The global mixed reality market is expected to reach USD 6.86 billion by 2024,
according to a new report conducted by Grand View Research, Inc. The surging
acceptance in entertainment and automobile & aerospace designing arenas is
expected to boost the market growth. The increasing acceptance in the
entertainment industry, specifically in gaming and film-making, is further
anticipated to bolster the market growth.
The market can be
categorized on the basis of application types into automotive & aerospace,
medical, entertainment, e-commerce & retail, and others. The e-commerce
& retail application segment is expected to grow at a remarkable pace owing
to the surging incorporation by e-tailers for goods’ promotion and advertising;
for instance, in fashion houses for providing virtual product experiencing,
thus delivering an enhanced appeal factor.
The MR technology offers
many advantages to the automotive industry, particularly in safety. For
instance, Mercedes-Benz vans deploy MR to realize advanced manufacturing
facilities in their van technology center through:
·
The overlay of digital crash simulation
data on physical crash vehicles
·
The visualization of out-of-position and
validation of flexible parts
·
Digital assembly and disassembly
simulations with collision testing
Access Research Report of Mixed Reality Market@ www.grandviewresearch.com/industry-analysis/mixed-reality-market
Further key findings from the report suggest:
· The global mixed reality market is
estimated to grow significantly over the forecast period due to the advanced
technology adoption in numerous industries, leading to reduced costs of
production and increased efficiency. The technological superiority of mixed
reality in dynamic application arenas of large magnitude is estimated to
trigger the demand by 2024.
· The MR technology would become an essential
part of the retail industry, which is expected to drive the industry growth
over the forecast period. Most of the retailers would use this technology to
provide their customers with an interactive experience, which gives their
shopping a whole new edge. Retailers can use mixed reality in many ways, such
as by including it in interactive promotions; providing accuracy in a buying
process; and localizing businesses, deals, and offers.
· North America is anticipated to mature as
one of the prominent regional markets, owing to the high adoption in the
automotive and aerospace designing industry coupled with the rising R&D
spending. Asia Pacific is expected to witness a substantial growth over the
forecast period. The surge in the demand across various application arenas is
expected to spur the market demand.
· The key industry participants include Magic
Leap, META COMPANY, Alphabet Inc., HTC Corporation, Inc., and Microsoft
Corporation. Magic Leap, an augmented reality company, offers a technology that
projects an image on the retina of the user and allows interaction between the
fictional characters and the real world.
Grand View Research has
segmented the global mixed reality market on the basis of component type,
application type, and region:
Mixed Reality Component Type Outlook (Revenue, USD
Million, 2015 - 2024)
·
Hardware
·
Software
Mixed Reality Application Type Outlook (Revenue, USD
Million, 2015 - 2024)
·
Automotive & Aerospace
·
Medical
·
Entertainment
·
E-commerce & Retail
·
Others
Mixed Reality Regional Outlook (Revenue, USD Million,
2015 - 2024)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
Japan
·
South America
o
Brazil
·
Middle East & Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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