Mixed Reality Market to be a Billion Dollar Industry by 2024 thanks to Rapid Use in Entertainment Sector

Published Date : Jun 28, 2018

Albany, New York, June 28, 2018: MarketResearchReports.biz have announced the addition of a new report which is titled, “Mixed Reality Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.” According to the report, the global mixed reality market will be worth US$1.2 bn by 2024, thanks to various factors which include growing demand of mixed reality technology from different sectors including sports, education, entertainment, healthcare, travel, and navigation. The growing focus of companies towards developing natural interfaces will also benefit the growth of this market. Another important factor which is boding well for the growth of the mixed reality market is the high penetration of the Internet of Things.

In the near future, it is expected that the growing applications of mixed reality technology in the aerospace and automotive sector will open several doors of growth opportunity and this will result in the market expanding at a 39.1% CAGR between 2016 and 2024. Among the various applications of mixed reality technology, such as eCommerce, Healthcare, entertainment, automotive, and aerospace, it is expected that the entertainment sector will be the largest consumer of mixed reality since mixed reality principles of finding extensive use in developing experiences in this sector. The use of augmented reality for video games with also be a key factor in driving the growth of the entertainment sector.

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However, there are a few factors deterring the market from growing to its fullest potential. One of the key factors hampering the growth of the mixed reality market is the need for heavy investment in R&D, which is also limiting the number of new entrants. The growing concerns with regards to privacy will also pose  a challenge. In addition to this, the theft of information as well as recording of copyrighted material will also pose a challenge for the market. Moreover, there are several complications regarding intellectual property, which will act as obstacle in the growth of the mixed reality market.

On the basis of geography, the market is expected to be led by North America and this regional segment will expand at a whopping 41.9% CAGR between 2016 and 2024. The presence of the world’s largest graphic companies in the region and the huge entertainment industry in the region are two important factors behind the growth. In addition to this, it is estimated that the growing production of 3D and 4D movies will accelerate the growth of the mixed reality market in the region.  The market in Asia Pacific will also witness tremendous growth thanks to the growing adopting of smart computing devices. The growing adoption of IoT in various application areas will also help the market to grow in Asia Pacific. 

The report profiles leading companies operating in the global mixed reality market. They are Seiko Epson Corporation, HTC Corporation, Microsoft Corporation, Canon Inc., Facebook Inc., Magic Leap, Inc., Meta Company, Daqri LLC., Recon Instruments, Inc., Samsung Electronics Co, Ltd., and Infinity Augmented Reality, Inc.

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