Mixed reality market is anticipated to hit $33.79 billion by 2023 at a cagr of 73.20% – press release – digital journal database structure

According to the new market research report by IndustryARC titled “ Mixed Reality Market: By Technology (Hardware, Software); By Display Devices (HUD, HMD, Others); By Application (IPCM, Simulated based learning, others); By End User Industries (Automotive, Aerospace, Medical, Others); By Geography – (2015-2021)”, the market is driven by major applications in the gaming and entertainment industry.

Americas region holds the largest market share and growth in the Mixed Reality Market and is anticipated to reach $18.67 billion by 2023 at a CAGR of 80.20%. Americas Mixed Reality Market is mainly driven by the concentration of technology based companies and high scale of research operations. Americas hosts quite a number of virtual, augmented and mixed reality solution providers including Oculus VR, LLC, Atheer, Inc, EON Reality, Inc, Magic Leap, Inc, Microsoft, Google and so on.

Gaming and Entertainment is the major application for Mixed Reality in Americas which is forecast to continue its dominance over the coming five years.

• Application developers play a major role in the value chain of mixed reality products as the application of these devices is holistically dependent on applications. Hence, application developers also reap huge profit from this market as these devices would be application specific.

• Mixed Reality is the novel stride in the leap of technology that will change how things are presumed in the new era. This technology will have marvelous consequences on all sectors of life including medical, education, science, art and entertainment.

• Mixed Reality devices are increasingly being incorporated into Pro Sports such as Football, Basketball, Hockey, and Rugby and so on to facilitate better understanding for the viewers. Moreover, these devices are also being used in training players.

• One of the major drivers is the rise in the adoption of smartphones. Hence, Mixed Reality devices incorporated/enabled with smartphones offering plug and play features would cause a paradigm shift to the mixed reality devices market. For instance, Lenovo has developed a new smartphone “Phab 2 Pro” enabled with Google Tango which offers mixed-reality features to an extent.

• The market for navigation in mixed reality is set to see an upsurge due to the growing advancements in the travel industry. The market revenue is poised to reach $2.84 billion till 2023, growing at a CAGR of 73.0% during the forecast period.

• Mixed reality can change the watching of the game into more interactive and futuristic experience. It enables sports fans to control the interactive graphic with a swipe of a finger or wave of a hand. All these possibilities are expected to be commercially available with few already in the market, and thus, driving the MR market.

• Microsoft is now selling development versions of its mixed-reality visor called the HoloLens and Magic leap which is a new start up based in Florida that has come up with smart glasses technology, a pair of transparent glasses, which are capable of sending the user into a mixed reality world.

• Augmented reality in combination with virtual reality is going to be the next big thing in APAC tourism industry. Countries like China are investing a huge amount of money in their tourist industry by developing various novel technologies to stand out and attract tourists.

• Mixed reality displays provide numerous benefits to several industries. Some of their key benefits for the architectural industry include cost effectiveness, quick to produce, amazing to look at and understood by anyone, flat, robust, light, easy to transport and store, perfect accuracy, no special equipment required, fast and effective communication of ideas, include animation, channeling/design phasing, wide range of data sources supported and many more.

• Research, testing, logistics, installation and application developers play an important role in the transformation towards efficient and cost-effective value addition, and transfer right from raw material to the end-user phase. Defining and implementing the R&D pipeline according to the market trends and future applications and establishing value chain frameworks accordingly, has made the industry more agile. Final end user or final consumer and their needs define and compels the entire industry to make changes in value chain in terms of technology and processes.

• Huge potential of mixed reality devices would foster growth of these devices across sectors such as Education, Fashion, Engineering, Scientific Visualization, Telecommunications, Construction and Film. For instance, in the education section, these devices can be used for detailed explanation of the study object as this device offers holistic, 3D view of images; in fashion and engineering sectors, this device can be used in presentations and study of design. Similarly, various other sectors offer multiple applications for these devices.

IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.

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