Transparency Market Research (TMR) observed that the global market for mixed reality has highly consolidative vendor landscape. The leading companies operating in the global mixed reality market such as Microsoft Corporation, Samsung Electronics Co. Ltd, Canon, Inc., Recon Instruments Inc., HTC, and Seiko Epson Corporation accounted for 71.1% of the shares in 2013. High investment in the research and development activities and product innovations are the factors helped these prominent players to remain dominant from 2013. Additionally, numerous players such as Google, Lenovo, and HP are trying to enter into the market which is likely to intensify the competition over the forecast period.
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TMR expects, that the global mixed reality market is expected to expand with 39.1% CAGR over the forecast period of between 2016 to and 2024. The market was valued at US$35.30 in 2015 and with this impressive CAGR, is expected to attain a value of US$6.3 bn by the end of 2024. Based on the application, the market is dominated by the entertainment industry and expected to expand with CAGR of 40.3% to remain dominant over the forecast period. Based on regions, the global market for mixed reality dominated by North America owing to the higher adoption of mixed reality for both software and hardware in the region. Thanks to this factor, the region is expected to witness the growth of 41.9% over the forecast period.
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Widening Application in Numerous Sectors to Propel Growth
Growing demand for advanced hardware and mobile software coupled with growing adoption of Internet of Things (IoT) are driving the growth of the mixed reality market. The mixed reality technology is used in healthcare devices such as wearable electronics and advanced pharmacy management devices in order to improve healthcare services. The growing penetration of wearable technology devices is boosting the growth of the global mixed reality market.
In the architecture sector, the mixed reality is increasingly used for simulation models with higher efficiency. The widening application of mixed reality in the interior designing and architecture is one of the key trend fuelling growth of the market. Furthermore, progress in the entertainment industry which demands the advanced mixed reality components for development of interactive content with maintaining its attractiveness and uniqueness. Additionally, growing adoption of mixed reality in gaming for improving the experience of games is boosting its demand and likely to encourage growth of the global mixed reality market.
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Growing Research and Development Activities to Offer Opportunities
Manufacturers of mixed reality demands for raw material which is easily available such as displays, processors, sensors, and cameras. The vendors providing these components are easily available; thus, the easy availability of the raw material is fuelling growth of the global mixed reality market.
Despite these growth inducing factors, the concerns related to privacy and data security or losses are limiting the growth of the global mixed reality market. Additionally, higher initial investment for research and development (R&D) and higher installation costs are expected to hamper growth of the market for the next few years. Nevertheless, growing research and development in order to handle the obstacles in the growth of the market is likely to offer lucrative opportunities for key players operating in the market.
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This information is based on the new report by 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.’
Global Mixed Reality Market has been segmented as presented:
- Automotive & Aerospace
- Ecommerce & Retail
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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ALBANY, New York, October 10, 2018 /PRNewswire/ —