Market Dynamics
Pervasive Adoption of Immersive Technologies
The widespread acceptance of immersive technologies, including augmented reality (AR), virtual reality (VR), and mixed reality (MR), is creating immersive experiences for consumers. The convergence of these technologies is further enhanced by the advent of 5G and the availability of cost-effective hardware, culminating in a positive impact on the mixed reality market.
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Transition to ‘Bring Your Own Device’ (BYOD)
While early business products lean on the consumer market, the future portends the prevalence of ‘Bring Your Own Device’ (BYOD) within the mixed reality market. Growing adoption of mixed reality in the gaming and entertainment industries, along with increased demand from the education sector, is driving market growth. However, the high cost of mixed reality devices remains a barrier to market expansion.
Market Forecast
As per Report Ocean Research, the global mixed reality market is projected to grow at a remarkable compound annual growth rate (CAGR) exceeding 40%, reaching a valuation of over $3.7 billion by 2025. The primary objective of this report is to define, describe, segment, and forecast the global mixed reality market based on technology, device, vertical, end-user, and regions. It aims to provide venture capitalists with comprehensive insights, data analysis, and market information to facilitate well-informed decisions.
The Competitive Landscape
The global mixed reality market features a diverse array of small and large vendors. Prominent names such as Alphabet, HTC, Microsoft, Samsung, and Sony are expanding their global presence in this field. Meanwhile, companies like Thyng and IrisVR compete by offering solutions at competitive prices with customized product offerings. Strategic partnerships with suppliers and third-party vendors are driving market growth.
Technology Advancements and Sensory Enhancements
Media and entertainment, especially gaming, constitute the fastest-growing technology segment in the global mixed reality market. The adoption of mixed reality devices in the consumer segment is driving this growth, as it enhances the viewing experience by bridging the gap between imagination and reality. Moreover, technological advancements are extending mixed reality beyond visual effects; the deployment of AR earbuds promises to elevate audio experiences by filtering real-world sounds.
Regional Insights
North America: The Technology Hub
North America dominates the technology segment of the global mixed reality market. High adoption of mixed reality products, coupled with technological advancements such as 5G and artificial intelligence (AI), contribute to its market share.
Key Players and Market Developments
The competitive landscape comprises a mix of established vendors and niche players. Key developments include:
- In June 2019, Airbus deployed Microsoft’s HoloLens (mixed reality) to expedite production processes and enhance staff training.
- In May 2019, the Nreal Light, a user-friendly mixed reality device, was announced, with prices starting at $499 for consumers.
Market Segmentation and Coverage
The global mixed reality market is categorized into five segments:
- Technology: AR and VR
- Device: Head-Mounted Display, Handheld Device, Head-Up Display, Projector and Display Wall, Gesture-Tracking Device, and Others
- Application: Consumer (Gaming, Events, and Entertainment) and Enterprise (Repair & Maintenance, Training, Research & Development, Product Development, and Others)
- End-User: Media & Entertainment, Healthcare, Aerospace & Defense, Manufacturing, Retail, and Others
- Regions: North America, Europe, APAC, and RoW (RoW includes South America, Middle East, and Africa)
In-Depth Vendor Analysis
The report includes vendor profiles with details on financial status, business units, key business priorities, SWOT analysis, business strategies, and insights. For privately held companies, financial information and revenue segment details are limited.
Region/Country Coverage
- North America
- Europe
- APAC
- RoW (RoW includes South America, Middle East, and Africa)
Key Players Covered
Key players in the global mixed reality market include HTC, Microsoft, Samsung Electronics, Sony, Emergent VR, EON Reality, Gravity Jack, Hashplay, IrisVR, Leap Motion, Mackevision, Oculus VR, Paracosma, Thyng, VR Global, Vuzix, and WorldViz.
About Report Ocean
Report Ocean is a leading provider of market research reports, known for its informative research reports. We are dedicated to offering both quantitative and qualitative research results. Our global network and comprehensive industry coverage enable us to provide in-depth insights, empowering informed and strategic business decisions. Leveraging cutting-edge technology, analysis tools, and unique research models, we deliver indispensable information that exceeds expectations.