Mixed Reality Market

Mixed reality technology combines augmented reality and virtual reality, pushing the boundaries between the virtual and real world. It enables various applications, such as presenting 3D models of products for virtual comparison and real-time modifications during product development. The automotive industry also utilizes mixed reality for virtual demos of new car models and adjusting their properties. This technology has significant implications for industries like entertainment, arts, science, manufacturing, and education.

In recent years, there has been a surge in the adoption of mixed reality, particularly in corporate events where marketers use it to tell brand stories and engage with attendees. Image recognition and simultaneous location and mapping (SLAM) are key technologies that empower mixed reality. Image recognition enables high-quality visualizations, while SLAM combines image recognition and depth sensing to locate users. The growth of the mixed reality market will also be influenced by big data and cloud computing technologies in the upcoming years.

The demand for mixed reality technology is increasing across industries such as entertainment, medical, automotive, and education. It facilitates easy product presentation and design. In the medical field, mixed reality enables surgical applications and medical training, helping doctors and patients understand complex medical concepts. Gaming industry benefits from mixed reality with a wide range of available games, including role-playing adventures, first-person shooters, and strategy games. Additionally, the entertainment industry utilizes mixed reality to offer unique movie experiences and other forms of entertainment.

As mixed reality is still in its emerging stage, companies are investing in research and development to enhance the technology and gain a competitive edge. Furthermore, the growing adoption of mixed reality in interior design and architecture is an emerging trend that is expected to drive market growth in the near future.

Key Market Driver –

• Growing demand of mixed reality technology in industries.

• Improving user experience (Ux) in e-commerce sector.

Key Market Restraint – Lack of awareness and privacy concerns
Mixed reality technology plays a crucial role in various industries, including the aircraft and construction sectors. In the aircraft industry, it facilitates engineer training by providing holographic images of engines accompanied by interactive voice features and visual aids, allowing engineers to gain a comprehensive understanding of the engine's intricacies. Similarly, in the construction industry, mixed reality helps workers identify which parts of equipment are functional or not, providing real-time information through headsets and aiding in problem-solving.

For the shipping and logistics industry, mixed reality assists the supply chain through the use of smart glasses or smartphones, enhancing efficiency and accuracy in operations. Moreover, mixed reality finds application in online education, enabling immersive learning experiences. It also contributes to quality control and inspection processes in the manufacturing industry, among other applications in various sectors.

KEY PLAYERS COVERED:
Some of the key players in global mixed reality market are Facebook Inc., Samsung Electronics Co, Ltd., HTC Corporation, Seiko Epson Corporation., Microsoft Corporation, Daqri LLC., Canon Inc., Intel Corporation and Magic Leap, Inc.
Further, some of the companies are developing mixed reality devices with advanced sensing technologies, and this sensing technology enables workers with a 360-degree setting for performing tasks. In the near future, the technology is projected to benefit from emerging, and established companies, also significant rise in investment in the field of Big Data, Artificial intelligence and Internet of Things is expected to surge market growth during the forecast period.

REGIONAL ANALYSIS:
Asia Pacific followed by Europe and North America is expected to continue leading the mixed reality market. Technology advancements has substantially affected the Asia pacific region; govemnet support is also growing the demand for Augmented reality (AR) and Virtual Reality (VR) in China. As some of china  states has plan to raise US$ 4.60 Mn to benefit VR/AR companies. Rising production of 3D movies in North America would support in overall growth of the mixed reality market in near future.

KEY INDUSTRY DEVELOPMENT
June, 2019 – Airbus and Microsoft Corporation will work together to evolve mixed reality. Microosft coprotaion Holographic technology “Mixed reality “ will help Airbus to build 20,000 aircraft in next 20 years. This technology will help to Airbus production workers guide, train on expensive equipment and other things.