Mixed Reality Market: Snapshot
The mixed reality (MR) technology, which refers to the incorporation of virtual reality and augmented reality principles to develop immersive virtual environments, is witnessing a vast rise in applications across a number of industries. Sectors demanding more of the technology across a variety of applications include entertainment, sports, healthcare, education, navigation, and travel. In the near future, the technology is expected to benefit from more focus of companies developing more natural interfaces, significant rise in investment in the field of Internet of Things, and the constant rise in the number of market participants.
Rising applications of the technology in the automotive and aerospace sectors are also expected to open up lucrative growth opportunities for developers of mixed reality systems market. Transparency Market Research estimates that the market will expand at an exponential 39.1% CAGR from 2016 to 2024, rising from US$35.30 mn in 2015 to an opportunity of US$1.2 bn by 2024.
Entertainment to Continue to Remain Leading Application Sector
Of the key applications of the mixed reality technology, the report examines those across industries such as healthcare, e-commerce and retail, automotive and aerospace, and entertainment. Of these, applications across the entertainment industry are expected to prove to be the most promising for the global mixed reality market over the report’s forecast period. Mixed reality principles are finding significant usage in developing immersive experiences in the entertainment sector and the trend is expected to remain strong over the next few years as well.
Moreover, the increased usage of the augmented reality technology for video games is also expected to fuel the demand for mixed reality solutions and devices in the near future. The entertainment application sector is expected to exhibit a massive 40% CAGR over the report’s forecast period, holding on to its top spot in the next few years as well.
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North America to Retain Dominance, Asia Pacific to Provide Promising Growth Avenues
From a geographical standpoint, the report covers the mixed reality market across regions such as Asia Pacific, Europe, North America, and Rest of the World. Presently, the market in North America is the leading contributor if revenue to the global market and is expected to remain a leading force over the report’s forecast period. The North America mixed reality market is expected to exhibit a huge 41.9% CAGR over the report’s forecast period, cashing-in from vast applications in the region’s massive entertainment industry and the presence of some of the world’s leading graphics companies. Rising production of 3D movies in the region will also accentuate the overall growth of the mixed reality market.
The Asia Pacific region is also expected to present vast growth avenues for the mixed reality market in the next few years, trailing the North America market in terms of revenue contribution to the global market. The promising growth prospects of the Asia Pacific augmented reality market can be attributed to the rising adoption of smart computing devices such as smartphones in several developing economies in the region. Steady introduction and adoption of IoT across a number of application areas in the region is also expected to accentuate the growth prospects of the Asia Pacific mixed reality market in the next few years.
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