MIXED REALITY MARKET ANALYSIS

Mixed Reality MarketSize and Trends

Market Overview

Mixed reality (MR) is the combination of real and virtual worlds, in order to provide innovative atmosphere and visualizations where digital and physical objects interact in the real world. Mixed reality does not take place in either a physical or virtual world, however, it is a hybrid of reality and virtual reality. It encompasses both augmented reality and augmented virtuality through immersive technology. Mixed reality finds applications in a variety of sectors including automotive & aerospace, entertainment, healthcare, e-commerce & reality. North America holds a dominant position in the global mixed reality market with high adoption of mixed reality in healthcare, automotive, and entertainment sectors. There is a slow adoption of mixed reality technology in Asia Pacific.

The global mixed reality market was valued for US$ 217.50 Mn in 2019 is expected to exhibit a CAGR of 40.9% during the forecast period

Market Trends

1. North America Trends

Rising adoption of MR in automobile design safety technologies

In North America, automotive as well as aerospace and defense segments offer huge opportunities for the MR industry to grow. VR technologies are being actively used in automotive response, owing to rising number of models and equipment variants in the vehicle design and development process. For instance, automobile companies could use the spatial MR to put across virtual data on actual vehicle design models that allow the analyses of components. As a result of this, the time and cost required for the product development would be saved. For instance, Volvo Car Corporation has started deploying Microsoft’s HoloLens technology in car designing to generate 3D models enabling augmented designing and cost & time efficiency thereby optimizing processes overall.

2. Europe Trends

Rising adoption of mixed reality in interior designing and architecture sector

Europe mixed reality market is witnessing emerging trends of using MR in architecture and interior designing sectors. The trend is expected to continue and boost the market growth in the near future. Mixed reality is used in architecture in which layering of computer simulation models over the physical arrangement of present surroundings and using that information to improve process efficiency. This technology can dramatically enhance the standard supply chain. Moreover, MR technology can repair product or reverse logistics processes in a simpler way. It also could help entry-level tech to instantly identify problems and incorrect circuits with a given product. For instance, in 2013, IKEA furniture retailer company introduced an augmented reality catalog app for customers to test and view different products in real-time.