Westford USA, April 17, 2023 (GLOBE NEWSWIRE) -- The forecast period (2023-2030) predicts that the Mixed Reality market will reach USD 15.5 billion, exhibiting a CAGR of 44.5%. The increasing demand for AR/VR devices, the growth in various applications, and advancements in hardware and software technology are contributing to the rise in investment in research and development, as well as the increasing popularity of smart glasses and head-mounted displays. According to SkyQuest's survey, mixed reality is gaining traction in the healthcare sector, with 88% of healthcare providers planning to use or already using AR/VR technology within the next three years.
SkyQuest's latest research report highlights that the enterprise market for smart glasses is projected to reach $12.8 billion by 2025, with the primary use being for training and remote assistance in sectors like healthcare, logistics, and manufacturing. Additionally, the survey shows that 47% of respondents are presently utilizing or piloting smart glasses for educational and training purposes, with an additional 21% planning to do so within the next year.
Browse in-depth TOC on "Mixed Reality Market"
- Pages - 242
- Tables - 78
- Figures - 75
With its capacity to seamlessly blend the real and virtual worlds, mixed reality technology has gained significant importance in today's time. Various industries, including entertainment, healthcare, education, and manufacturing, have adopted this technology for its ability to offer interactive and immersive experiences that result in improved productivity, better decision-making, and enhanced customer engagement. The growing popularity of smart glasses and head-mounted displays in several applications is expected to fuel the growth of the mixed reality market in the coming years.
Prominent Players in Mixed Reality Market
- Microsoft Corporation
- Google Inc.
- Intel Corporation
- Qualcomm Inc.
- Facebook Inc.
- Apple Inc.
- Samsung Electronics Co. Ltd.
- Sony Corporation
- HTC Corporation
- Magic Leap, Inc.
- Vuzix Corporation
- Atheer, Inc.
- PTC Inc.
- DAQRI LLC
- Seiko Epson Corporation
- Upskill Inc.
- Meta Company
- Wikitude GmbH
- EON Reality Inc.
- Xybernaut Corporation
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Entertainment and Gaming Segment to Drive Higher Sales Due to Increasing Demand For Immersive Gaming Experiences and the Rise of Location-Based Mixed Reality Experiences
A recent analysis has identified the Entertainment and Gaming segment as a major contributor to the rapid development of the Mixed Reality market in 2021, and this trend is expected to continue from 2022 to 2030. The growing demand for immersive gaming experiences and the rise of location-based mixed reality experiences, such as theme park rides and escape rooms, are driving this trend. SkyQuest has reported that 63% of entertainment and media industry executives believed that mixed reality would have a significant impact on their industry over the next five years, with 46% planning to invest in the technology. The survey also found that 70% of consumers were interested in using mixed reality for entertainment purposes, further indicating the potential of the entertainment and gaming segment to drive the growth of the mixed reality market.
Research analysis shows that North America is poised to become a dominant player in the Mixed Reality market from 2022 to 2030, with a projected CAGR of 45.82% during the forecast period. The early adoption of new technologies and the presence of several key players in the region are driving this expansion. Microsoft recently won a $21.9 billion contract from the US Army to produce augmented reality headsets for use in training and combat operations, while companies like Magic Leap and Oculus have received significant investments to continue developing mixed reality solutions.
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Augmented Reality Segment to Exhibit Strong Growth due to Growing Adoption of AR Tchnology in the E-commerce and Retail Industries
From 2022 to 2030, the Augmented Reality segment is expected to remain the dominant method in the Mixed Reality market, driven by the growing adoption of AR technology in the e-commerce and retail industries and the increasing demand for AR devices like smart glasses.
Furthermore, the Asia Pacific region is a significant player in the Mixed Reality market and is anticipated to retain its leading position by 2030. SkyQuest's analysis predicts a noteworthy surge in the region's Mixed Reality market, with a projected CAGR of 50.97% during the forecast period, which can be attributed to the increasing use of mixed reality technology in various industries such as healthcare, education, and manufacturing.
A comprehensive analysis of the major players in the Mixed Reality market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Mixed Reality Market
- BehaVR and OxfordVR, two virtual reality healthcare platforms, have merged to create the largest platform for virtual reality healthcare delivery. The companies have united under the BehaVR brand and secured $13 million in Series B funding for the merger. The funding round was led by Oxford Science Enterprises and Optum Ventures, and also involved participation from Accenture Ventures, Confluent Health, Thornton Capital and Chrysalis Ventures.
- Google has acquired Raxium, a California-based startup that specializes in single panel MicroLED display technologies, for an undisclosed amount. The acquisition will aid Google in developing the next generation of augmented/virtual and mixed reality headsets, as the hype around the metaverse continues to grow. Raxium will be integrated into Google's Devices and Services team. Rick Osterloh, Senior Vice President of Devices & Services at Google, expressed excitement over the acquisition, stating that it will help in the development of devices and services that enhance people's daily lives.
Key Questions Answered in Mixed Reality Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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