Increasing market growth for mixed reality is being driven by advances in virtual reality

Mixed Reality Market Forecast : The global Mixed Reality market is estimated to account for US$ 3387.5 million by 2027

𝗥𝗲𝗽𝗼𝗿𝘁 𝗣𝗮𝗴𝗲𝘀: [135 Pages]

With the advent of virtual reality (VR) technology, mixed reality (MR) technology is transforming the way we live. MR allows two physical objects to exist in the presence of another physical object. Mixed Reality is a new development in augmented reality technologies, which is a field of application that combines two or more discrete mediums in order to create a richer experience.

The increasing adoption of MR in the architecture is predominantly augmenting the market growth of the mixed reality. Also, the increasing use of MR devices in the gaming and entertainment industry is contributing to the market growth. Increasing investment by the government on MR devices is again projected to foster the market growth of the mixed reality. For instance, in October 2020, Avataar.me, a 3D and augmented reality (AR) platform, has raised $7 million (Rs 51 crore) in its Series A round of funding from Sequoia Capital India. Furthermore, the increasing use of MR devices in aerospace & defense and the healthcare sector is further projected to accelerate the market growth over the forecast period.

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North America is expected to gain significant growth over the forecast period and this is attributed to the strong presence of the IT industry coupled with the continuous launch of new products in the region. For instance, in Feburary 2019, Microsoft's has launched a second-generation mixed-reality headset- the HoloLens 2. Also, increasing the use of mixed reality in the education sector to make things interactive is further projected to foster regional market growth.

Key Developments:

In October 2017, Microsoft announced the launch of Microsoft Reactor in San Francisco--the flagship hub for the tech giant's efforts in mixed reality (MR).

In July 2020, Blippar delivered the world’s first product launch event entirely in AR for OnePlus Nord; the latest smartphone from premium technology brand OnePlus.

In July 2020, Reliance Jio launched Jio Glass to strengthen its presence in virtual reality space and capitalize on remote working culture.

In September 2020, RazerCon has launched an all-new, all-streamed mixed-reality product.

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In September 2020, The University of Central Missouri has launched the Mixed Reality Studio, part of its Gigabit Lab. The studio aims to advance state-of-the-art technology in virtual reality (VR) and augmented reality (AR) by developing new applications and educating the next generation of researchers, developers, entrepreneurs, and technologists while collaborating with industry.

Major Players in Current Industry: 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.

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