Mixed Reality Market Size & Share, by Component (Hardware, Software); Device Type (Wired, Wireless); Application (Aerospace & Defense, Entertainment & Gaming, Architecture, Medical) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5066
  • Published Date: Jun 24, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Mixed Reality Market size is poised to cross USD 2512 Billion by the end of 2035, growing at a CAGR of 78% during the forecast period, i.e., 2023 and 2035. In the year 2022, the industry size of mixed reality was over USD 2 Billion. A growing number of network technologies are creating a mixed reality environment, including SD-WAN, 5G cellular, Wi-Fi 6, AI enablement, and network automation. These technologies provide a robust platform that enables businesses to quickly and securely deploy services in the cloud and support real-time applications such as Augmented Reality (AR) and Virtual Reality (VR).

The mixed reality system also facilitates aircraft engineers' training, enabling them to examine and analyze parts of the engine through the use of holographic images. This allows engineers to gain a better understanding of the engine and its components. Additionally, they can use the model to simulate repairs or maintenance, which allows engineers to practice these tasks before actually doing them on the engine.


Mixed Reality Market
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Mixed Reality Sector: Growth Drivers and Challenges

Growth Drivers

  • Increase in Government Approval for the Use of Mixed Reality in Healthcare - The Food and Drug Administration (FDA) has approved multiple mixed reality apps for Microsoft's Hololens headset. The FDA recognizes the potential of MR technology to provide a virtual simulated environment where medical students can practice their skills with greater accuracy and safety. Also, The Gaumard Scientific Company unveiled a new mixed-reality (MR) training program named "Obstetric MR" for VICTORIA in May 2021. The program was designed to help students become more proficient in delivering procedures efficiently.
  • Emergence of Mixed Reality in the Educational Sector - Mixed reality can make the learning process more engaging and immersive for students. This can be achieved by providing them with an interactive environment where they can explore and interact with the concepts they are learning. This can help to keep students focused and engaged. According to Microsoft, immersive technology improves students' test scores by 22% and increases engagement and retention by 35% when using immersive and 3D technologies. HoloLens 2 from Microsoft features several mixed reality apps, like Fragments and RoboRaid, and is primarily marketed towards businesses and educators.
  • Increasing Need for 3D Visualization in Construction Engineering and Design - By leveraging 3D visualization, construction engineers and designers can get a better understanding of the project, its complexities, and the tools and processes needed to complete it. In a survey of 77% of architects, it was reported that 3D visualization provides a helpful tool for identifying possible design problems before construction. This in turn allows them to create dynamic 3D models of the project and integrate them into mixed reality technologies, such as virtual and augmented reality, allowing for more accurate, cost-efficient, and safer construction projects.

Challenges

  • Safety Concerns - The potential risks associated with mixed reality, such as the potential for users to become disoriented or to run into objects, are a major obstacle to the adoption of this technology. Companies must find ways to mitigate these risks for mixed reality to become a viable option for consumers.
  • High costs associated with developing Mixed Reality products and services
  • Standardization across the industry can make it difficult for developers to create platforms-compatible products.

Mixed Reality Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~78%

Base Year Market Size (2022)

~ USD 2 Billion

Forecast Year Market Size (2035)

~ USD 2512 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Mixed Reality Segmentation

Component (Hardware, Software)

Approximately 57% of the market share will be held by the software segment by the year 2035. Several industries, including medicine, industry, and education, are embracing mixed reality technologies and developing software technologies. Microsoft's Windows Mixed Reality software provides immersive augmented reality and virtual reality experiences with compatible head-mounted displays and is part of Windows 10 and 11. As technology develops, it is becoming more accessible to everyday users, leading to increased demand for software for entertainment and educational purposes.

Device Type (Wired, Wireless)

The wireless segment is forecast to gain about 72% of the global mixed reality market share in the year 2035. Wireless headsets are becoming increasingly popular as they are more convenient and hassle-free than wired headsets. In addition, wireless technologies, such as Wi-Fi and 5G, are facilitating more reliable and faster wireless connections, which is driving wireless adoption. Increasing the reliability and speed of wireless connections makes wireless headsets more attractive to users, making them more convenient to use.

Our in-depth analysis of the global market includes the following segments:

              Component

  • Hardware
  • Software

               Device Type

  • Wired
  • Wireless

              Application

  • Aerospace & Defense
  • Entertainment & Gaming
  • Architecture
  • Medical
 

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Mixed Reality Industry - Regional Synopsis

North American Market Forecast

By 2035, North America is expected to dominate the mixed reality market, holding about 32% of the market. North America is home to some of the leading technology companies in the world, and as a result, the region is expected to be the first to adopt and benefit from the new technologies associated with mixed reality. The number of VR users in the United States is 65.9 million, while the number of AR users is 110.1 million as of 2023. The region is increasingly producing 3D movies. Through 3D movies, viewers can experience more immersive and realistic virtual experiences. This opens up a whole new world of possibilities for Mixed Reality, making virtual experiences more engaging and interactive.

APAC Market Statistics

Mixed reality market in the Asia Pacific region is expected to register a share of approximately 27% by 2035. Several government initiatives are being undertaken in the Asia-Pacific region to promote the use of AR/VR technology, while countries in the region are indulging in expanding the virtual market. With USD 40 million raised in a Series B round from high-profile investors, Nreal's portable augmented reality headsets are likely to gain more popularity shortly. The region is witnessing rapid growth in the adoption of AR/VR technology owing to the increasing demand for immersive experiences and the increasing penetration of the internet.

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Mixed Reality Market Size
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Companies Dominating the Mixed Reality Market

top-features-companies
    • Amber Garage
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Microsoft Corporation
    • Canon Inc.
    • Samsung Electronics Co., Ltd.
    • HP Development Company, L.P.
    • Brainlab AG
    • Meta Platform Inc
    • Dell Technologies IncDe
    • Asus Tek Computer Inc
    • Occipital Inc.

In-the-news

In The News

  • "Mixed reality" technology from Microsoft Corporation will help Airbus build 20,000 aircraft in the next 20 years. The technology allows Airbus to rapidly prototype and test the complex systems that go into their aircraft. It allows engineers to virtually build and test the aircraft in a simulated environment, helping them to identify potential problems before they become costly physical mistakes.
  • Meta has made great strides in their development of augmented reality and virtual reality technology. They have released several products that are being used in gaming, education, and entertainment. They have also partnered with leading companies to develop cutting-edge solutions to everyday problems.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5066
  • Published Date: Jun 24, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for immersive experiences, and the increasing adoption of 3D technologies are the major factors driving the growth of the mixed reality market.

The market size of mixed reality is anticipated to attain a CAGR of ~78% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Amber Garage, Microsoft Corporation, Canon Inc., Samsung Electronics Co., Ltd., HP Development Company, L.P., and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by component, device type, application and by region.

The software segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Standardization across the industry can make it difficult for developers to create platforms-compatible products.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Mixed Reality Market Report Scope
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