ID: MRFR/ICT/1234-CR | February 2020 | Region: Global | 111 pages
The mixed reality market displays various images on the materials that are semi-transparent and uses a projector to do that. After that, the images get reflected in the human eye with the assistance of extensive beam-splitting techniques. There are various fields where mixed reality market is widely applied such as production, design, maintenance, reporting, operations, analytics, distribution, development, and quality control. According to the current report by MRFR or Market Research Future, from 2017 to 2023, the worldwide mixed reality market size is assumed to develop at least 48.6% CAGR. The reason behind the wide expansion of mixed reality market size is the rising investments in various innovations.
Mixed Reality Market COVID-19 Analysis:
The pandemic has affected every market around the world. The social distancing and repeated lockdowns have hugely affected the economic sector and the business sector. Various early-stage technical methods such as virtual reality, mixed reality, and augmented reality have experienced severe ups and downs.
However, during the crisis scenario, the mixed reality market size has expanded to some extent. Also, this crisis scenario has resulted in certain negative impacts on these technologies, mainly because these types of technologies are not being entirely developed and not being utilized much as well.
Both the concept of social distancing and the concept of lockdown resulted in the breakdown of numerous supply chains of various industries such as IT, transportation, telecommunication, logistics, and some others. Due to this change, the supply of end-use mixed reality market size and market supply got also disturbed. The technology giants such as HTC, Valve, and MagicLeap have come up with the idea of VR headsets. These headsets can excellently support the conference call facilities among the employees who are working from home. Therefore, it would result in the growth of mixed reality market share.
However, because of the lockdown, only necessary items are allowed to be delivered in various countries. Therefore, the supply chains of less essential products like AR/VR got disrupted, and also the delivery of these AR/VR products was restricted to the clients. However, the companies that are still utilizing these products may enjoy the advantage from their usage. In comparison with video conferencing, VR headsets are facing growth of 25% in the attention span of various employees.
Howbeit, the post-pandemic advantages of mixed reality would fuel the growth of mixed reality market share in the future years. During the lockdown, a great number of top brands have utilized the technologies of mixed reality that allow the clients to buy product’s from the comfort zone of their home in a more convenient way.
Mixed Reality Market Dynamics:
One of the first key factors that drive the growth of mixed reality market share is the increasing adoption of mixed reality technologies in the worldwide educational sectors. The technology produced by the mixed reality industry is advantageous for both students and teachers because it assists to make things more interactive. Along with that, the trainers can utilize it for teaching the requirement to be at the fixed place to various trainees sans.
Besides, the mixed reality industry makes sure that the study procedures become better and more interactive. In addition to that, it assists in decreasing the learning errors with the utilization of various 3D pictures. In the education sector, this innovative method contributes to the rising demand for mixed reality devices produced by the mixed reality industry.
The additional factors that fuel the mixed reality market growth include the rising incorporation of mixed reality technologies in healthcare, sports fuels, travel, navigation, and education, utilization of IoT, demand for a better experience in the sector of aerospace, rising adoption of mixed reality technologies in the entertainment and gaming sector, rising utilization in the architectural sector, etc are influencing the mixed reality market growth. Also, the rising investments in various mixed reality platforms, mixed reality hardware, and software systems are also the reasons for rapid mixed reality market growth.
The rising demand from the automotive industry to the mixed reality market trends would offer a strong boost in opportunities to various mixed reality market players in the future. Also, various automotive business organizations around the world have started the implementation of mixed reality in their several advertisement campaigns.
The major restraint of rising mixed reality market trends is the economic constraints. The mixed reality is a type of cutting-edge technical procedure that required a hefty amount of investments in infrastructural, developmental, and research procedures to create various advanced mixed reality market trends that may function as a restraint of this market during the course of the forecast period from 2017 to 2023. Currently, organizations are facing various economic problems due to the high implementation costs of mixed reality technologies. Moreover, privacy issues may also affect the growth of mixed reality market opportunities.
The factor that acts as a challenge to the growth of mixed reality market opportunities over the forecast period is the latency issues and also the limited life of the battery.
The mixed reality market has been segmented on the basis of application, region, components, and product.
By application, the mixed reality market has been divided into:
During the mixed reality market forecast period, among these segments, the gaming, IT, and entertainment segments would spearhead the mixed reality market.
On the basis of region, the mixed reality market has been classified into:
During the mixed reality market forecast period, among these segments, the hardware division would lead the mixed reality market due to the rise in the production of mixed reality hardware.
Based on product, the worldwide mixed reality market can be segmented into:
During the mixed reality market forecast period, among these segments, the computer display, smart phone, and HMD display would dominate the mixed reality market.
Mixed Reality Market Regional Analysis:
Depending on the region-wise mixed reality market opportunities, the worldwide mixed reality market has been classified into the Asia Pacific, North America, Africa and the Middle East (MEA), Europe, and South America. Among all these segmentation of mixed reality market key players, North America would dominate the market in the course of the forecast period, i.e. 2017 to 2023. The reasons behind the growth of the mixed reality market in this region are rising penetration in the aerospace and defense segments, rising penetration of AR and VR for various MR devices, huge penetration of various MR devices, the increasing application of AR and VR in the e-commerce and healthcare sectors, presence of the mixed reality key players in the US, etc.
Also, the mixed reality market in the Asia Pacific region is expected to witness healthy growth in the course of the forecast period. The reasons behind the growth of the mixed reality market in this region are the presence of various emerging mixed reality market key players such as China and India, rising financial growth, growing penetration of smart phones, rising adoption of innovative technologies in several worldwide end-use industries, large population, rising adoption of various technologically advanced MR solutions, the rising popularity of AR and VR-enabled gaming, etc.
Mixed Reality Market Competitive Landscape:
The global mixed reality industry is highly segmented and with the presence of various key players, the industry is very competitive in nature. These key players of different countries have established various strategies like product launches, partnerships, mergers, acquisitions, R & D activities to strongly build their position in the mixed reality market.
The market research report of mixed reality by MRFR enhances the latest trends and niches present in the industry. Also, the report emphasizes the opportunities, challenges, market drivers, and market restraints. Also, the report offers a thorough insight into the course of the forecast period. Also, it enhances the unique mixed reality market segments.
Scope of report and segmentation table:
|Market Size||USD 212 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Product|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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).|
|Key Market Opportunities||The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period.|
|Key Market Drivers||The hype of VR or AR head-mounted displays can accelerate mixed reality market growth.|
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.