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Global Mixed Reality Market: High Penetration of IoT holds Promise of Growth
April 28, 2017 | Transparency Market ResearchEstimated reading time: 2 minutes
The collective shares of the top six companies operating in the global mixed reality market was a whopping 71.1% in 2013. “Key strategies adopted by these top players are designing and developing immersive and interactive experiences for a wide range of end users, product innovation and extensive investments in research and development,” states a new report by Transparency Market Research (TMR).
As per the report by TMR, the global opportunity in mixed reality market is likely to rise from US$35.30 mn in 2015 to US$1.2 bn by 2024, expanding at a stupendous CAGR of 39.1% from 2016 to 2024. By region, North America is expected to lead in the market and exhibit a CAGR of 41.9% between 2016 and 2024. The high adoption rate of mixed reality is behind the growth of the market. Asia Pacific is expected to be the second leading regional market, with its growth attributed to the high uptake of smart devices.
Entertainment Segment to Expand at 40.3% CAGR from 2016 to 2024
On the basis of application, the entertainment segment is projected to show a significant growth in the years to come. A surge in the spending on virtual entertainment, on account of increasing disposable income, is pushing the uptake of mixed reality devices in the entertainment industry. The entertainment segment is estimated to exhibit a 40.3% CAGR between 2016 and 2024. The adoption of augmented reality in video games is also expected to drive the entertainment segment of the mixed reality market.
High Demand from Entertainment and Medical Sectors to be Key Growth Drivers
The global mixed reality market is driven by the high growth and development of the entertainment and media sector. This segment is making a handsome contribution to the revenue of the mixed reality market. A new world of gaming has been created for end users such that they experience the game as if the events are occurring in real life, by advancements in the mixed reality market, enabling experts to create unique and interactive content. This is expected to boost the growth of the market as many video games companies are seeking hardware, software, and services.
The medical field is also opting for mixed reality extensively as interactive imaging helps in understanding the disease better. Pharmacy management is also made easier by using head mounted displays. Moreover, online shopping experience is being enhanced by using mixed reality. All these factors are driving the growth of the market.
Privacy Issues Posing a Challenge for Mixed Reality Market
“The global mixed reality market faces challenges in the form of huge investment requirement for research and development of devices,” says a TMR analyst. The implementation of mixed reality technology becomes extremely expensive and this is restricting the growth of the market as new players are finding it difficult to enter into the market. Privacy concerns are another factor deterring the growth of the market. Theft of information, complications pertaining to intellectual; property, and recording of copyrighted materials are some of the privacy issues that are threatening the growth of the market. However, a surge in the popularity of IoT is anticipated to create growth opportunities in the market. Moreover, the penetration of wearable technologies across nations will also help the global mixed reality market to expand in the years to come.
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