New York, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The global mixed reality market size is expected to expand at ~78% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 2512 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.This growth is set to be influenced by growing construction activities. There were projected to be 794,431 built-up areas (BUAs) worldwide in 2016. It has been projected that this figure would increase to about 849,406 inhabitants by 2022. In addition, it's anticipated that by 2050, over 2 million new buildings will be built. Hence, construction workflows are streamlined in numerous ways by the use of mixed reality.
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In the building industry, mixed reality is beneficial from the very beginning, during the planning and permission phases. Teams can walk through the entire project in mixed reality before it is implemented, thoroughly examining all of the structure's features and parts. This kind of insight may stop schedule setbacks, cut down on overspending, and spot errors before they happen. Furthermore, mixed reality inspections aid in the early identification of potential safety issues, which not only serves to save money, time, and resources but also lessens the likelihood that construction dangers would affect workers. For instance, in India, everyday about 37 fatal accidents are caused across construction sites.
Growing IoT-Connected Devices to Boost the Growth of the Global Mixed Reality Market
Strong connections between the Internet of Things and geographic technologies are becoming evident as mixed reality applications permeate people's daily lives. The initial point is that end users, real things, and virtual objects all have a crucial role to play in the spatial reference of a mixed reality environment. The second cause is that more and more sensors are involved in managing machines and devices all the time. Hence, with the growing IoT connected devices the market is set to rise. It is projected that by 2030, there will be over 28 billion Internet of Things (IoT) devices globally, nearly doubling from over 14 billion in 2020.
Mixed Reality Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Adoption of Smartphones to Drive the Market Expansion in North America
The mixed reality market in North America is set to gather the share of about 32% in the market over the coming years. This could be on account of rising demand for smartphones. With more than 309 million smartphone users as of 2023, the US has one of the largest smartphones demands in the world.
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Surge in Urban Population to Drive the Market Expansion in Asia Pacific
The Asia Pacific market for mixed reality is projected to rise at a share of over 27% over the forecast period. This growth of the market in this region is poised to be influenced by rising urban population which is further estimated to boost the construction projects. Over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. Asia's urban population is predicted to increase by 50% by 2050, adding 1.2 billion new residents.
Mixed Reality, Segmentation by Component
- Hardware
- Software
The software segment is projected to gather the largest share of about 57% over the forecast period. The main element to dominate the segment expansion is growing adoption of AI. Over 34% of businesses worldwide use AI. In 2023, about half of companies planned to integrate AI into their operations.
Mixed Reality, Segmentation by Device Type
- Wired
- Wireless
The wireless segment is predicted to generate the largest share of about 72% over the coming years. This growth is set to be influenced by rising adoption of Wi-Fi. About 4 billion people utilized mobile internet in 2022, which indicates that more than 59% of all internet users worldwide have access to the internet using a mobile device.
A few of the well-known industry leaders in mixed reality market that are profiled by Research Nester are Amber Garage, Microsoft Corporation, Canon Inc., Samsung Electronics Co., Ltd., HP Development Company, L.P., Brainlab AG, Meta Platform Inc, Dell Technologies IncDe, Asus Tek Computer Inc, Occipital Inc., and others.
Recent Development in the Market
- In the next 20 years, Microsoft Corporation's "mixed reality" technology will assist Airbus in producing 20,000 aircraft. Thanks to technology, Airbus can quickly develop and test the many systems that make up their aircraft. It helps engineers find possible issues before they become expensive physical errors by enabling them to virtually construct and test the aircraft in a simulated environment.
- Meta has advanced both virtual reality and augmented reality technology significantly. They have produced a number of products that are utilized for entertainment, education, and gaming. They have also collaborated with top businesses to create innovative answers to common issues.
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