Overview and Scope
Mixed reality (MR) is a form of technology that blends elements of the physical and digital worlds, creating immersive and interactive experiences where real-world and virtual objects coexist and interact in real-time. These technologies often employ sensors, cameras, and advanced algorithms to understand and map the physical environment, enabling virtual objects to interact realistically with real-world surfaces and objects.
Sizing and Forecast
The mixed reality market size has grown exponentially in recent years. It will grow from $3.60 billion in 2023 to $5.33 billion in 2024 at a compound annual growth rate (CAGR) of 48.1%. The growth in the historic period can be attributed to industry adoption, investment, and funding, evolving consumer expectations, the rise of augmented reality, and increased partnership
The mixed reality market size is expected to see exponential growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 48.5%. The growth in the forecast period can be attributed to the rollout of 5G networks, growing healthcare applications, the adoption of MR for education, and the emergence of spatial computing technologies. Major trends in the forecast period include improved display technologies, lighter and more comfortable hardware, spatial mapping and 3D reconstruction, and AI-powered content generation.
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The mixed reality market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Product: Head-Up display, Smartphone , Tablet PC, Computer display, HMD display
3) By Device Type: Wired, Wireless
4) By End-User Verticals: Education, Engineering, Entertainment, Healthcare, Other End-User Verticals
North America was the largest region in the mixed reality market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mixed reality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The penetration of 5G technology is expected to propel the growth of the mixed reality market going forward. 5G technology is the fifth generation of mobile network technology, characterized by faster data speeds, lower latency, and increased connectivity to support a wide range of devices. The penetration of 5G technology is due to complete infrastructure deployment, increased device compatibility, competitive pricing, and expanding coverage areas. Mixed Reality enhances 5G technology by enabling immersive, real-time experiences, such as remote collaboration, virtual events, and augmented reality applications, leveraging the high-speed, low-latency connectivity of 5G networks. For instance, in April 2023, according to data from 5G Americas, a US-based industry trade organization, the global 5G wireless connections increased by 76% from the end of 2021 to the end of 2022, reaching up to 1.05 billion. Further, it is expected to touch a mark of 5.9 billion by the end of 2027. Therefore, the high penetration of 5G technology is driving the growth of the mixed reality market.
Key Industry Players
Major companies operating in the mixed reality market are Google Inc., Samsung Electronics Co. Ltd. , Microsoft Corporation, Meta Platforms Inc, Dell Technologies Inc. , Sony Corporation, Sony Corporation , Accenture , Intel Corporation , Canon Inc., Asus Tek Computer Inc, Seiko Epson Corporation , Accenture PLC, HP Development Company LP, Magic Leap Inc. , Oculus VR LLC, HTC Corporation , Eon Reality Inc. , Daqri LLC., Lumus Ltd., Vuzix Corporation, Sulon Technologies Inc., Amber Garage , Occipital Inc, Atheer Inc.
The mixed reality market report table of contents includes:
1. Executive Summary
2. Mixed Reality Characteristics
3. Mixed Reality Trends And Strategies
4. Mixed Reality – Macro Economic Scenario
5. Global Mixed Reality Size and Growth
…..
32. Global Mixed Reality Competitive Benchmarking
33. Global Mixed Reality Competitive Dashboard
34. Key Mergers And Acquisitions In The Mixed Reality
35. Mixed Reality Future Outlook and Potential Analysis
36. Appendix
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