The global mixed reality market size was valued at USD 39.76 billion in 2020 and is expected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to advancements in hardware and smart mobile software.
Mixed reality (MR) frees from screen-bound experiences by allowing to interact with data in living places and with surrounding people instinctively. Following mainframes, PCs, and cellphones, mixed reality is the next big thing in the computing system and service. As the number of advanced wearable gadgets are growing rapidly, the human-world interaction are becoming more immersive and realistic. Additionally, some major components such as displays, CPUs, sensors, and cameras are widely adopted by MR producers. Moreover, in architecture, MR refers to the application of computer simulation models to the physical organization of the current surroundings and the use of that data to improve process efficiency. This technology has the potential to significantly improve the typical supply chain. For instance, MR technology can greatly simplify product repair and reverse logistics processes. It aids entry-level technicians in quickly identifying issues and faulty circuits with a device. Furthermore, the Microsoft HoloLens was used at the Martine Jarlgaard London show during London Fashion Week (LFW) to allow the audience to witness the spring summer collection 2017 in mixed reality. The purpose of this unique debut of MR technology during London Fashion Week is to rethink the catwalk event.
The outbreak of the COVID-19 pandemic has boosted mixed reality gear demand as businesses around the world are scrambling to figure out how to get their internal and remotely located teams to communicate, coordinate, and chart a course forward amid the crisis. People are likely to stay socially distant but with the use of technology and extended reality, to the ways for communication can be enhanced digitally.
Market Trends, Drivers, Restraints, and Opportunities
- Emerging trends such as magnetic resonance imaging (MRI), Internet of Things (IoT), and the growing convergence of wearable device fabrications are expected to fuel market expansion.
- Growing use of MR in architecture and interior design is projected to drive the market growth.
- Increasing use of technology in fashion is expected to remove the barrier between the physical site and the audience, allowing the audience to freely roam about and study the selection from all sides. These factors are anticipated to propel the market expansion.
- Financial constraints and issues concerning about users’ privacy are main barriers that can hinder the market growth during the forecast period.
- Enhancing the user experience in retail and e-commerce sector are creating lucrative opportunities for the market expansion.
Scope of the Report
The report on the global mixed reality market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Mixed Reality Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Medical, Entertainment, E-commerce & Retail, Automotive & Aerospace, and Others) and Components (Software and Hardware)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Magic Leap, Inc.; Alphabet Inc.; Microsoft Corporation; HTC Corporation; and META COMPANY
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Market Segment Insights
Automotive & aerospace segment to expand at a considerable CAGR
On the basis of applications, the mixed reality market is segmented into medical, entertainment, e-commerce & retail, automotive & aerospace, and others. The automotive & aerospace segment is projected to expand at a considerable CAGR during the forecast period. This technology offers significant advantages over previous virtual reality systems, allowing developers to experience virtual reality on their workstations. MR projections teach these engineers how to use the right tools for the job and how to keep going. For instance, BMW has decided to use HTC Vive virtual reality headsets and MR technologies into the design and development of new vehicle models. While working on cars, BMW service engineers employ head-mounted displays.
Hardware segment to grow at a high rate during the forecast period
Based on components, the market is bifurcated into software and hardware. The hardware segment is expected to grow at a high rate during the projected period owing to rise in the development of advanced MR gear. CPUs, sensors, and displays are all part of the MR hardware. Several businesses, including Intel Corporation, are also attempting to improve the quality of semiconductor chips and processors used in MR systems. In 2016, companies in the AR industry, such as MAGIC LEAP, INC. and Microsoft Corporation have started programs to launch their MR devices, which have had a significant impact on the hardware segment growth.
North America is anticipated to constitute a key market share
In terms of regions, the mixed reality market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the presence of a large number of vendors that are also investing heavily in market innovation and strategic alliances. According to Rockwell Automation report, over 25% of their workforce is 55 years old or older and their occupations are not easily pursued by the younger generation, resulting in a talent gap. This amounted to implement various advanced tools to ensure secure training in a digital environment by utilizing a mixed reality headset.
Segments
The global mixed reality market has been segmented on the basis of
Applications
- Medical
- Entertainment
- E-commerce & Retail
- Automotive & Aerospace
- Others
Components
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global mixed reality market are Magic Leap, Inc.; Alphabet Inc.; Microsoft Corporation; HTC Corporation; and META COMPANY. To acquire maximum market traction and expand their market size, vendors are constantly working on strategic collaborations and innovations.
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