As per the market research study by Market Research Future (MRFR), in the past years, the market for mixed reality was valued at an average level. Now that, the market is predicted to achieve a substantial value till the end of 2023, registering an exponential 48.6% CAGR between the years 2018 and 2023.
Top Impacting Factors
According to the studies, mixed reality is gaining pandemic recognition across all business processes, and the momentum is estimated to inflate further. The rising adoption of mixed reality, especially in the architecture segment, is currently trending in the industry all over the world, which significantly affects the market progression. With this, the study further reveals that an ultimate rise is witnessed in the adoption of mixed reality devices in the gaming and entertainment sector, which is all set to likely drive the market during the assessment period. The gaming & entertainment industries have seemed to be on an unremitting process to bring innovation in their relevant fields. Strong competition is one of the key reasons why the key market players always want to come up with innovative ways to discern themselves from other competitors. Therefore, the use of mixed reality makes the game and movies not only appealing but also more interactive that attracts viewers. Followed by this, the rise in need for innovation by key players also encourages gaming & entertainment industries to endow in such technologies, which is expected to supplement the growth of the market.
Apart from this, the market has also revealed that mixed reality has offered great aid for students and teachers, as it makes everything interactive for more understanding. Therefore, technology not only ensures better and interactive ways of study but also aids in reducing learning errors. These factors overall significantly contribute to the growth of the market and estimates to double in the future timeframe. Another factor working in favor of the market is that the mixed reality trend is also being fueled by investments in platforms, hardware devices, and software world. These investments are primarily focusing on replacing keyboards and flat displays with entirely new paradigms for more effective collaboration and communication. Some of the giant players such as Canon, Inc., Microsoft Corporation, Samsung Electronics Co. Ltd, HTC, and Seiko Epson Corporation are gaining a competitive advantage throughout the assessment period of the market.
In spite of these beneficial factors, some restricting factors have also studied, which direct towards initial costs that are at higher price points. This has made it hard for consumers, but they are still relatively inexpensive for enterprises. Such a factor is somehow restraining the growth of the market in its growth period.
Segmentation of Market: Mixed Reality
From a segmental viewpoint, Mixed Reality Market Size has included segments of component, vertical, and product.
In terms of component segment, the market has included hardware and software.
In terms of product segment, the market has included Head-Up Display, Head Mounted Display (HMD), and Smartphone/Tablet PC.
In terms of vertical segment, the market has included Gaming & Entertainment, Education, Military & Aerospace, Medical, Automotive, Manufacturing, and Architecture and IT.
From a geographical viewpoint of the global mixed reality market, North America acquired a colossal share and is estimated to remain in a similar position throughout the assessment period. As per the study, this region will be registering a robust CAGR between 2018 and 2023. The rise in the array of applications and the existence of massive giant tech players are claimed to enhance the growth of the North American market in the next few years. With this, the rise in the production of 3D movies is yet another critical factor estimated to hasten market growth in the near future.
On the other hand, the Asia Pacific regional market for mixed reality is also estimated to offer more new growth opportunities for the market players. The high growth of this region is generally accredited to the mounting use of smart computing devices, which includes smartphones, mainly in emerging countries. Japan is estimated to lead the Asia-Pacific mixed reality market, followed by China, during the growth period.
Top Key Players
The giant tech players of global mixed reality market are listed to be Seiko Epson Corporation (Japan), Samsung Electronics Co., Ltd (South Korea), Intel Corporation (US), Magic Leap, Inc (US), Microsoft Corporation (US), Google LLC (US), Sony Corporation (Japan), Accenture PLC (Ireland), Facebook Inc. (US) and HTC Corporation (Taiwan).
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