Mixed Reality Market : Evolving Technology, Trends and industry Analysis up to 2024

Mixed reality (MR) is an amalgamation of augmented reality (AR) and virtual reality (VR) to create new immersive environments using digital as well as physical objects, along with the data in them. Emerging applications of mixed reality technique have expanded from entertainment and gaming to more intuitive applications that are creating new paradigms of engagement patterns for users. Constant advances in automated reality technologies and the inroads made by Internet of Things (IoT) to several real-world applications have led to the constant evolution of the mixed reality market.

Not confined to pilot applications, the mixed reality market is witnessing the emergence of enterprise applications of the technology, which is expected to benefit diverse industries. In recent years, the market has seen substantial investments in IoT to create more natural interfaces. As a result, the market is expected to see several pioneering applications in various areas such as personal health and wellness, education, sports, travel and navigation, and games and entertainment, thereby opening up numerous exciting opportunities for market players.

The growing applications of mixed reality technologies in the automobile industry to bring design improvements is one of the foremost areas opening up lucrative avenues for developers. The global market for mixed reality was valued at US$35.30 mn in 2015. Expanding at CAGR of 39.1% from 2016 to 2024, the opportunities in the market is expected to surge to US$1.2 bn by the end of the forecast period.

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Based on application, the mixed reality market is segmented into the healthcare, automotive and aerospace, e-commerce and retail, and entertainment sectors. Among these, the entertainment sector is projected to grow at an impressive pace throughout the forecast period. The demand for creating a more immersive and intuitive experience in the media and entertainment industry has seen new use cases and patterns of mixed reality. The vast stride made by the entertainment and media sector has fueled the adoption of automated reality technologies to create new paradigms of user engagement. This is a key factor catalyzing the demand for mixed reality in the entertainment sector. The soaring applications of AR in developing video games is also expected to boost the growth of the segment. The rising disposable incomes in developing and developed regions has also stimulated the demand for virtual reality technologies. The entertainment segment is projected to rise at a whopping CAGR of 40.3% during the forecast years.

Other application segments witnessing plethora of opportunities are retail, healthcare, and automotive. Of special significance is the application of mixed reality in the healthcare sectors. The growing use of head mounted displays to bring marked operational improvements in pharmacy management is expected to create new streams of revenue for market players. Other emerging applications of mixed reality gaining prominence are in the retail sector to enhance shopping experience.

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Based on geography, the global mixed reality market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, the North America market for mixed reality is anticipated to dominate throughout the forecast period. The regional market is projected to expand at a substantial CAGR of 41.9% over the forecast period. The stellar growth of the regional market is fueled by the burgeoning application of AR and VR software and hardware in the entertainment sector. The rising demand for 3D movies in various countries of North America is also anticipated to accentuate the regional market.

On the other hand, the Asia Pacific mixed reality market is expected to trail the North America market. The growth of the regional market is fueled by the spiraling adoption of various smart devices and substantial workplace adoption of smartphones in various developing countries. These smart devices are capable of capturing real-time situational images in order to create more collaborative, engaging, and empowering experience for end users in industries such as healthcare and shopping.

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