NEW CASTLE, Delaware, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Mixed Reality Applications in Industrial Safety Market by Component (Hardware and Software), by Device Type (Wired and Wireless), and Application (Aerospace & Defense, Entertainment & Gaming, Architecture and Medical): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the mixed reality applications in industrial safety market was valued at $782.0 million in 2023, and is estimated to reach $10, 836.9 million by 2032, growing at a CAGR of 33.9% from 2024 to 2032.
Prime determinants of growth
The global mixed reality applications in industrial safety market has grown due to several factors such as surge in demand for mixed reality technology in several industries, increased investments in research and development, and the rising applications in the medical sector. However, high initial costs act as restraints for mixed reality applications in the industrial safety market. In addition, the high penetration of 5G and IoT technology will provide many opportunities for the market's development during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $782.0 million |
| Market Size in 2032 | $10, 836.9 million |
| CAGR | 33.9% |
| No. of Pages in Report | 350 |
| Segments Covered | Component, Device Type, Application, and Region. |
| Drivers | The growing demand for mixed reality technology in several industries |
| Increased investments in research and development | |
| The rising applications in the medical sector | |
| Opportunity | The high penetration of 5G and IoT technology |
| Restraint | High initial costs |
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The software segment held the highest market share in 2023.
By component, the software segment held the highest market share in 2023. Mixed reality (MR) software allows for greater customization and adaptability compared to hardware. This flexibility enables companies to tailor MR applications to specific industrial safety needs, such as training simulations, real-time hazard identification, and maintenance.
The wireless segment held the highest market share in 2023.
By device type, the wireless segment held the highest market share in 2023. This growth is driven by the inherent advantages of wireless technology, such as enhanced mobility, flexibility, and the ability to provide immersive experiences without the constraints of cables.
The entertainment & gaming segment held the highest market share in 2023.
By application, the entertainment & gaming segment held the highest market share in 2023. Continuous advancements in MR technology, including improvements in hardware such as headsets and software platforms, are making MR more accessible and enhancing the user experience. These advancements are particularly impactful in gaming and entertainment, where high-quality, immersive experiences are essential. This is in turn expected to propel the growth of the global market in this segment.
North America held the highest market share in terms of revenue in 2023.
By region, North America held the highest market share in terms of revenue in 2023 and is expected to lead the market in terms of revenue throughout the forecast period. Rise in internet usage and the continued growth of retail, consumer goods, and e-commerce in countries, such as the U.S. and Canada are expected to drive the growth of mixed reality applications in the industrial safety market in North America.
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Major Industry Players: -
- Microsoft Corporation
- Canon Inc.
- Samsung Electronics Co., Ltd
- HP Development Company, L.P.
- Brainlab AG
- Meta Platform Inc
- Dell Technologies Inc
- Asus Tek Computer Inc
- Occipital Inc.
The report provides a detailed analysis of these key players in the global mixed reality applications in industrial safety market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
Recent Industry Development:
- In May 2023, Volvo Group launched an Augmented Reality (AR) safety app for electric trucks, designed specifically to support first responders in an emergency. The app is developed to deliver instant, valuable information from the electric truck to the emergency services team arriving on the scene to guide them in real time and ensure safe rescue conditions.
- In April 2022, Bharat Aluminium Company Limited (BALCO) developed an Extended Reality (XR) experience zone to augment safety training for its employees and partners. The zone makes use of virtual reality, augmented reality, and mixed reality technologies to enable simulation-based training, thus ensuring an immersive, engaging, and safe learning experience for the workforce.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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