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Mixed Reality Market is Segmented By Component (Hardware, Software), software segment is expected to create lucrative opportunities for the market.
The worldwide mixed reality market size reached US$ 1.2 billion in 2022. Between 2022 and 2032, demand for mixed reality is expected to surge at a stupendous CAGR of 35.6%. By 2032, global mixed reality sales revenue is projected to total US$ 24.6 billion.
Demand will remain high for wireless devices in the mixed reality industry due to surging popularity of wireless technologies. As per the latest report, wireless devices segment is forecast to progress at 35.2% CAGR through 2032.
Key Market Shaping Factors:
In recent years, novel technologies such as virtual reality (VR) and augmented reality (AR) have gained immense traction globally. To further improve features of these technologies, a new emerging technology called mixed reality was developed.
Mixed reality (MR) refers to a hybrid environment that combines elements from both the physical and virtual worlds, where digital and real objects coexist and interact in real-time. This technology is gaining steam across various industries due to its attractive benefits.
From gaming consoles to television shows, application area of mixed reality is widening in the entertainment industry. Rapid expansion of the global entertainment industry is expected to fuel mixed reality demand during the assessment period.
Rising popularity of mixed reality in remote working is emerging as a key factor that can boost global mixed reality sales during the projection period. This technology has the potential to allow the workforce of remote teams to work together and cope with organization’s business challenges.
Increasing adoption of mixed reality solutions in healthcare industry is expected to fuel market expansion. Smartglasses can be integrated into operating rooms to aid in surgical procedures. Similarly, mixed reality headsets such as Microsoft HoloLens are gaining wider popularity in medical fields.
Another prominent factor that is expected to create growth prospects for the market is the growing usage of mixed reality in education. There are various potential use cases for mixed reality technology in professional training settings and educational settings.
Leading giants such as HTC Corporation, Intel Corporation, and Microsoft Corporation are constantly launching new solutions to meet end user demand. For instance, in 2019 HoloLens 2 was introduced by Microsoft to help organizations to boost their efficiency and productivity.
In April 2022, Smart Realities, a novel augmented and virtual simulation solution for realistic and scalable training experience was launched by Wartsila.
| Attributes | Key Insights |
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Global Mixed Reality Market Size in 2022 |
US$ 1.2 billion |
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Projected Mixed Reality Market Value (2032) |
US$ 24.6 billion |
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Value-based CAGR (2022 to 2032) |
35.6% |
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USA Market CAGR (2022 to 2032) |
34.2% |
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As per Persistence Market Research (PMR), from 2017 to 2021, the value of the mixed reality industry increased by around 43.9% CAGR. Over the next decade, the global market is forecast to exhibit a CAGR of 35.6% through 2032.
Mixed reality technology integrates augmented reality and virtual reality, allowing users to interact with and manipulate virtual objects as if they were real. It has potential applications in several fields, including gaming, education, medicine, and architecture.
Consumers are increasingly seeking immersive experiences that allow them to interact with digital content in more engaging and intuitive ways. Mixed reality provides a highly immersive and interactive experience that can meet this demand. It is being adopted in a wide variety of enterprise applications such as training, education, and collaboration.
Mixed reality is being used to create immersive gaming and entertainment experiences, allowing users to interact with digital content in new and engaging ways. It is having a significant impact on the entertainment industry, particularly in gaming and immersive experiences.
Further, theme parks and attractions are increasingly incorporating mixed-reality technology to create immersive and interactive experiences for visitors.
Mixed reality is also being used in the film and television industry to create interactive and immersive experiences for viewers. This technology can be used to create virtual sets and environments, allowing filmmakers to shoot scenes in locations that would be impractical or impossible to film in real life.
Mixed reality can also be used to create interactive elements within films and television shows, allowing viewers to engage with the content in new and exciting ways.
According to PMR, the global entertainment and media industry was US$ 2.5 trillion in 2022. It is expected to witness strong growth during the next ten years. With rapid growth in the entertainment & media industry and implementation of mixed reality in this sector, demand for mixed reality is projected to increase at a robust pace.
Mixed reality is being used in manufacturing to improve efficiency and safety. For instance, it helps in providing workers with real-time visual guidance and remote assistance.
Mixed reality has a significant impact on the manufacturing industry, providing new opportunities for efficiency and safety. It can be used to provide real-time guidance and feedback to workers on the assembly line, allowing them to quickly and efficiently complete tasks.
Rapid industrialization and integration of mixed reality in manufacturing will therefore create lucrative opportunities for mixed reality companies during the assessment period.
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Get a Customized VersionHow is the Booming Manufacturing Sector Spurring Growth in the United States Mixed Reality Market?
The United States mixed reality market is expected to reach a valuation of US$ 8 billion by 2032. Overall mixed reality demand in the country is likely to rise at 34.2% CAGR through 2032, in comparison to a CAGR of 41.9% registered from 2017 to 2021.
Rapid expansion of manufacturing sector is a prominent factor driving the United States mixed reality industry.
