Mixed reality technology finds application in a wide range of industries such as e-commerce & retail, healthcare, entertainment, automotive & aerospace. Of them, the concept is being increasingly adopted in the healthcare sector globally. This factor is resulting in revenue-generation opportunities in the global mixed reality market in the upcoming years.
The rising adoption of advanced technologies in the aerospace and automotive sectors is projected to play a key role in the expansion of the mixed reality market in the near future. According to experts at Transparency Market Research (TMR), the global mixed reality market is prognosticated to register growth at a CAGR of 39.1% during the forecast period of 2016 to 2024 and gain the valuation of US$ 1.2 Bn by 2024.
In recent years, companies from different industry verticals are focusing on the development of more natural interfaces. Moreover, there is a significant rise in investments in the global IoT industry. These factors are fueling the sales prospects in the global mixed reality market.
North America to Maintain Leading Position in Market
The mixed reality market is estimated to gain ample prospects in North America owing to factors such as the existence of important graphics companies and a huge entertainment industry in the region. Furthermore, the expansion of the 3D movies production segment in North America is expected to play important role in the growth of the regional market in the years ahead.
Rising Number of R&D Projects Helping in Rapid Expansion of Market
Players in the global mixed reality market are increasing investments in R&D projects in order to advance the quality of products they offer. Furthermore, companies are working on the development and design of interactive experiences for end-users. Such efforts are estimated to help in the expansion of the global mixed reality market, states a report by TMR.
Some of the important players operating in the global mixed reality market include HTC Corporation, Daqri LLC., Samsung Electronics Co, Ltd., Microsoft Corporation, Facebook Inc., and Canon Inc.