The global mixed reality market is dominated by a few players and entrance of new players is tough due to massive research and development investments required for product innovation, according to the findings of a new report by Transparency Market Research (TMR). Some of the leading players in the market are Microsoft Corporation, HTC, Samsung Electronics Co. Ltd, Canon, Inc., Recon Instruments Inc., and Seiko Epson Corporation. The lead author of this report reveals, “The designing and development of interactive experiences, which can be applicable to a wide range of end user products, will serve as a winning strategy for these players.”
As per the TMR report estimates, global mixed reality market had an opportunity of US$35.30 mn in 2015, which will surge to US$1.2 bn by the end of 2024, rising at a significant CAGR of 39.1% during the forecast period of 2016 to 2024.
Entertainment Remains Primary Application Segment
The report segments the global mixed reality market on the basis of component into hardware and software, and by application into automotive and aerospace, healthcare, entertainment, e-commerce and retail, and others. Entertainment segment currently serves the maximum demand, owing to the requirement of bringing impossible to life presentations in a cost-effective manner. The report observes that mixed reality has the potential to enable a global workforce to work together and solve organization challenges. Moreover, usability of augmented reality for the development of video games will further escalate the demand in the coming years. The segment of entertainment is projected to expand at a CAGR of 40.3% during the forecast period.
Geographically, the report studies the opportunities for mixed reality market in the regions of North America, Europe, Asia Pacific, and rest of the world. North America currently leads as the most lucrative region owing to the presence of most of the prominent players. However, Asia Pacific is anticipated to exhibit a surge in demand owing to high uptake of smart devices such as mobile phones, video games, and others. Increasing disposable income among the urban population in the emerging economies of Asia Pacific will further encourage the prominent players in invest in this region.
Gaming Industry Boosting Demand
Global mixed reality market is primarily driven by the escalating demand from the entertainment sector, especially now when 3D movies are quickly gaining popularity. Gaming industry is another major contributor to the growth of mixed reality market, wherein it is used to develop life-like experience for the players. Moreover, application of mixed reality in the healthcare and medical sector is expanding. Interactive imaging to help in understanding the diseases thoroughly and are also used as head mounted display to enhance pharmacy management.
Furthermore, the e-commerce is currently thriving, and the usage of mixed reality in enhancing the online shopping experience is expected to add to the demand during the forecast period. For example, mixed reality enables car manufacturers to present 3D car structures of the consumers and entice sales. Conversely, huge investments required for research and development of devices is anticipated to hamper the growth rate. The issues such as recording copyrighted material, theft of information, and complications with regards to intellectual property will also negatively impact the global mixed reality market during the forecast period.
The information presented in this review is based on a Transparency Market Research report, titled, “Mixed Reality Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
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