The Global Mixed Reality Market, By Component Type (Hardware and Software) By Application (Aerospace & Automotive, Healthcare, Entertainment and E-commerce & Retail),and by Region (North America, Latin America, Europe, APAC and Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 3387.5 million by 2027, exhibiting a CAGR of 40.9 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Mixed reality or MR refers to a technology that merges the virtual and real-world to enhance innovative atmosphere and visualizations wherein digital and physical objects interact in the real world. Mixed reality does not take place in either a physical or virtual world, however, it is a hybrid of reality and virtual reality. It includes augmented virtuality and augmented reality via immersive technology. Mixed reality is used in various industry verticals including automotive & aerospace, entertainment, healthcare, e-commerce & reality. Mixed reality immerses both physical and digital worlds, these two realities define polar ends of a spectrum called virtuality continuum. In Asia Pacific, the mixed reality market is in its early growth stage, with a few countries having a relatively developed market.
The global mixed reality market was valued for US$ 217.50 Mn in 2019 is expected to exhibit a CAGR of 40.9% during the forecast period
High growth of consumer electronics industry is expected to boost the global mixed reality market growth over the forecast period
Consumer electronics industry across the globe, especially in emerging economies such as India and China have witnessed significant growth in the recent past. According to India Brand Equity Foundation (IBEF), the Indian appliance and consumer electronics market was valued at US$ 10.93 billion in 2019 and is expected to reach US$ 21.18 billion by 2025. Emerging economies such as India and China are increasingly adopting mixed reality, virtual reality, and augmented reality technologies in numerous industries. Moreover, rising adoption of smartphones and growing internet proliferation in these countries are expected to support the global mixed reality market growth over the forecast period.
Increasing demand from education sector can present major growth opportunities
Along with gaming, medical, automotive, and entertainment, education sector is another major source of opportunities for market players. The use of mixed reality in education sector will help students in numerous ways. It could grant students extra digital information about any subject and make complex information easier to understand. It can also enhance interaction between students and teachers by incorporating 3-dimensional models. Furthermore, educational institutions can include variety activities including hand exercises, manual training, quiz solving, etc. to help students better understand any lesson.
Technical issues regarding MR are expected to restrain growth of the global mixed reality market growth during the forecast period
There are some technical issues arising with mixed reality despite being highly advanced. Limited battery life and image latency issues are major technical difficulties faced by end users, which in turn, is expected to hamper the global mixed reality market growth during the forecast period.
Increasing demand for advanced MR glasses from commercial sector
Various companies in the market are developing advanced AR & MR smart glasses, which are expected to increase the demand on the commercial level. For instance, in 2016, Sony Corporation introduced its Smart Eye Glass, which includes an array of features including accelerometer, gyroscope, built-in camera and ambient light sensor. Furthermore, in 2017, the Martine Jarlgaard London Show at the London Fashion Week (LFW) incorporated Microsoft HoloLens to facilitate the audience to view their spring-summer collection in mixed reality. It is expected that mixed reality technology in fashion will remove barriers between physical location and the audience, which will allow them to move freely and explore the collection from all angles.
Rising demand for MR technology in lightweight wearable
The introduction of technological innovation in lightweight wearable technology is expected to offer major growth opportunities for AR and MR head-mounted display (HMD) market. Growing popularity of video gaming and technological advancements in 3D imaging is expected to boost the market growth in the near future. Furthermore, rising investments in research and development activities to provide advanced and novel HMD are expected to boost the demand for MR and AR HMDs in the near future. For instance, a research team from The Korea Advanced Institute of Science and Technology (KAIST) has successfully created a high-performance HMD called K-Glass that has an in-built augmented reality processor. The in-built processor in K-glass is highly efficient and quicker than the traditional processors. According to Coherent Market Insights’ analysis, venture capital firms in the market have invested a total of over US$ 200 million, which in turn, is expected to boost the regional mixed reality market growth.
Key players operating in the global mixed reality market are Microsoft Corporation, Osterhout Design Group, Facebook Inc., Meta Company, Samsung Electronics Co, Ltd., Magic Leap, Inc., HTC Corporation, Canon Inc., Seiko Epson Corporation, Daqri LLC, and Recon Instruments, Inc.