Mixed Reality Market Size, Share, Growth, and Industry Analysis, Segmentation By Type (Hardware and Software), By Application (Aerospace & Defense, Architecture, Entertainment & Gaming, Medical and Others) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

MIXED REALITY MARKET REPORT OVERVIEW

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The global mixed reality market size was USD 207 million in 2019 and the market is projected to touch USD 5764.9 million by 2026, exhibiting a CAGR of 60.2% during the forecast period.

The blending of the virtual and physical worlds is known as mixed reality. Moreover, it generates a unique ambiance and visuals where the virtual and physical realms merge. Mixed reality is used in the automotive and aerospace industries, healthcare, entertainment, e-commerce, and reality. The mixed reality market has grown as a result of its use in several industrial areas. Small businesses may now access their target consumers at a cheaper operating cost thanks to 3G and 4G.

COVID-19 Impact: Pandemic Infatuated Virtual Events, Medical Training and Simulations Upgraded the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

In medical training and simulation, mixed reality has been used to enable medical practitioners to rehearse operations and surgeries in a virtual setting. This may be especially important during a health emergency, like as the COVID-19 epidemic, when there was a greater need for medical education. During the epidemic, conferences, trade exhibits, and gatherings moved to virtual formats. Immersion virtual experiences that allowed visitors to interact with virtual exhibitions and settings were made possible in part by mixed reality technology.

LATEST TRENDS

"Increasing Demand from 5G and IoT Technology  is a Proven Trend Shaping the Market Structure"

Computer graphics, signal processing, computer apparition, wearable computing, mobile computing, information visualization, display and sensor design, and user interfaces are all included in mixed reality. The market for mixed reality is being driven by trends toward higher automation and digitization across many industries. Workplaces and a range of industries, including the automotive and healthcare sectors, are quickly adopting mixed reality concepts. The mixed reality industry is expanding because to factors including the growing acceptance of 5G technology, the Internet of Things, and the accessibility of affordable gear.

MIXED REALITY MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into hardware and software.

Hardware: Among the most well-known MR headsets is this one. It's a standalone gadget that has sensors and screens that let you superimpose holograms on the actual environment. This is another kind of mixed reality headset that projects virtual graphics onto the user's real world using spatial computing technologies. The Quest is essentially a VR headset, but it can also offer mixed reality (MR) experiences since it can map the real world and combine it into virtual content. Google Glass may be seen as a portable mixed reality gadget even if it was first intended for augmented reality. A range of sensors, including as depth sensors, accelerometers, and cameras, are employed to map the surroundings, follow the user's motions, and provide interaction with virtual objects.

Software: The virtual reality and augmented reality experiences are combined on Microsoft's platform. A variety of MR devices, such as the HoloLens, are supported.On smartphones and tablets, these mobile operating systems run apps that offer augmented reality experiences. software and algorithms that enable MR devices to map and comprehend the real world, allowing virtual items to be placed and interacted with. Users can engage with virtual material with the use of software that can understand gestures and motions. Hand tracking, speech recognition, and other input techniques may be used for this.Tools that make it easier to create interactive material, animations, and 3D models for mixed reality applications. Cloud-based solutions that facilitate the processing and storage of data for mixed reality applications. This can contain intricate simulations, multiplayer games, and real-time updates.

• By Application

Based on application the global market can be categorized into aerospace & defense, architecture, entertainment & gaming, medical and others.

Aerospace & Defense: Pilots and ground staff can practice in realistic training scenarios made possible by MR. This covers emergency response training, maintenance techniques, and virtual flying simulators. In the aerospace sector, MR enables engineers and designers to view and work with 3D models of aircraft, spacecraft, and contemporary. Collaborative design reviews and prototyping benefit from this. By superimposing digital data onto actual aircraft components, MR can help maintenance teams by offering step-by-step instructions for maintenance and repair jobs.

Architecture: MR allows architects to see their creations in a realistic setting. This enables interested parties to navigate around virtual structures and see how architectural plans relate to one another in terms of size. Multiple team members may interact with virtual models concurrently, regardless of their physical location, thanks to MR's facilitation of collaborative design reviews. MR is a useful tool for city planners and urban designers to simulate and see how architectural proposals may affect the current urban environment. Public participation and decision-making are aided by this. Using mixed reality (MR), architects may produce immersive presentations that provide clients a more engaging opportunity to explore and comment on suggested ideas.

