Mixed Reality Headsets Market Is Anticipated to Grow at A CAGR of 21.3% By 2031

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The global Mixed Reality Headsets Market was valued at USD 3.2 Billion in 2021 and it is anticipated to grow up to USD 22.2 Billion by 2031, at a CAGR of 21.3% during the forecast period.

Mixed reality headsets are devices that allow users to experience both virtual and real-world environments at the same time. These devices can be used for a variety of purposes, including gaming, education, and work. Mixed reality headsets typically include a head-mounted display, sensors, and a controller. The head-mounted display provides a virtual environment for the user, while the sensors track the user's movements and the controller allows the user to interact with the environment.

Market Trends and Drivers

Growing penetration of VR and AR technologies across various applications such as automotive, gaming, healthcare, education, industrial; and retail is expected to drive the mixed reality headsets market growth over the forecast timespan. These devices are being rapidly adopted in retail, from apparel to home décor, to attract customers and increase brand loyalty. These devices allow retailers to immerse the customers in customized worlds. In recent years, augmented reality & virtual reality technologies for collecting sights and sounds have gained popularity due to technological advancements. In addition, the accessibility of numerous electronic items like tablets, and other smart devices interoperable with augmented reality and virtual reality technologies has resulted in a major expansion of market prospects. In January 2022, Microsoft Corporation Inc. debuted its HoloLens 2 mixed reality headset in India. The headset's artificial intelligence, time-of-flight depth sensor, and semantic understanding enable users to interact with holograms in a more realistic manner.

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Global Mixed Reality Headsets Market by Technology

By technology, the market is segmented into augmented reality, and virtual reality. The virtual reality segment accounted for significant market share in 2021 and is expected to register lucrative CAGR over the forecast period. This expansion is attributable to the broad use of virtual reality and the increasing popularity of industrial Internet of things, industrial robots, and smart factories, which have provided a major platform for VR uses in the manufacturing sector. Commercial use of VR devices is higher than the AR counterparts, due to low cost and wide usage of immersive devices in the gaming industry. These are being increasingly adopted in the movie theatres due to their ability to block distractions and ambient light, thus providing users enhanced experience.

By product, the Mixed Reality Headsets Market is classified into head-mounted display, and smart glasses. HMDs is expected to grow significantly over the next seven years in the mixed reality headsets market, owing to the presence of large number of manufacturers. Easy availability of raw materials and software required to manufacture these devices is expected to bode well for the industry growth. High demand for HMDs is expected from the aerospace & defense sector. These devices are being used for training and simulation in manufacturing and flying aircrafts. In December 2015, NASA announced that the astronauts will use the Microsoft HoloLens as a real-time instruction manual. The project called Project Sidekick is undertaken to facilitate closer communication between ground control and the astronauts in space.

Based on end-user segment of the market is bifurcated into entertainment, healthcare, aerospace & defense, automotive, retail, industrial, and others. Healthcare applications in the mixed reality headsets market are growing significantly, owing to enhanced capabilities of these devices in diagnostic and therapy segments. Many small players in the industry are investing to develop new products to cater to the requirements from the healthcare sector. For instance, in September 2017, a U.S.-based startup, NuEyes announced the development of smart glasses for the people with impaired vision. The battle to capture the three trillion-dollar healthcare industry has started with the tech-giants such as Apple and Google acquiring healthcare technology companies to develop smart glasses for diagnosis. At the World Economic Forum in January 2017 in Davos, Bill McDermott, SAP CEO emphasized that personalized medicine using technology will be the future of the healthcare industry and that the industry will move from an analog experience to digital, thus propelling the mixed reality headsets market growth.

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Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America Mixed Reality Headsets Market revenue is poised to grow significant CAGR during the forthcoming years. This is owing to the rising demand from the aerospace & defense industry in the region. The U.S. military is investing on projects related to these devices to improve efficiency and situational awareness of the ground troops. In May 2017, the Army Research Lab (ARL) and the Army's Communications Electronics Research, Development and Engineering Center (CERDEC) unveiled the prototype of the Tactical Augmented Reality devices, that will enhance soldier's ability to maneuver the battlefield. The Mixed reality headsets market is characterized by a large number of players, majority of which are located in the U.S. and the customers being early adopters of technology. These factors are expected to impact the U.S. industry positively.

The Europe mixed reality headsets market is expected to gain momentum over the forecast timespan, owing to increasing popularity in the entertainment industry. These devices are being increasingly used in theatres, museums, and tourist destinations. For instance, to attract customers after the November 2015 terrorist attacks in France, the theatres in Paris are using smart glasses.

Major Players in the Global Mixed Reality Headsets Market

The key players in the Mixed Reality Headsets Market Apple Inc., Atheer, Inc., Dell, GlassUP S.r.l, Google LLC, The Hewlett-Packard Company, HTC Corporation, Lenovo, LG Electronics Inc., and Samsung. among others.

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