Press release
Mixed Reality Market: High Investment Costs Deter Market Growth
A large number of companies are actively focused on developing high-end augmented reality applications for these industries that is expected to positively impact the market in the coming years. The global mixed reality market is anticipated to rise at 39.1% CAGR from 2016 to 2024 and attain a valuation of US$1.2 bn by the end of forecast period.
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The report offers an in-depth insight into the current and emerging trends, technological advances, market share and size of various component and application segments. The study is prepared with the help of extensive primary and secondary researchers include valuable inputs from a wide range of market participants such as industry experts, strategists, market leaders, and business executives. The research study takes a closer look at recent disruptive technologies and assesses their impact on the competitive landscape of major regions. The insights and analysis help stakeholders gain a better understanding of the market and enable them to devise impactful strategy.
The mixed reality market is primarily driven by its increasing application in gaming and entertainment industries. The convergence of augmented reality and virtual reality technologies has led to the development of a host of interactive content in gaming industry. As a result of numerous transformative gaming effects of mixed reality technologies, an increasing number of video gaming companies are becoming a part of ecosystem of the mixed reality market, thereby boosting the market. Furthermore, growing popularity of IoT and wearable technologies are expected to expand the horizon of mixed reality applications.
The soaring demand for mixed reality applications in healthcare and medical industries facilitates better diagnosis and treatment of diseases. The increasing adoption of MR in imaging and radiology is expected to open up lucrative market avenues over the forecast period. Furthermore, the use of mixed reality applications bear large-scale implications for online shopping which is expected to confer enormous benefits to several companies in e-commerce and retail industries.
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Regionally, the global mixed reality market can be segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Among these regions, North America is expected to lead the global market for mixed reality. The growing popularity of 3D movies in entertainment industry is anticipated to bolster the demand for mixed reality hardware and solutions.
North America is anticipated to be followed by the Asia Pacific market. The steady growth of this regional market is expected to be fuelled by increasing adoption of mixed reality applications across various industries and a robust uptake of smart wearable devices among consumers. In addition, the adoption of mixed reality solutions has transformed the interactive experience of viewers spurring the demand for these solution in developing and developed nations in the region.
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