According to a recent report published by Allied Market Research, titled, Mixed Reality Market by Component, Device Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2024, the global mixed reality market was valued at $123.2 million in 2017, and is projected to reach at $5,362.1 million by 2024, growing at a CAGR of 71.6% from 2018 to 2024.
Mixed reality, also referred to as hybrid reality, is a next-generation technology in which virtual and augmented reality are merged to produce new environment and visualization, where physical and digital objects co-exist and interact in real time. It is widely used by the users, while playing games or watching movies. The environment created is hard to break, thus providing full entertainment to the users. Mixed reality is a mix of reality and virtual reality, encompassing both augmented reality and virtual reality via technology.
At present, North America dominates this market. In 2017, China is expected to register the highest growth in Asia-Pacific. Similarly, the UK is expected to lead the overall market in Europe in 2017. In the same year, the U.S. is estimated to dominate the North America market.
Rise in adoption of mixed reality in games & entertainment industry and increase in demand for mixed reality in the education sector drive the growth of the global mixed reality market. However, high cost of the technology and lack of awareness about mixed reality restrict the market growth.
In 2017, based on component, the hardware segment is anticipated to dominate the global mixed reality market, in terms of revenue. However, based on application, aerospace & defense is projected to lead the global market in the same year.
The report includes a micro-level study of different regions adopting mixed reality for various applications. In addition, it discusses the potential opportunities for market players to enter the market. Moreover, it provides an in-depth market analysis of mixed reality, outlining current trends, key driving factors, and potential areas for product investments.
The global mixed reality market is analyzed based on four regions-North America, Europe, Asia-Pacific, and LAMEA. In addition, it includes Porters Five Forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report further features the strategies adopted by the key market players to maintain their foothold in the market. HTC Corporation, Intel Corporation, Magic leap, Inc., Microsoft Corporation, Facebook, Eon Reality, Inc., Google Inc., Samsung Electronics Co. Ltd., Seiko Epson Corporation, and Meta Company are some of the key players operating in the global mixed reality market.
Key Findings of the Mixed Reality Market:
- In 2017, based on component, the hardware segment is anticipated to dominate the global mixed reality market, in terms of revenue. However, based on application, aerospace & defense is projected to lead the global market in the same year.
- In 2017, the wireless device segment is projected to account for the highest revenue.
- North America is expected to hold the largest market share in 2017.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.