Mixed Reality Market

Global Mixed Reality Market Size (2024 to 2032)

The global mixed reality market is predicted to reach USD 2.12 billion in 2024 and USD 20.26 billion by 2032, growing at a CAGR of 32.6% during the forecast period. Mixed reality is gaining ground among business processes, and the call is estimated to progress further. Though initial costs have been at higher price points, thus making it difficult for consumers, they are still relatively low-priced for enterprises.

Mixed reality (MR) signifies the controlled collision of the AR/VR and IoT trends. It is the merging of Real and Virtual worlds to develop new conceptions and environments in which digital and physical objects and their data can co-exist and interact. Mixed Reality displays pictures on semi-transparent materials by means of a projector, which is then replicated to the eye with the help of beam-splitting technology. MR is implemented in various places like production, design & development, maintenance & operations, quality control, distribution and reporting & analytics.

MARKET TRENDS

The global mixed reality market in engineering is surely becoming a game-changing utility. The present applications vary from remote repair guidance and project monitoring apps to 3D modeling and virtual molding. Microsoft HoloLens is being used in some enterprises empowered with Microsoft Dynamics to help in supporting the user.

Mixed reality is likewise a useful and powerful instrument in scenarios that demand the visualization of processes, including the assembly process. In the oil refinery application, users didn’t get an explanation on how to assemble a plant because the oil refinery company did not require it. It is usual for companies to observe that employees do not bother with instructions and studying manuals.

Companies such as Dassault Systems are using mixed-reality systems to create virtual tours of their production plants. The company is confident that a model can be immediately built into its software and exported directly to the headset. To transition these devices as true engineering design tools, they are evolving as the next step required for the wider application.

MARKET DRIVERS AND RESTRAINTS

The increasing utilization of MR in the architecture segment is currently the industry trend, which significantly contributes to market development. The rising adoption of MR devices in the gaming and entertainment segment is projected to drive the global mixed reality market during the forecast period. The MR trend is being powered by investments in hardware devices, platforms, and software ecosystems. These investments are basically focusing on replacing keyboards and flat displays with completely new models for collaboration and communication.

AR and VR have some drivers in common, but the issues they solve are quite different. Special features like immersion, flexibility, mobility, usability, vision, affordability, and wearability are majorly promoting the demand for mixed reality in different parts of the world. Technologies have always shaped excitement and presented new and endless possibilities. But it's been proved that technology or features don’t drive mass technology adoption; it's the worth the technology creates for the user and, therefore, the ease in adopting it that drives the adoption. Rather than offering abundant use cases, technology should validate significant and exclusive potential for improving our lives, individually and collectively.

REPORT COVERAGE

REGIONAL ANALYSIS

In North America, the growing penetration of AR & VR devices is powering the growth of the mixed-reality market. Also, the presence of crucial players like Microsoft Corporation, Intel Corporation, Magic Leap, Inc., and Google, Inc. is anticipated to support business expansion in this area. The US leads the market in North America, which is trailed by Canada. Asia-Pacific is predicted to carry a big share of the market in the foreseen years. Japan is foreseen to rule the Asia-Pacific mixed reality market, followed by nations like China, during the outlook period.

KEY PLAYERS IN THE GLOBAL MIXED REALITY MARKET

The important players in the global mixed reality market are Seiko Epson Corporation (Japan), Magic Leap, Inc. (US), Intel Corporation (US), Google LLC (US), Microsoft Corporation (US), Accenture PLC (Ireland), Sony Corporation (Japan), HTC Corporation (Taiwan), Facebook Inc. (US), and Samsung Electronics Co., Ltd (South Korea).

RECENT HAPPENINGS IN THE GLOBAL MIXED REALITY MARKET

• In April 2018, HTC Corporation launched the mixed-reality headset HTC Vive Pro. This dual-camera device offers spatial mapping of static and dynamic environments.

• In February 2018, Accenture PLC acquired Mackevision, a worldwide 3D-enabled and immersive product content maker, to toughen its capabilities in protracted reality-based applications.

• In December 2018, Ericsson Inc., Warner Bros., Intel Corporation, AT&T Inc., Entertainment Inc., and DC Comics Inc. declared their association to create a mixed-reality experience with virtual reality headsets.

DETAILED SEGMENTATION OF THE GLOBAL MIXED REALITY MARKET INCLUDED IN THIS REPORT

This research report on the global mixed reality market has been segmented and sub-segmented based on the component, product, vertical, and region. 

By Component

• Hardware
• Software

By Product

• Head Mounted Display (HMD)
• Head-Up Display, Smartphone/Tablet PC

By Vertical

• Education
• Gaming & Entertainment
• Medical, Military & Aerospace
• Manufacturing
• Automotive
• Architecture
•  IT

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa