Global Mixed Reality Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
The widespread adoption of technologies including augmented reality (AR), virtual reality (VR), and mixed reality (MR) is resulting in an immersive experience for the consumers. The prevalence of 5G and the availability of low-cost hardware with immersive solutions will have a positive impact on mixed reality market. Though the early business products are relying heavily on the consumer market but in the coming years, Bring Your Own Device (BYOD) is more likely to occur within the mixed reality market. The growing adoption of mixed reality in gaming & entertainment industries as well as increase in demand from the education industry is having a positive impact on the growth of the market. However, high cost of mixed reality devices is affecting the growth of the global mixed reality market.
According to Infoholic Research, the global mixed reality market is expected to grow at a CAGR of over 40% and will reach a value of over $3.7 billion by 2025. The aim of this report is to define, describe, segment, and forecast the global mixed reality market based on technology, device, vertical, end-user, and regions. In addition, the report helps the venture capitalists in understanding the companies better and make well-informed decisions. The report is primarily designed to provide the company’s executives with strategically substantial competitor information, data analysis, and insights about the market, development, and implementation for an effective marketing plan.
The global mixed reality market is categorized based on the presence of diversified small and large vendors. Alphabet, HTC, Microsoft, Samsung, and Sony are among the key vendors increasing their global footprint in this space. However, various vendors such as Thyng and IrisVR are competing with them in the global market by providing solutions at a competitive price with customized product offering. The market growth is fueled by key vendors entering into strategic partnerships with suppliers and third-party vendors in the ecosystem to increase the global footprint and customer service capabilities.
Media & Entertainment including gaming is the largest growing technology in the global mixed reality market owing to the increasing adoption of mixed reality devices in consumer segment. Enhancing viewing experience of consumers is pushing vendors to implement mixed reality technologies. This will enhance the sensory perception due to availability of content that diminishes the gap between imagination and reality. In the coming years, mixed reality would not be only limited to visual effects as technological enhancements such as deployment of AR ear buds will enhance audio experience by filtering specific real-world sounds.
North America is having the largest market share in the technology segment of the global mixed reality market primarily due to the high adoption of mixed reality products in this region and advances in technology including 5G and artificial intelligence (AI).
The competitive landscape is a mix of established vendors and niche vendors including Alphabet, HTC, Microsoft, Samsung, and Sony. Mergers & acquisitions, alliance formations, and strategic partnerships will boost the market growth during the forecast period. Few of the key happenings are detailed below:
- June 2019, Airbus has deployed Microsoft’s HoloLens (mixed reality) to expedite production process as well as to improve training for new staff
- May 2019, The Nreal Light will be available in 2020 with prices for the consumer model starting from $499. This product will be a small package which will be easy to wear and use
Global mixed reality market is categorized based on five segments – Technology, Device, Application, End-user, and Regions as shown below:
o By Technology include AR and VR
o By Device include Head-Mounted Display, Handheld Device, Head-Up Display, Projector and Display Wall, Gesture-Tracking Device, and Others
o By Application include Consumer (Gaming, Events, and Entertainment) and Enterprise (Repair & Maintenance, Training, Research & Development, Product Development, and Others)
o By End-user include Media & Entertainment, Healthcare, Aerospace & Defense, Manufacturing, Retail, and Others
o Regions include North America, Europe, APAC, and RoW (RoW includes South America, Middle East and Africa)
- The report comprises an analysis of vendor profile, which includes financial status, business units, key business priorities, SWOT, business strategies, and views.
- The report covers the competitive landscape, which includes M&A, joint ventures & collaborations, and competitor comparison analysis.
- In the vendor profile section for companies that are privately held, the financial information and revenue of segments will be limited.