Press release
Mixed Reality Market to Witness Significant Growth in the Coming Years
North America Shows Rapid Adoption of Mixed Reality in Various Industries
According to the research report, the opportunity in the global mixed reality market by the end of 2024 is expected to be worth US$1.2 bn. The market is anticipated to progress from for US$ 35.30 mn in 2015 at a whopping CAGR of 39.1% between the forecast period of 2016 and 2024. The emergence of 3D movies as an integral part of entertainment industry is expected to boost the demand for mixed reality hardware and software. Following this, the entertainment industry is estimated to rise at a CAGR of 40.3% during the forecast period. In terms of regions, North America expected to dominate the global market due to a high adoption rate of mixed reality across the region. The region is anticipated to witness a CAGR of 41.9% over the estimated period.
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Enriching Experiences of Virtual and Real World Keep Consumers Glued to Mixed Reality Devices
The rapid evolution of the entertainment and media segment is anticipated to make a generous contribution to the soaring revenue of the global mixed reality market. The advancements in the mixed reality market have allowed a score of ticketing professionals a chance to develop interactive and unique content. Such developments have created a whole new world of gaming for users where they can actually experience the game as though it may be occurring in real life. Owing to this radical change, the global market is anticipated to witness a several video game companies vying for its software, hardware, and services.
The growth of the global market will also be attributable to the increasing adoption of mixed reality in healthcare and medical sector as well. Interactive imaging to understand the disease or the disorder better and growing usage of head mounted display to enhance pharmacy management are expected to offer the global market lucrative growth opportunities. Additionally, the usage of mixed reality in enhancing the online shopping experience is also likely to boost the growth of the overall market. For instance, car manufacturers are using mixed reality techniques to showcase 3D car structures of the buyers that allows them to experience the car as they would have in real life.
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High Investment Costs Deter Market Growth
Despite the strong market drivers, the global mixed reality market is being stifled due to the necessity of huge investments in research and development of devices. The prolific financial costs related to implementation of mixed reality technology is anticipated to hamper the entry of new entrants and also have a negative impact on the growth of the overall market. The concerns pertaining to privacy have also been a restraining factor in the global market. The issues pertaining to theft of information, recording copyrighted material, or complications with regards to intellectual property are likely to hinder market growth.
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