Press release
Mixed Reality Market Demand, Growth Analysis, Outlook Report 2024 To 2033
Mixed Reality Market Share
According to The Business Research Company's, The mixed reality market size has grown exponentially in recent years. It will grow from $3.60 billion in 2023 to $5.33 billion in 2024 at a compound annual growth rate (CAGR) of 48.1%. The growth in the historic period can be attributed to industry adoption, investment, and funding, evolving consumer expectations, the rise of augmented reality, and increased partnership
The mixed reality market size is expected to see exponential growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 48.5%. The growth in the forecast period can be attributed to the rollout of 5G networks, growing healthcare applications, the adoption of MR for education, and the emergence of spatial computing technologies. Major trends in the forecast period include improved display technologies, lighter and more comfortable hardware, spatial mapping and 3D reconstruction, and AI-powered content generation.
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Market Drivers and Trends:
The penetration of 5G technology is expected to propel the growth of the mixed reality market going forward. 5G technology is the fifth generation of mobile network technology, characterized by faster data speeds, lower latency, and increased connectivity to support a wide range of devices. The penetration of 5G technology is due to complete infrastructure deployment, increased device compatibility, competitive pricing, and expanding coverage areas. Mixed Reality enhances 5G technology by enabling immersive, real-time experiences, such as remote collaboration, virtual events, and augmented reality applications, leveraging the high-speed, low-latency connectivity of 5G networks. For instance, in April 2023, according to data from 5G Americas, a US-based industry trade organization, the global 5G wireless connections increased by 76% from the end of 2021 to the end of 2022, reaching up to 1.05 billion. Further, it is expected to touch a mark of 5.9 billion by the end of 2027. Therefore, the high penetration of 5G technology is driving the growth of the mixed reality market.
Major companies operating in the virtual reality market are developing novel technologies, such as micro-OLED technology, to gain a competitive edge in the market. Micro-OLED technology refers to the use of microscopic organic light-emitting diodes to enhance display resolution and reduce motion blur in virtual reality headsets. For instance, in June 2023, Apple Inc., a US-based technology company, launched the Vision Pro AR Headset, a spatial computer that transforms how people work, collaborate, connect, relive memories, and enjoy entertainment. Vision Pro uses micro-OLED technology to pack 23 million pixels into two displays. It is controlled intuitively by users' eyes, hands, and voice, and it offers access to over 1 million apps via a new App Store. VisionOS powers it and features a three-dimensional interface and intuitive gestures, with Siri integration for seamless control.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Google Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc, Dell Technologies Inc., Sony Corporation, Sony Corporation, Accentur*e, Intel Corporation, Canon Inc., Asus Tek Computer Inc, Seiko Epson Corporation, Accentur*e PLC, HP Development Company LP, Magic Leap Inc., Oculus VR LLC, HTC Corporation, Eon Reality Inc., Daqri LLC., Lumus Ltd., Vuzix Corporation, Sulon Technologies Inc., Amber Garage, Occipital Inc, Atheer Inc.
Mixed Reality Market 2024 Key Insights:
• The mixed reality market size is expected to see exponential growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 48.5%.
• The Growing Embrace Of 5G Technology Is Driving The Mixed Reality Market
• Development Of Novel Technologies Transforming The Virtual Reality Market
• North America was the largest region in the mixed reality market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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