Entertainment & Gaming: Through the incorporation of virtual aspects into the actual environment, MR improves gaming experiences. This can involve the player's actual surroundings being superimposed with interactive game elements and characters. To provide immersive and engaging experiences, theme park attractions use mixed reality (MR). Physical rides and surroundings can include virtual components to provide a more immersive tourist experience. MR may be utilized to generate interactive features, augmented stages, and visual effects that react to the artists and audience at live events, concerts, and performances.

Medical:Before operations, surgeons may utilize MR to see patient-specific anatomical data in three dimensions, which helps with planning and increases accuracy. It's also utilized in realistic simulations for surgical training. In order to support both physical and cognitive rehabilitation, MR is used in therapy sessions and rehabilitation exercises. It offers fun and dynamic activities. MR uses 3D representations and information overlaid on the patient's actual surroundings to help medical practitioners explain medical issues and treatments to patients.

DRIVING FACTORS

"Demand from Educational Sector to Boost Up the Market Growth"

Because mixed reality creates an interactive environment, it is very beneficial for both instructors and pupils. Additionally, these gadgets allow trainers to instruct learners without physically being present in the same location. Because it employs 3D images, this technology not only guarantees more engaging and effective learning methods, but it also lowers the number of learning mistakes. The usage of mixed reality (MR) in the classroom can make learning more interesting by allowing instructors to incorporate game aspects and virtual illustrations of ideas to supplement textbook material. Students will be able to study more quickly and retain more knowledge as a result.All of these elements have a major role in the market's expansion. 

"Surge in Adoption by Gaming and Entertainment Industry to Pace Up the Market Growth"

The entertainment and gaming sectors are always looking to innovate in their respective professions. One of the main causes of the participants in these sectors' constant need to develop novel strategies for setting themselves apart from rivals is the fierce rivalry. As a result, the use of mixed reality enhances the attraction and interactivity of both games and films. Additionally, as user demand for innovation grows, both industries are encouraged to invest in these technologies, which should support market expansion.

RESTRAINING FACTOR

"Increased Risk of Infections Acquired Among Children to Hammer the Market Growth"

The high price of mixed reality devices is anticipated to limit their commercial acceptance, which will have an effect on the market's expansion. Growing technical progress and advances in mixed reality force the makers to charge a premium for their devices. As a result, consumers will pay more for mixed reality gadgets used for a variety of purposes, including sports, education, gaming, and entertainment. Over the course of the projection period, the mixed reality market growth may be adversely affected by the frequent tendency of ill children at these facilities.

MIXED REALITY MARKET REGIONAL INSIGHTS

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"North American to dominate the Market owing to Technological Advancement "

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

With many prominent players in the North American region, the mixed reality market share is expected to grow significantly in the forecast period. The automotive, aerospace, and defense industries in North America present the MR industry with substantial development potential. VR technologies are being actively employed in automotive responses due to the growing number of models and equipment variants in the vehicle design and development process. Spatial MR is being used by the automotive industry to communicate virtual data on real automobile design models, enabling component examination. This would cut down on the amount of time and money needed for product development. Volvo Automobile Corporation has started utilizing Microsoft's HoloLens technology in their automobile design process to create 3D models. This allows for improved design as well as time and cost savings, which ultimately optimizes operations overall.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to mixed reality to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.

List of Market Players Profiled

• HTC (China)
• Intel (U.S.)
• Magic leap (U.S.)
• Microsoft (U.S.)
• Facebook (U.S.)
• Eon Reality (U.S.)
• Google (U.S.)
• Samsung Electronics (South Korea)
• Seiko Epson (Japan)

INDUSTRIAL DEVELOPMENT

• May 2022: The All-India Institute of Medical Sciences (AIIMS), Jodhpur, and Microsoft India will collaborate. The two organizations will establish a Mixed Reality Center of Excellence at AIIMS, Jodhpur, which will provide healthcare, enhance remote healthcare capabilities, and encourage staff and student educational opportunities.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.