New York, May 10, 2023 (GLOBE NEWSWIRE) -- As per Persistence Market Research, global Mixed Reality Market sales totaled US$1.2 billion in 2022.Over the next ten years (2022 to 2032), global demand for mixed reality is projected to increase at 35.6% CAGR. Total market valuation at the end of 2032 is expected to reach US$ 24.6 billion.
Demand in the market is likely to remain high for wireless devices, making it a key revenue-generating segment for companies. This is due to rising end user preference for wireless technologies. The target segment is expected to progress at 35.2% CAGR through 2032.
Rising integration of mixed reality in media & entertainment and manufacturing is expected to boost the global market.
Immersive experiences that allow consumers to interact with digital information in more engaging and intuitive ways are becoming increasingly popular. This demand is met by mixed reality, which gives a very immersive and engaging experience.
Mixed reality is being used in a wide range of business applications, including training, education, and collaboration.
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Mixed reality is utilized to create immersive gaming and entertainment experiences, giving people new and compelling ways to interact with digital information.
The entertainment business is seeing a big impact from mixed reality, notably in gaming and immersive experiences. Similarly, theme parks and attractions are embracing mixed reality technology to provide tourists with immersive and participatory experiences.
In manufacturing, mixed reality is being utilized to increase efficiency and safety, such as by giving workers real-time visual advice and remote help. The industrial sector is seeing a big influence from mixed reality, which is opening up new options for efficiency and safety.
Mixed reality can be utilized to provide real-time instruction and feedback to assembly line workers, allowing them to operate more swiftly and efficiently.
Another key factor that will elevate mixed reality demand is the incorporation of mixed reality technologies in education and healthcare sector. For instance, mixed reality can be useful to make things more interactive between students and teachers.
Key Takeaways from the Mixed Reality Market Report:
- Global mixed reality demand is expected to rise at 35.6% CAGR from 2022 to 2032.
- Based on component, software segment is likely to exhibit a CAGR of 35.4% through 2032.
- By device type, wireless segment is poised to exhibit a CAGR of 35.2% during the next ten years.
- The United States mixed reality industry value is anticipated to reach US$ 8 billion by 2032.
- China market is forecast to expand at 36.9% CAGR between 2022 and 2032.
- The mixed reality market in Japan is expected to cross a valuation of US$ 1.7 billion by 2032.
- Korea mixed reality market is projected to exhibit a CAGR of 36.1% during the projection period.
“Rising adoption of mixed reality across diverse industries due to its benefits is expected to spur growth in the global mixed reality industry through 2032.” - says a Persistence Market Research (PMR) analyst.
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Who is Winning?
Microsoft Corporation, Intel Corporation, Google Inc., HTC Corporation, Seiko Epson Corporation, Magic Leap, Inc., Sony Corporation, Facebook, Eon Reality, Inc., Development Company LP, Meta Company, Accenture PLC, Samsung Electronics Co. Ltd., HP, Dell Technologies Inc., Occipital Inc, and Amber Garage are few of the key players operating in the mixed reality market.
These companies are employing a wide variety of strategies to gain a competitive edge in the market. These strategies include new product launches, partnerships, mergers, acquisitions, and collaborations. For instance:
- In May 2022, Microsoft India collaborated with Jodhpur's All-India Institute of Medical Sciences (AIIMS). Microsoft aims to establish a Mixed Reality Center of Excellence at AIIMS, Jodhpur, which can increase remote healthcare capabilities, and promote educational opportunities for both staff and students.
- In June 2019, to advance mixed reality technology, Airbus and Microsoft Corporation announced collaboration plans. Airbus plans to use Microsoft’s "Mixed reality" holographic technology in building 20,000 airplanes over the next 20 years. This technology will assist Airbus production workers in guiding, training, and other tasks.
More Insights Available:
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the mixed reality market presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals market projections based on component (hardware and software), device type (wired and wireless), and application (aerospace & defense, architecture, entertainment & gaming, and medical) across various regions.
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