Mixed Reality Market

Global Mixed Reality Market Size, Share & Growth Analysis(2023-2028):

The global mixed reality market was computed at USD 382.6 million in 2022 and is predicted to grow at a stunning CAGR of 47.9% over the outlook period (2023-2028). Mixed reality is gaining ground among business processes, and the call is estimated to progress further. Though initial costs have been at higher price points, thus making it difficult for the consumers, but they are still relatively low-priced for enterprises.

Mixed reality (MR) signifies the controlled collision of the AR/VR and IoT trends. It is merging of Real and Virtual worlds to develop new conceptions and environments in which both digital and physical objects and their data can co-exist and interact with each other. Mixed Reality displays pictures on semi-transparent materials by means of a projector, then it gets replicated to the eye with the help of beam-splitting technology. MR is implemented in various places like production, design & development, maintenance & operations, quality control, distribution and reporting & analytics.

Recent Developments

1. In April 2018, HTC Corporation launched a mixed reality headset HTC Vive Pro. This dual camera device offers spatial mapping of static and dynamic environments.
2. Sony Corporation launched a back-illuminated In December 2017, time-of-flight ("ToF") image sensor which delivers enhanced depth-sensing performance. These sensors can be utilized in obstacle detection, augmented reality, virtual reality, object recognition, and mixed reality applications.
3. In February 2018, Accenture PLC acquired Mackevision, a worldwide maker of 3D-enabled and immersive product content to toughen its capabilities in protracted reality-based applications.
4. In October 2017, Microsoft partnered with Samsung Group, Dell Inc., Acer, Lenovo Group Ltd to launch Windows mixed reality VR headsets.
5. In December 2018, Ericsson Inc., Warner Bros. Intel Corporation, AT&T Inc., Entertainment Inc., and DC Comics Inc. declared their association to create a mixed reality experience with virtual reality headsets.

Impact of Covid-19 on the Mixed Reality Market

The Covid-19 pandemic has changed the world in multiple aspects. The lockdown in place today is unparalleled, yet its timing is unexpected. Work in technologies like AR/VR/MR lets people to shop, talk, and socialize by means of these immersive platforms. These technologies are affordable and readily available. Though people cannot gratify their social instincts in person with them, they can achieve them virtually. The coronavirus pandemic has resulted in a novel condition where many people are becoming highly dependent on technologies like AR, VR, and mixed reality to work and shop. Even after the lockdown finishes, the behavioral change it prompted will last significantly longer if not forever. People will maintain social distancing, but with such technologies and extended reality they will be virtually close. These platforms and technologies will permit businesses to run and nurture irrespective of the challenges posed by social distancing. More and more people will work on smartphones. Improved internet connectivity enables the masses to work online.

Market growth and trends:

The global mixed reality market in engineering is surely becoming a game-changing utility. The present applications vary from remote repair guidance and project monitoring apps to 3D modeling and virtual molding. Microsoft HoloLens is being used in some enterprises empowered with Microsoft Dynamics to help in supporting the user.

Mixed reality is likewise a useful and powerful instrument in the scenario that demands the visualization of processes, including the assembly process. In the oil refinery application, users didn’t get an explanation on how to assemble a plant, because it was not required by the oil refinery company. It is usual for companies to observe that the employees do not bother with instructions and studying manuals.

Companies, such as Dassault Systems, are creating virtual tours of their production plants with the help of mixed reality systems. The company is self-assured that a model can immediately be built in their software and exported directly to the headset. To transit these devices as a true engineering design tool, they are evolving as the next step required for the wider application.

Market Drivers and Restraints:

The increasing utilization of MR in the architecture segment is right now the trend in the industry, which significantly contribute to the market development. The rising adoption of MR devices in the gaming and entertainment segment is projected to drive the global mixed reality market during the forecast period. The MR trend is being powered by investments in hardware devices, platforms, and software ecosystems. These investments are basically focusing on replacing keyboards and flat displays with completely new models for collaboration and communication.

AR and VR have some drivers in common, but the issues they solve are quite different. Special features like immersion, flexibility, mobility, usability, vision, affordability and wearability are majorly promoting the demand for mixed reality in different parts of the world. Technologies have always shaped excitement and presented new and endless possibilities. But it's been proved that technology or features don’t drive mass technology adoption, it's the worth the technology creates for the user and therefore the ease in adopting it that drives the adoption. Rather than offering abundant use cases, technology should validate significant and exclusive potential for improving our lives, individually and collectively.

MIXED REALITY MARKET REPORT COVERAGE:

Mixed Reality Market Market Segmentation:

Mixed Reality Market By Component:

• Hardware
• Software

Mixed Reality MarketBy Product:

• Head Mounted Display (HMD)

• Head-Up Display, Smartphone/Tablet PC

Mixed Reality Market By Vertical:

• Education
• Gaming & Entertainment
• Medical, Military & Aerospace
• Manufacturing
• Automotive
• Architecture
•  IT

Regional Analysis:

MR market, by region, has been segmented into Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America.

In North America, growing penetration of AR & VR devices is powering the growth of the mixed reality market. Also, the presence of crucial players like Microsoft Corporation, Intel Corporation, Magic Leap, Inc., and Google, Inc. are anticipated to support business expansion in this area. The US leads the market in North America trailed by Canada. Asia-Pacific is predicted to carry a big share within the market in the foreseen years. Japan is foreseen to rule the Asia-Pacific mixed reality market, followed by nations like China, during the outlook period.

Key market players:

The important players of global mixed reality market are Seiko Epson Corporation (Japan), Magic Leap, Inc (US), Intel Corporation (US), Google LLC (US), Microsoft Corporation (US), Accenture PLC (Ireland), Sony Corporation (Japan), HTC Corporation (Taiwan), Facebook Inc. (US) and Samsung Electronics Co., Ltd (South Korea).