Mixed Reality Applications in Industrial Safety Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Device Type, by Application : Global Opportunity Analysis and Industry Forecast, 2024-2032

Key market dynamics 

The global mixed reality applications in industrial safety market growth significantly rising due to several factors such as the growing demand for mixed reality technology in several industries, increased investments in research and development, and the rising applications in the medical sector are some of the main factors anticipated to propel the growth of the market. However, high initial costs act as restraints for mixed reality applications in the industrial safety market. In addition, the high penetration of 5G and IoT technology will provide ample opportunities for the market's development during the forecast period. 

Mixed reality applications allow workers to visualize and identify hazards in real-time, enhancing situational awareness and reducing the likelihood of accidents. It provides immersive training experiences, enabling workers to practice safety protocols and emergency responses in a risk-free virtual environment. Such factors are expected to propel the growth of the global market. 

Demographic Insights of Global Mixed Reality Market 

As more people gain access to smartphones and the internet, the potential audience for augmented reality and virtual reality grows significantly. This expansion provides a larger user base that can be monetized through mixed reality applications in industrial safety. According to EnterpriseappsToday, in 2023, around 67% of media planners and buyers were interested in AR or VR ads in digital advertising campaigns. About 35% of people in the age range of 16-24 years and 25-34 years use augmented reality and virtual reality in 2023. Furthermore, AR user age ranges of 27% of people used by 35-44 years, others are followed by 11% (45-54 years) , and 3% (55-64 years) . 

FIGURE 1: Usage with AR & VR (%)  

Market Segmentation 

The mixed reality applications in industrial safety market size is segmented into component, device type, application, and region. On the basis of component, the market is divided into hardware and software. As per device type, the market is segregated into wired and wireless. On the basis of application, the market is classified into aerospace & defense, entertainment & gaming, architecture, and medical. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. 

Regional/Country Market Outlook 

The global mixed reality applications in the industrial safety market has experienced substantial growth, with North America playing a pivotal role in this expansion. North America leads the market, propelled by robust technological infrastructure, significant investments in MR technologies, and stringent safety regulations that encourage the integration of advanced safety solutions. Europe follows closely, with countries like Germany and the UK at the forefront, leveraging MR for workforce training and hazard prevention in sectors such as manufacturing and construction. In the Asia-Pacific region, rapid industrialization and increasing awareness of workplace safety are driving the adoption of MR, particularly in China and Japan, where government initiatives support technological advancements. 

• In May 2023, the Canada Media Fund (CMF) and the Conseil departmental Charente launched a new incentive to fund the co-development and co-production of virtual and augmented reality projects between production companies established in Canada and France. 

• In March 2023, the German government allocated $1.2 million in funding for a metaverse game being developed by Flying Sheep Studios. The company, based in Cologne, will use the funds for the development of a game called Star Life, which will also include blockchain elements in the form of non-fungible tokens (NFTs). 

Industry Trends: 

• In October 2022, the Chinese government published an Action Plan for developing the virtual reality (VR) sector and integrating VR with industrial applications. 

• In October 2021, the Indian Institute of Technology (IIT) , Madras, and Monolith Research and Training Labs, Japan, launched an advanced diploma program in Virtual Reality.  

Competitive Landscape 

The major players operating in the mixed reality applications in industrial safety market share include Microsoft Corporation, Canon Inc., Samsung Electronics Co., Ltd, HP Development Company, L.P., Brainlab AG, Meta Platform Inc, Dell Technologies Inc, Asus Tek Computer Inc and Occipital Inc. 

Recent Key Strategies and Developments 

• In January 2024, Qualcomm Technologies, Inc. launched the Snapdragon XR2+ Gen 2 Platform, a single-chip architecture that unlocks 4.3K spatial computing at 90 frames per second for visual clarity across work and play. 

• In February 2024, Eggscape Entertainment raised $4.25 million with notable participation from the Venture Reality Fund. This funding is projected to be used to advance the launch of the mixed-reality game Eggscape.  

Key Sources Referred 

1. SHS Web of Conference 

2. IEEE Xplore 

3. GeeksforGeeks 

4. ResearchGate 

5. Journal of Theoretical and Applied Information Technology 

Key Benefits for Stakeholders 

• This report provides a quantitative analysis of the mixed reality applications in industrial safety industry segments, current trends, estimations, and dynamics of the mixed reality applications in industrial safety market analysis from 2023 to 2032 to identify the prevailing mixed reality applications in industrial safety market opportunities. 

• Market research is offered along with information related to key drivers, restraints, and opportunities. 

• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 

• In-depth analysis of the mixed reality applications in industrial safety market forecast segmentation assists in determining the prevailing market opportunities. 

• Major countries in each region are mapped according to their revenue contribution to the global mixed reality applications in industrial safety Market Statistics. 

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 

• The report includes the analysis of the regional as well as global mixed reality applications in industrial safety market trends, key players, market segments, application areas, and market growth strategies.