Mixed reality is technique that uses software and devices to create visualizations that are an amalgamation of real and digital objects, which coincide and interact in real time. The hardware aspect of mixed reality market includes devices such as associated devices, head-mounted displays (HMDs), camera, and console. Meanwhile, the software segment comprises cloud, gestures, mixed reality tracking software, and software development kit (SDK) to offer real-world experience through virtual images. The research report states that global mixed reality market will be worth US$1.2 bn by 2024 as opposed to US$35.30 mn in 2015. During the forecast period of 2016 and 2024, the global market is anticipated to progress at a CAGR of 39.1%.
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The factors driving the global market are the evolution of the entertainment industry and urgent need for making tasks in sectors such as healthcare efficient. Additionally, adoption of mixed reality in the automobile design to improvise safety technologies is anticipated to an emerging trend that will benefit the overall market in the near future. The market also stands to benefit as developer companies are aiming at offering advanced augmented reality application such as education, industrial, healthcare, travel and navigation, and games and entertainment.
Entertainment Assumes Lead as Purchasing Power Improves
In terms of applications, the global mixed reality market is segmented into healthcare, automotive and aerospace, e-commerce and retail, entertainment, and others. Out of all these, the entertainment sector is going to show remarkable progress in the coming years. The designing and implementation of never-seen-before immersive experiences in the field of entertainment with the help of mixed reality devices are expected to boost the progress of this segment. Additionally, adoption and usage of augmented reality in developing video games is also expected to spur the demand for mixed reality devices in the coming years. The rising disposable incomes of the overall population has increased spending on various types of virtual entertainment, which has also boosted the uptake of mixed reality devices in the entertainment industry. According to research analysts, the entertainment segment is likely to expand at a CAGR 40.3% during the forecast years of 2016 and 2024.
Asia Pacific Leads Global Market with Continued Uptake of Smartphones
Geographically, the global market is segmented into regions such as North America, Asia Pacific, Europe and Rest of the World. According to the report, North American is anticipated to lead the global market in the coming years. Asia Pacific is projected to follow its lead as the region is exhibiting a high uptake of smart devices. Owing to this reason several consumers will have the option of viewing things in a mixed reality format through several applications. The growing access to mixed reality solutions will provide information to real-time situational images captured by the existing smart devices and display them on the screen for the viewers.
Some of the key players operating in the global mixed reality market are include Daqri LLC., Seiko Epson Corporation, Facebook Inc., HTC Corporation., Samsung Electronics Co, Ltd., Recon Instruments, Inc., Microsoft Corporation, Magic Leap, Inc., Canon Inc., Meta Company, Infinity Augmented Reality, Inc., and Osterhout Design Group.
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