Mixed Reality Global Market Report 2024

The mixed reality market size has grown exponentially in recent years. It will grow from $3.6 billion in 2023 to $5.33 billion in 2024 at a compound annual growth rate (CAGR) of 48.1%. The growth observed during the historic period can be attributed to several factors, including industry adoption, investment, and funding, evolving consumer expectations, the emergence of augmented reality, and increased partnership initiatives.

The mixed reality market size is expected to see exponential growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 48.5%. The anticipated growth in the forecast period can be linked to factors such as the rollout of 5G networks, increasing applications in healthcare, the adoption of mixed reality (MR) for educational purposes, and the emergence of spatial computing technologies. Key trends expected during this period encompass advancements in display technologies, lighter and more comfortable hardware, spatial mapping and 3D reconstruction capabilities, and AI-powered content generation.

The anticipated expansion of 5G technology is poised to drive the growth of the mixed reality market in the foreseeable future. 5G technology, the fifth generation of mobile network technology, is distinguished by its faster data speeds, reduced latency, and enhanced connectivity to accommodate a diverse array of devices. The widespread adoption of 5G technology is attributed to complete infrastructure deployment, increased device compatibility, competitive pricing, and the broadening coverage areas. Mixed Reality further enhances 5G technology by facilitating immersive, real-time experiences such as remote collaboration, virtual events, and augmented reality applications, harnessing the high-speed, low-latency connectivity of 5G networks. For instance, in April 2023, data from 5G Americas, a US-based industry trade organization, revealed a 76% increase in global 5G wireless connections from the end of 2021 to the end of 2022, reaching 1.05 billion connections, with projections to reach 5.9 billion by the end of 2027. Hence, the widespread adoption of 5G technology is propelling the growth of the mixed reality market.

Prominent companies operating in the virtual reality market are innovating with technologies such as micro-OLED technology to establish a competitive advantage. Micro-OLED technology involves the utilization of microscopic organic light-emitting diodes to enhance display resolution and minimize motion blur in virtual reality headsets. For instance, in June 2023, Apple Inc., a US-based technology company, introduced the Vision Pro AR Headset, a spatial computer revolutionizing various aspects of work, collaboration, connectivity, entertainment, and memory reliving. The Vision Pro utilizes micro-OLED technology to deliver 23 million pixels across two displays. It is intuitively controlled by users' eyes, hands, and voice, providing access to over 1 million apps via a new App Store. Powered by VisionOS, it features a three-dimensional interface and intuitive gestures, with seamless integration of Siri for effortless control.

In February 2022, HARMAN International, a US-based subsidiary of audio electronics, acquired Apostera for an undisclosed sum. This acquisition aims to broaden HARMAN's product portfolio in automotive offerings and position the company as a leader in automotive AR/MR experience design. Apostera, based in Germany, specializes in providing mixed reality (MR) solutions for companies developing AR heads-up displays (HUDs) and navigation systems.

Major companies operating in the mixed reality market are Google Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc, Dell Technologies Inc., Sony Corporation, Sony Corporation, Accenture, Intel Corporation, Canon Inc., Asus Tek Computer Inc, Seiko Epson Corporation, Accenture PLC, HP Development Company LP, Magic Leap Inc., Oculus VR LLC, HTC Corporation, Eon Reality Inc., Daqri LLC., Lumus Ltd., Vuzix Corporation, Sulon Technologies Inc., Amber Garage, Occipital Inc, Atheer Inc.

North America was the largest region in the mixed reality market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mixed reality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mixed reality market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Mixed reality (MR) represents a technological fusion of physical and digital realms, generating immersive and interactive experiences where real-world and virtual elements coexist and interact seamlessly in real-time. These technologies typically leverage sensors, cameras, and advanced algorithms to comprehend and map the physical environment, facilitating realistic interaction between virtual objects and real-world surfaces and objects.

The primary components of mixed reality encompass hardware and software. Hardware encompasses both external and internal devices enabling users to execute key functions such as input, output, storage, and communication. It encompasses a variety of products including head-up displays, smartphones, tablet PCs, computer displays, and HMD (Head-Mounted Display) devices, available in both wired and wireless connections. These devices find application across diverse end-user verticals such as education, engineering, entertainment, healthcare, and others.

The mixed reality market research report is one of a series of new reports that provides mixed reality market statistics, including the mixed reality industry global market size, regional shares, competitors with mixed reality market share, detailed mixed reality market segments, market trends, and opportunities, and any further data you may need to thrive in the mixed reality industry. This mixed reality market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The mixed reality market consists of revenues earned by entities by providing services such as product design and visualization, training, and simulation. The market value includes the value of related goods sold by the service provider or included within the service offering. The mixed reality market also includes sales of products including headsets, glasses, gloves, and controllers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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