Mixed Reality Market Expected To Reach $6.9 Billion By 2024

September 2023 | Report Format: Electronic (PDF)

The global mixed reality market is expected to reach USD 6.86 billion by 2024, according to a new report conducted by Grand View Research, Inc. The surging acceptance in entertainment and automobile & aerospace designing arenas is expected to boost the market growth. The increasing acceptance in the entertainment industry, specifically in gaming and film-making, is further anticipated to bolster the market growth.

The market can be categorized on the basis of application types into automotive & aerospace, medical, entertainment, e-commerce & retail, and others. The e-commerce & retail application segment is expected to grow at a remarkable pace owing to the surging incorporation by e-tailers for goods’ promotion and advertising; for instance, in fashion houses for providing virtual product experiencing, thus delivering an enhanced appeal factor.

The MR technology offers many advantages to the automotive industry, particularly in safety. For instance, Mercedes-Benz vans deploy MR to realize advanced manufacturing facilities in their van technology center through:

            • The overlay of digital crash simulation data on physical crash vehicles
            • The visualization of out-of-position and validation of flexible parts
            • Digital assembly and disassembly simulations with collision testing

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Further key findings from the report suggest:

  • The global mixed reality market is estimated to grow significantly over the forecast period due to the advanced technology adoption in numerous industries, leading to reduced costs of production and increased efficiency. The technological superiority of mixed reality in dynamic application arenas of large magnitude is estimated to trigger the demand by 2024.

  • The MR technology would become an essential part of the retail industry, which is expected to drive the industry growth over the forecast period. Most of the retailers would use this technology to provide their customers with an interactive experience, which gives their shopping a whole new edge. Retailers can use mixed reality in many ways, such as by including it in interactive promotions; providing accuracy in a buying process; and localizing businesses, deals, and offers.

  • North America is anticipated to mature as one of the prominent regional markets, owing to the high adoption in the automotive and aerospace designing industry coupled with the rising R&D spending. Asia Pacific is expected to witness a substantial growth over the forecast period. The surge in the demand across various application arenas is expected to spur the market demand.

  • The key industry participants include Magic Leap, META COMPANY, Alphabet Inc., HTC Corporation, Inc., and Microsoft Corporation. Magic Leap, an augmented reality company, offers a technology that projects an image on the retina of the user and allows interaction between the fictional characters and the real world.

Grand View Research has segmented the global mixed reality market on the basis of component type, application type, and region:

Mixed Reality Component Type Outlook (Revenue, USD Million, 2015 - 2024)

  • Hardware

  • Software

Mixed Reality Application Type Outlook (Revenue, USD Million, 2015 - 2024)

  • Automotive & Aerospace

  • Medical

  • Entertainment

  • E-commerce & Retail

  • Others

Mixed Reality Regional Outlook (Revenue, USD Million, 2015 - 2024)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • Japan

  • South America

    • Brazil

  • Middle East & Africa

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