Mixed Reality Market to Exceed Market Valuation USD 76.91 Billion by 2031 | SkyQuest Technology
Westford, USA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Mixed Reality Market will reach a value of USD 76.91 Billion by 2031, with a CAGR of 44.5% during the forecast period (2024-2031). The world is witnessing remarkable growth in the demand for immersive technologies in nearly every industry. At present, the mixed reality market is flourishing at a notable pace as companies continue the benefits from a unique and digital landscape. The top industries demanding mixed reality include aerospace, automotive, and healthcare. Moreover, the rising demand for mixed reality services in surgical procedures and medical training, and the demand for remote working and immersive gaming experiences is boosting the mixed reality market growth.
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Browse in-depth TOC on the "Mixed Reality Market"
- Pages – 157
- Tables – 63
- Figures – 75
Mixed Reality Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 4.05 Billion |
| Estimated Value by 2031 | USD 76.91 Billion |
| Growth Rate | Poised to grow at a CAGR of 44.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Improvements in Technologies, mainly in AR and VR |
| Key Market Drivers | Growing Adoption of MR in Entertainment and Gaming Industries |
Mounting Demand for MR Applications is Fueling Growth of Software Segment
By component, the mixed reality market is divided into software and hardware. The software segment leads the market due to several benefits offered to developers to produce and design MR applications. The software development technologies assist developers in creating immersive and communicative content, while MR applications offer a unified incorporation of physical and digital worlds. Another factor driving the software segment is the growing demand for MR uses in industries that fulfil the growing demands of consumers. On the other hand, the hardware segment is progressing at a considerable pace due to rising demand for head-mounted displays. HMDs are commonly used in MR applications. Moreover, the emergence and growth of improved hardware devices has allowed the launch of highly interactive and immersive MR experiences, thus impacting the segment growth.
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Multiple Benefits of MR in Aerospace and Automotive Applications to Drive Segment Growth
By application, the automotive and aerospace segment is leading among others owing to heavy demand for MR technologies with applications in prototyping, product design, and visualization. Mixed reality in the industry helps designers to envision and try novel designs, lessening time and costs to the market. On the other hand, the medical segment is expected to grow at a steady pace over the forecast period owing to increasing use of technology for surgical training, where surgeries can be practiced in virtual realistic surroundings. Moreover, MR holds great applications for patient care to lessen anxiety and pain by offering interactive and immersive environments for distraction and relaxation, thus impacting the segment growth.
Presence of Strong Technological Framework to Drive Market in North America
Region-wise, North America holds maximum share of the mixed reality market owing to strong technological architecture, flourishing network of startups and well-established technology companies, and large consumer base. Moreover, heavy investments in research and development along with supportive government initiatives encouraging technological advancements are fueling the market in the region.
Asia-Pacific is anticipated to emerge as the fastest-growing region among others owing to the rising demand for MR technology in the entertainment and gaming industry. Also, emerging economies like Japan, South Korea, China, and India are experiencing major funding in R&D for the launch of novel technologies. These factors are expected to drive the market in the region.
Mixed Reality Market Insight
Drivers:
- Growing Adoption of MR Technologies in Education Sector
- Continuous Advancements in Technologies
- Growing Adoption in Multiple Industries
Restraints:
- High Costs Associated with MR Devices
- Technical Limitations like Low Latency and Resolution
- Integration Complexity with Current Systems
Prominent Players in Mixed Reality Market
The following are the Top Mixed Reality Companies
- Microsoft Corporation
- Magic Leap Inc.
- Facebook Technologies LLC
- Google LLC
- HTC Corporation
- Lenovo Group Limited
- Seiko Epson Corporation
- Samsung Electronics Co., Ltd.
- DAQRI LLC
- Vuzix Corporation
Key Questions Answered in Global Mixed Reality Market Report
- What is the current size of the Mixed Reality Market, according to SkyQuest Technology?
- Which is the fastest growing region in the Mixed Reality Market and why?
- What are the leading drivers of the Mixed Reality Market?
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This report provides the following insights:
Analysis of key drivers (rising consumer interest, growing investments and funding, health and safety advantages), restraints (prolonged use might impact user experience, security and privacy issues, lack of standardization), opportunities (growing use in retail and e-commerce, simulation and training, growing collaboration with AI), and challenges (restricted battery life, compliance and regulatory concerns, infrastructure and connectivity issues) influencing the growth of mixed reality market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the mixed reality market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the mixed reality market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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