The United States has a dominant manufacturing industry contributing a significant amount to the economy. This expansion of manufacturing industry is creating high demand for advanced technologies such as mixed reality.
Mixed reality can be used to provide real-time feedback on product quality, allowing workers to identify defects or issues as they arise. Thus, booming manufacturing sector along with rising adoption of mixed reality in this manufacturing will continue to elevate mixed reality during the assessment period.
What is the Demand Outlook for Japan Mixed Reality Market?
According to Persistence Market Research, the mixed reality industry in Japan is projected to cross a valuation of US$ 1.7 billion by 2032. It is likely to exhibit a CAGR of 34.9%, creating an absolute $ opportunity of US$ 1.6 billion through 2032.
Growing adoption of mixed reality in the media & entertainment industry is expected to boost Japan market.
In 2022, the media & entertainment industry of Japan was worth around US$ 1.67 billion and is projected to reach around US$ 2.6 billion by 2027. This will create a fertile ground for the development of the mixed reality market.
Mixed reality is widely used in the entertainment and media industry as AR and VR can be used to enhance the viewer's experience by providing additional information or context to a live event, such as sports or music concerts.
Thus, with the growth of the entertainment and media industry, demand for mixed reality is projected to increase at an impressive CAGR through 2032l.
Which Component is Expected to Generate Lucrative Revenues for the Market?
As per Persistence Market Research (PMR), software segment is expected to create lucrative opportunities for the market. The target grew at a CAGR of 43.4% from 2017 to 2021 and is expected to rise at a 35.4% CAGR through 2032.
Software is a critical component of mixed reality, as it provides the applications and tools necessary to create mixed reality experiences. Few of the software used to create mixed-reality experiences include game engines, 3D modeling, animation software, and AR/VR development platforms.
Game engines such as Unity and Unreal Engine provide a powerful set of tools for creating immersive mixed-reality experiences. They allow developers to create 3D environments, import models and assets, and program interactive behavior using scripting languages.
3D modeling and animation software like Blender, Maya, and 3DS Max are also used in the creation of mixed-reality experiences. These tools allow artists and designers to create and animate 3D models, which can then be imported into game engines and other mixed-reality development platforms.
AR/VR development platforms such as ARKit, ARCore, and Vuforia provide a set of tools for creating AR and VR experiences that can be deployed on mobile devices. These platforms include features like object recognition, tracking, and spatial mapping, which are critical for creating immersive AR and VR experiences.
Why is Demand for Wireless Devices Increasing in the Mixed Reality Industry?
Based on device type, demand is projected to remain high for wireless devices in the global market. This is due to various benefits of wireless devices over wired ones. As per the latest report, the wireless segment is expected to surge at a CAGR of 35.2% through 2032.
Wireless devices play a crucial role in the mixed reality space as they provide the freedom of movement and flexibility required for immersive experiences. Products such as head mounted displays are gaining wider popularity.
Head-mounted displays (HMD) are wireless devices that are worn on the head and display virtual or augmented reality content. They are typically connected to a computing device or a smartphone wirelessly to receive and display mixed-reality content.
Further, smartphones and tablets are also often used as wireless devices in mixed reality. They can be used to display augmented reality content, track physical movements, and provide haptic feedback.
Wireless devices enable users to move freely and interact with mixed-reality content more naturally and intuitively. As a result, their demand is likely to remain high throughout the projection period.
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Leading players in the mixed reality industry include Sony Corporation, Intel Corporation, HTC Corporation, Magic Leap, Inc., Facebook, Eon Reality, Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies Inc., Google Inc., HP Development Company LP, Accenture PLC, Seiko Epson Corporation, Occipital Inc., Meta Company, and Amber Garage.
These market players are investing heavily in expanding their product portfolios and their footprint around the world. They are also using strategies such as partnerships, mergers, acquisitions, facility expansions, and collaborations to solidify their positions.
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| Attribute | Details |
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Market Value in 2022 |
US$ 1.2 billion |
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Projected Market Value (2032) |
US$ 24.6 billion |
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Anticipated Growth Rate (2022 to 2032) |
35.6% CAGR |
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Historical Data |
2017 to 2021 |
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Forecast Period |
2022 to 2032 |
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The global mixed reality market value reached US$ 811.3 million in 2021.
Currently, the global market for mixed reality is valued at US$ 1.2 billion.
The worldwide mixed reality industry is expected to reach a valuation of US$ 24.6 billion in 2032.
The global market for mixed reality recorded a CAGR of 43.9 % from 2017 to 2021.
Global mixed reality demand is projected to increase at 35.6% CAGR through 2032.
Wireless devices segment is expected to create lucrative revenue-generation opportunities for mixed reality solution providers.
Registering a CAGR of 36.9%, China mixed reality industry is expected to reach US$ 2 billion by 2032.
Mixed reality demand in South Korea and Japan is forecast to increase at 36.1% and 34.9% CAGRs respectively.
The United Kingdom market is projected to reach a valuation of US$ 1.2 billion by 2032.
