The new report by Expert Market Research titled, ‘Global Mixed Reality Market Growth, Size, Share, Trends, Outlook, Report and Forecast 2023-2028’, gives an in-depth analysis of the global mixed reality market, assessing the market based on its segments like component, application and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 681 million
- Forecast CAGR (2023-2028): 77%
- Forecast Market Size (2026): USD 20,708 million
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The market for mixed reality is being catalysed by the increased automation and digitalisation trends that are being seen across industries. A multitude of industries, including automotive and healthcare, as well as workplaces, are increasingly adopting mixed reality ideas. The mixed reality market is being propelled forward by the expanding popularity of 5G technology, IoT technology, and the availability of low-cost hardware, among other considerations.
In addition, North America contributed heavily to the mixed reality industry’s growth in 2020 and is predicted to maintain its market dominance in the following years. This is due to a growth in the usage of mixed reality gadgets, as well as the introduction of rules that encourage the adoption of 5G technology and AI. In the coming years, these factors are projected to fuel market expansion.
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On the basis of component, the industry can be segmented into:
- Hardware
- Software
Based on application, the industry can be divided into:
- Automotive and Aerospace
- Medical
- Entertainment
- E-Commerce and Retail
- Others
The regional markets include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Mixed Reality Market Trends
Mixed reality-enabled investments in devices, software ecosystems, and platforms are likely to drive market growth. The eventual goal of these investments is for a new business model to replace industry keyboards and flat screens. In the contemporary technology era, this is projected to boost user interaction. Typing, clicking, touching, and swiping become more functional with each development in user interface patterns, allowing users to progress “beyond the glass” of traditional displays.
Wearable technology is also a key component of some of the most complicated and immersive mixed reality experiences available today. Wearables are predicted to become commonplace across a wide range of industries and businesses.
Furthermore, the growth of the wearables market, such as Microsoft’s HoloLens, may improve a variety of field activities, including maintenance and delivery. In the coming years, these factors are projected to contribute to the expansion of the mixed reality industry.
Key Market Players
The major players in the market are Amber Garage, Microsoft Corporation, Canon Inc., Samsung Electronics Co., Ltd., HP Development Company, L.P., Brainlab AG, and Others.
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