According to a recent report published by Allied Market Research, titled “Mixed Reality Market by Component, Device Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2024“, the global market value for mixed reality (MR) will be valued at $5,362.1 million (USD) by the year 2024. This estimate is a growth rate at CAGR of 71.6% from 2018 to 2024, with significant market opportunities expected to be apart of this.
Mixed reality (MR) is a hybrid reality in which virtual reality (VR) and augmented reality (AR) are merged together to produce a new environment and visualization, where physical and digital objects co-exist and interact in real time. As explored in the report, MR technology is able to create a believable environment which leads to more immersive experience and entertainment then VR or AR on their own.
According to the report, North America dominates the MR market. China and the UK are expect to report some of the highest growth rates in both the Asia-Pacific and Europe markets respectively. Alongside these though the market is still estimated to be dominated by the North America market for the time being.
The continued growth of the MR market, leading to the $5,362.1 million (USD) valuation by 2024, is thanks to an increase in adoption of the technology seen in the gaming and entertainment industry. The demand for MR technology within the education sector is also expected to drive the growth of the global market. It is said though that the lack of awareness around the technology and the current high cost of manufacturing is what will restrict the market growth, meaning it could be worth more should these two be overcome.
In the report, the global MR market is analyzed based on four regions – North America, Europe, Asia-Pacific, and LAMEA. In addition to this, it also includes Porters Five Forces analysis to understand the competitive scenario of the industry and role of each stakeholder better. It also explores further strategies adopted by the key maker players to maintain their foothold in the market. HTC, Intel, Magic Leap, Microsoft, Facebook, and Google are among some of the companies mentioned within the report.
The report by Allied Market Research is available via their website and for all the latest on global market trends for VR, AR and MR, keep reading VRFocus.