise in the attention span of employees by 25% in comparison to video conferencing.
On the brighter side, the post-pandemic perks of mixed reality are likely to fuel the value of the market in the upcoming years. At the time of the lockdown, top brands like CaratLane and Lenskart have used mixed reality technologies that enable customers to purchase products from their home’s comfort in a better way. Lenskart, for instance, a leading online eyewear portal, allows its esteemed customers to buy eyewear by trying it on through realistic, 3D models with the help of webcams. This way, a customer can pick the best fit. CaratLane, similarly, a leading online jewelry platform allows customers to experience how a piece of jewelry looks on them.
Rising Adoption in the Education Sector to Bolster Market Growth
The rising adoption of mixed reality technology in the education sector is predicted to bolster market growth over the forecast period. This technology is beneficial for teachers and students alike, as this helps to make things interactive. Besides, trainers can use it for teaching trainees sans the need to be at the same place. Mixed reality, along with ensuring interactive and better ways of the study, also at the same time helps in reducing the learning errors with the use of 3D pictures. This is likely to contribute to the demand for mixed reality devices in the education sector.
Additional factors fuelling the market growth entails the increasing incorporation in travel, education, healthcare, navigation, and sports field, demand for an enhanced experience in the aerospace sector, use of IoT, increasing use of mixed reality in the architecture segment, increasing adoption in the gaming and entertainment sector that is boosting the mixed reality in gaming market growth, and increasing investments in platforms, mixed reality software, and mixed reality hardware systems.
Massive Demand from Auto Industry to Offer Robust Opportunities
The massive demand for mixed reality from the automotive industry is likely to offer robust opportunities to market players in the upcoming days. Different automotive companies the world over have begun implementing augmented reality in their ad campaigns.
Financial Constraints to Act as Market Restraint
Mixed reality is a cutting-edge technology that needs huge investments in research and development and infrastructure to create advanced mixed reality devices that may act as a market restraint over the forecast period. Organizations currently are facing financial problems owing to high MR technology implantation costs. Besides, privacy issues may also hamper the market growth.
Limited Battery Life May Act as a Market Challenge
The limited battery life coupled with latency issues in MR devices may act as major market challenges over the forecast period.
Mixed Reality Market has been bifurcated based on Product, Components, and Application.
Hardware Segment to Lead Mixed Reality Market
By components, the global mixed reality market is segmented into software and hardware. The hardware segment is again bifurcated into power units, input devices, displays, sensors, processors, and others. The software segment is again bifurcated into out-of-box software and custom software. Of these, the hardware segment will lead the market over the forecast period for the rise in MR hardware.
HMD Display, Smartphone, and Computer Display to Dominate Mixed Reality Market
By product, the global mixed reality market is segmented into tablet PC, head-up display, HMD display, smartphone, computer display, and others. Of these, the HMD display, smartphone, and computer display will dominate the market over the forecast period.
IT, Gaming & Entertainment Segments to Spearhead Mixed Reality Market
By application, the global mixed reality market is segmented into architecture, IT, gaming and entertainment, military, education, manufacturing, medical, and automotive. Of these, IT and gaming & entertainment segments will spearhead the market over the forecast period.
North America to Dominate Mixed Reality Market
Geographically, the global mixed reality market has been segmented into North America, Europe, the Middle East and Africa (MEA), the Asia Pacific (APAC), & South America. Of these, North America will dominate the market over the forecast period. Increasing penetration of VR and AR for MR devices, the presence of several key players, high penetration of mixed reality devices, increasing penetration in defense and aerospace segments, presence of key vendors in the US, and rising application of VR and AR in healthcare and e-commerce sectors are adding to the global mixed reality market growth in the region.
APAC to Witness Healthy Growth in Mixed Reality Market
The mixed reality market in the APAC region is predicted to have healthy growth over the forecast period. Rising economic growth, growing adoption of technologically advanced solutions, rising penetration of smartphones, the presence of emerging economies India and China, increasing adoption of technology in various end use industries, the growing popularity of VR and AR-enabled gaming, and large population, especially younger age groups are adding to the global mixed reality market growth in the region.
Global Mixed Reality Market is highly fragmented and competitive in nature with the presence of several key players. These key players have encompassed several strategies to strengthen their position in the market, such as mergers, R&D activities, partnerships, acquisitions, product launches, and others.
Prominent players profiled in the global mixed reality market report include Facebook Inc. (US), HTC Corporation (Taiwan), Sony Corporation (Japan), Accenture PLC (Ireland), Microsoft Corporation (US), Google LLC (US), Intel Corporation (US), Magic Leap, Inc (US), Seiko Epson Corporation (Japan), and Samsung Electronics Co., Ltd (South Korea).
The mixed reality (MR) market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader
Frequently Asked Questions (FAQ) :
The global market od mixed reality can expand at 48.6% CAGR in forecast period.
Microsoft Corporation (US), Sony Corporation (Japan), Accenture PLC (Ireland), and HTC Corporation (Taiwan) among others are top-notch companies of the mixed reality market.
Head Mounted Display (HMD), smartphone or tablet pc, and head-up display are mixed reality products. The high smartphone sales can prompt mixed reality market.
The hype of VR or AR head-mounted displays can accelerate mixed reality market growth.
The surge in AR and VR enabled devices can prompt the North America mixed reality market expansion.