Mixed Reality Market is Expected to Reach USD 9.21 Billion at a Healthy CAGR of 43.28% by 2030 – Report by Market Research Future (MRFR)
Research Reports
Dec 13, 2022
Market Research Future Insights
According to market research future insights analysis, the global mixed reality market is expected to register a CAGR of 43.28 % from 2022 to 2030 and hold a value of over USD 9.21 billion by 2030.
The expanding usage of mixed reality primarily drives the global mixed reality market in the gaming and entertainment sectors to develop realistic games and offer users immersive experiences. The demand for the product is also driven by the growing use of MR in the education sector to make learning more interactive by using 3D images and infographics to grasp ideas better. Additionally, the substantial investments made in hardware, platforms, and software ecosystems to replace flat screens and keyboards with new paradigms for collaboration and communication promote industry expansion. In addition, the growing application of mixed reality in architecture and interior design to enhance workflow efficiency and standardize supply chains is encouraging growth in the international industry. Another key growth-inducing element is the increasing use of MR in wearables for various field operations, such as maintenance and delivery services. In addition, the expanding use of mixed reality in the healthcare industry to offer top-notch support to doctors and medical professionals in diagnosis, training, operations, treatments, and rehabilitation is fueling market expansion.
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Market Report Scope:
| Parameter | Details |
| Revenue Forecast in 2030: | USD 9.21 Billion |
| Growth Rate: | CAGR of 43.28% from 2022 to 2030 |
| Forecast Period: | 2022 -2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Regional Analysis
North America dominated the market for mixed reality in 2021. This is brought about by an increase in the use of mixed reality technology devices and the introduction of supportive policies that encourage the adoption of 5G technology and artificial intelligence. Due to its growing acceptance of technologically advanced solutions and increased emphasis on digitalization and artificial intelligence, the United States is North America’s largest market for mixed reality.
Asia Pacific is anticipated to experience. Emerging economies like China and India have observed a rise in the uptake of cutting-edge technologies, an expansion of downstream industries, and an increase in the proliferation of smartphone devices. The industry for mixed reality has benefited from this as it has expanded in the area. Moreover, it is anticipated that adopting mixed reality in educational technologies will hasten the expansion of the mixed reality market in the Asia Pacific region.
Market Segmentation
The global smart office market has been segmented into components, device categories, and applications.
Based on component usage, the market has been split into hardware and software divisions. The software category accounted for the largest share of the market in 2021. Software for mixed reality speeds up production for businesses of all sizes due to the rising need for services, including installation, support, maintenance training, and other related aspects of mixed reality. The increase in demand for various consulting services in end-use industries for risk management and identifying growth potential for future development may be responsible for the segment’s growth. On the other hand, the hardware category is anticipated to grow significantly. This is because sophisticated hardware for mixed reality has been developed, including sensors, processors, and displays.
The market has been divided into wired and wireless segments based on the type of device. The wireless category accounted for the largest revenue share in 2021 in the mixed reality market because of benefits including adaptability, portability, and extensibility. A large rise in internet penetration, a rise in the use of the internet of things, and rising demand for wireless networks in smart infrastructure building are all factors supporting market expansion over the projection period.
Segment Overview:
The mixed reality market has been segmented on the basis of application, region, components, and product.
By Application:
By application, the mixed reality market has been divided into:
- Gaming
- Architecture
- Entertainment
- Military
- Manufacturing
- IT
- Education
- Automotive
- Medical
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The market has been divided into four categories based on application: aerospace & defence, architecture, entertainment & gaming, and medical.. The entertainment & gaming category accounted for the largest revenue share in 2021 in the market for mixed reality. Users’ increasing need for innovation is driving entertainment and gaming companies to invest in MR technology, which is anticipated to accelerate market growth. Mixed reality is frequently employed in other fields, such as education, to engage students and teachers. Instructors can use these tools to impart knowledge to students without needing to be physically present. People enjoy gaming, and more and more people are receptive to legal gambling. Additionally supportive are local governments, and supply will eventually match demand.
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Key Players
Some of the key market players are HTC Corporation, Intel Corporation, Magic leap, Inc., Microsoft Corporation, Facebook, Eon Reality, Inc., Google Inc., Samsung Electronics Co. Ltd., Seiko Epson Corporation, Meta Company, Accenture PLC, Sony Corporation, Microsoft Corporation, HP Development Company LP, Dell Technologies Inc., Magic Leap Inc, Amber Garage and Occipital Inc.
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