The market for mixed reality hardware and software is on a steady growing path. It is set to reach a 39.1% CAGR (compound annual growth rate) by 2024, going from $35.30 million in 2015 to $6.3 billion by the end of 2024. This is the key finding of the latest Transparency Market Research (TMR) report titled “Mixed Reality Market (Component – Hardware and Software; Application – Automotive & Aerospace, Healthcare, Entertainment, and Ecommerce & Retail) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
New Players Joining the Mixed Reality Market Are Set to Intensify Competition
TMR has been monitoring the mixed reality market since its inception, when companies like Microsoft, Samsung, HTC, Canon, Recon and Seiko held 71.1% of the total market share.
At present, new players such as Google, HP and Lenovo are penetrating this market sector and competition is set to intensify. This means more research and development work to create innovative MR products and solutions and an increasing interest in the market.
The Growing Trend Set by Increasing Demand
Behind these R&D efforts and investments is a growing demand for mixed reality hardware and software. This demand comes not as much from the consumer segment, but from various industries.
The need for advanced mixed reality technology is also fueled by the growth of the Internet of Things (IoT). Wearable IoT devices are increasingly used in the healthcare sector. And they are also equipped with MR software and hardware to facilitate staff training, patient monitoring and administering various therapies.
An Outlook on the Most Active Industries Using Mixed Reality
The entertainment industry was and will continue to lead the top of the industries using mixed reality throughout the forecast period (2016-2024). This industry will experience the highest growth, expanding with a CAGR of 40.3%.
The healthcare industry and architecture are next in the top of the industries with the highest adoption rate of MR. For architecture – and the wider AEC industry – mixed reality offers the ability to increase efficiency in the design phase by using 3D simulation models.
New Opportunities Created by Growing Research and Development
The need for innovative and top-of-the-line mixed reality hardware and software will boost spending in the R&D sector, but will also open new avenues of opportunities. There is ample and easy access to resources – such as basic components and raw materials – and this availability ensures the ideal conditions for market growth.
As R&D efforts progress, key players on the market will identify new use cases, new industries and new categories of customers whose needs and problems can be handled by MR technology.