The global mixed reality market is extremely competitive in nature with a presence of several local and domestic players operating in the coming few years, states a new research report by Transparency Market Research. As per the study, the market is consolidated with a few players holding a large share in the next few years. These players are making notable efforts to enhance their market penetration by emphasizing on innovations and the rising investments in the research and development activities. In addition to this, the development and design and the enhancement of interactive experiences to a large number of end users are likely to support the market growth and help the players in gaining a competitive advantage throughout the forecast period. Some of the key players operating in the mixed reality market across the globe are Canon, Inc., Microsoft Corporation, Samsung Electronics Co. Ltd, HTC, Recon Instruments Inc., and Seiko Epson Corporation.
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As per the market research study by TMR, in 2015, the market for mixed reality was worth US$35.30 mn. The market is predicted to reach a value of US$1.2 bn by the end of 2024, registering an exponential 39.10% CAGR between 2016 and 2024.
Presence of Key Players to Drive North America Mixed Reality Market
From a regional viewpoint, North America holds a huge share of the global mixed reality market and is predicted to remain in the similar position throughout the forecast period. As per the study, this region is estimated to register a strong 41.90% CAGR between 2016 and 2024. The rise in the number of applications and the presence of a large number of players are predicted to enhance the growth of the North America market in the next few years. Moreover, the rise in the production of 3D movies is another key factor estimated to accelerate market growth in the near future. The Asia Pacific market for mixed reality, on the other hand, is estimated to offer growth opportunities for the market players. The high growth of this region can be attributed to the increasing use of smart computing devices, including smartphone, particularly in emerging economies.
The global mixed reality market has been categorized on the basis of application into e-commerce and retail, healthcare, entertainment, and automotive and aerospace. Among these, the entertainment industry is expected to lead, holding a major share of the global mixed reality market. This application segment is expected to generate potential growth opportunities for the mixed reality players, especially in developing economies, thus supporting the market growth throughout the forecast period. In addition to this, the rising use of the augmented reality technology for video games and the rapid development of the entertainment industry are projected to enhance market growth in the near future.
The increasing internet connectivity and the emergence of software and hardware components for reality technologies are considered as the major factors that are expected to enhance the growth of the global mixed reality market in the near future. The rise in the penetration of head mounted display devices in sports, gaming, and entertainment sector is predicted to propel the global mixed reality market in the near future.
On the other hand, the issue related to the limited battery life and the graphical content development are the major factors that are expected to restrict the growth of the market in the coming few years. Moreover, the key players in the market are expected to face several difficulties regarding the registration and tracking, which is further expected to hamper the market growth in the near future. Nonetheless, the increasing adoption of mixed reality for medical education is projected to offer lucrative opportunities throughout the forecast period.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Mixed Reality Market (Component – Hardware and Software; Application – Automotive & Aerospace, Healthcare, Entertainment, and Ecommerce & Retail) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
Key Takeaways:
- The rise in the investments for the research and development activities is likely to enhance the growth of the global mixed reality market in the next few years.
- The rising adoption of mixed reality in the medical and healthcare sector to encourage the market growth throughout the forecast period.
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