According to a report published by Allied Market Research, titled, "Mixed Reality Market by Component, Device Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global mixed reality market was valued at $72 Million in 2016, and is projected to reach at $3,109 Million by 2023, growing at a CAGR of 71.3% from 2017 to 2023.
At present, North America dominates this market, followed by Europe. In 2016, the U.S. dominated the market in North America with a regional market share of 80%. Rise in consumer electronics market, growth in adoption in games & entertainment industry, and demand from the education sector drive the mixed reality market growth. However, high cost of technology hampers the growth of the market to a greater extent. On the other hand, rise in advancements and innovations are expected to create greater opportunities.
In 2016, the software sub-segment dominated the global mixed reality market with 71% market share, in terms of revenue. Further, based on device type, the wireless devices led the global market with 67% market share in 2016. Aerospace & defense sector dominated the mixed reality market by applications with the 29% market share in year 2016 and is anticipated to depict a CAGR of 70.8% throughout the forecast period.
Points of note:
- In 2016, the software component generated the highest revenue in the global mixed reality market.
- Wireless devices dominated the market in comparison with the wired counterpart.
- The aerospace & defense segment led the mixed reality market in 2016.
- LAMEA is anticipated to exhibit a highest CAGR during the forecast period.
The key players profiled in the report include HTC Corporation, Intel Corporation, Magic leap, Inc., Microsoft Corporation, Facebook, Eon Reality, Inc., Google Inc., Samsung Electronics Co. Ltd., Seiko Epson Corporation, and Meta Company.