Mixed Reality Market Trends

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)

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 â€“ 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 Trends