Global Mixed Reality Market - Growth, Trend and Forecasts (2018 - 2023)
The global mixed reality market is expected to record a CAGR of about 70.20%, over the forecast period of 2018-2023. The mixed reality market has been segmented based on device type, into wired head-mounted display device and wireless head-mounted display device. By type of component, the market studied has been segmented into hardware and software. By end-user industry, the market studied has been segmented into healthcare, defense and aerospace, industrial, and gaming and entertainment. The regional landscape of the report includes - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Booming High-end Consumer Electronics Market
The high-end consumer electronics market has witnessed significant growth, over the last few years. In the smartphone market, there is an increasing trend of consumers opting for high-end products that are incorporated with additional features and capabilities, compared to the mid-range or low-end products. With mixed reality expected to replace mobiles and laptops, the technology is projected to become a one-stop device, for entertainment. The mixed reality technology is increasingly in demand, predominantly in the media and entertainment industry. Major companies are incorporating mixed reality with other high-end technologies, with the sole purpose of providing a better, interactive user experience. Further, several consumers have been opting to move toward smart technology, in the foreseeable future. For this to materialize, consumers must rely on high-end electronics, such as smart lights, smart surfaces, etc. Mixed reality technology can play a vital role in this area, by letting one control his/her smart home, via augmented reality.
The Gaming and Entertainment Segment Poised to Witness the Fastest Growth
Technological advancements have enabled major companies in the media and entertainment industry to explore mixed reality, thereby providing a chance to develop an interactive and unique technology. Such developments have opened the door to a completely new world of gaming, as per the preferences of gamers. This technology is being used for recreation, wherein, users can have immersive experiences, while playing the game. The design and implementation of immersive experiences in the field of entertainment, with the aid of mixed reality devices, are expected to boost the market’s growth. Additionally, the increasing adoption and usage of augmented reality, in the development of compatible video games, is also expected to spur the demand for mixed reality devices.
North America Accounts for the Largest Market Share
The United States is one of the largest markets, for the media and entertainment industry. Many major companies that make use of mixed reality are based in the United States; Microsoft HoloLens is a breakthrough in the mixed reality technology. In the near future, mixed reality technology is expected to be implemented in educational institutions, to provide a more visual and interactive experience. The technology is also expected to play a pivotal role in the creation of futuristic smart cities.
Key Recent Developments
March 2018: A new Windows 10 preview was delivered to the fast ring, incorporated with a few interesting changes, with respect to privacy. Build 17115 (Redstone 4) also offers a few major milestones on ’Windows Mixed Reality’, according to Microsoft. At the top of the list of improvements is a new environment for users, to virtually wander around. In addition to the existing Cliff House, users can experience Skyloft, which offers an impressive city view (as opposed to the former’s ocean outlook). Other important changes have been implemented on the SteamVR front, including the introduction of haptic feedback, for the motion controllers in SteamVR games. In addition, general performance levels have been improved in these games, with Microsoft managing to tune things to use a ‘significantly lower’ amount of video RAM. Microsoft indicated that live video preview in the ‘Mixed Reality Portal’ was also fine-tuned, to run more smoothly. Further, the company has updated its automatic performance settings, to provide an optimized experience for mixed reality addicts.
Major Players: MICROSOFT INC., MAGIC LEAP INC., EON REALITY, CANON TECHNOLOGY, ATHEER INC., META COMPANY, DAQRI LLC, INFINITY AR, SEIKO EPSON CORPORATION, LAYAR B.V. amongst others
Reasons to Purchase This Report
Growing demand for high-end consumer electronics to act as a driver, in the global market scenario.
Analyzing various perspectives of the market, with the help of Porter’s five forces analysis.
Regions expected to witness robust growth, during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
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