According to the global mixed reality market report by IMARC Group, the market reached a value of US$ 755.81 Million in 2021, and it is projected to reach a value of US$ 7,767.48 Million by 2027, exhibiting a CAGR of 43.70% during 2022-2027.
Mixed reality (MR) represents an emergent technology that makes new visualizations and environment where digital as well as physical objects and their data can co-exist and interact with each other. It usually combines the best aspects of virtual and augmented reality. Mixed reality utilizes a projector to depict pictures on semi-transparent materials, which are eventually reflected back to the eye via beam-splitting equipment. It is used for numerous applications, including maintenance and operations, design and development, production, reporting and analytics, quality control and distribution, etc. Consequently, mixed reality finds wide-ranging utilization in several industries, such as education, healthcare, architecture, aerospace, defense, etc.
Market Trends
The widespread adoption of MR in the gaming and entertainment sector to create realistic games and provide users with immersive experiences is primarily driving the mixed reality market. Besides this, it is also used in the education sector to make learning more interactive by using 3D pictures and infographics to understand concepts better, which is propelling the market growth.
Additionally, the introduction of AR earbuds that filter specific real-world sound is improving the performance of MR, thereby allowing it to be utilized for a broader range of applications. Apart from this, the escalating demand for mixed reality to provide high-quality assistance to doctors and medical specialists in diagnosis, training, surgeries, treatments, rehabilitation, etc., is acting as another significant growth-inducing factor. Furthermore, the increasing investments in hardware devices, platforms, and software ecosystems for replacing keyboards and flat displays with entirely new paradigms are anticipated to fuel the mixed reality market over the forecasted period.
For the competitor segment, the report includes global key players of the Mix Reality market.
Apple Inc., Canon Inc, Dell Technologies Inc., EON Reality, Facebook Inc., HP Development Company L.P, HTC Corporation, Intel Corporation, Magic Leap Inc., Microsoft Corporation, Samsung Electronics Co Ltd. and Seiko Epson Corporation.
The report has been segmented the market into following categories:
Breakup by Component:
- Hardware
- Sensor
- Semiconductor Component
- Power Units
- Software
Breakup by Device Type:
- Wired Device
- Wireless Device
Breakup by Application:
- Aerospace and Defense
- Architecture
- Entertainment and Gaming
- Medical
- Simulation Training
- Visualization of Scans
- Simulation Surgery
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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