The mixed reality (MR) technology, which refers to the incorporation of virtual reality and augmented reality principles to develop immersive virtual environments, is witnessing a vast rise in applications across a number of industries. Sectors demanding more of the technology across a variety of applications include entertainment, sports, healthcare, education, navigation, and travel. In the near future, the technology is expected to benefit from more focus of companies developing more natural interfaces, significant rise in investment in the field of Internet of Things, and the constant rise in the number of market participants.
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Rising applications of the technology in the automotive and aerospace sectors are also expected to open up lucrative growth opportunities for developers of mixed reality systems. Transparency Market Research estimates that the market will expand at an exponential 39.1% CAGR from 2016 to 2024, rising from US$35.30 mn in 2015 to an opportunity of US$1.2 bn by 2024.
Of the key applications of the mixed reality technology, the report examines those across industries such as healthcare, e-commerce and retail, automotive and aerospace, and entertainment. Of these, applications across the entertainment industry are expected to prove to be the most promising for the global mixed reality market over the report’s forecast period. Mixed reality principles are finding significant usage in developing immersive experiences in the entertainment sector and the trend is expected to remain strong over the next few years as well.
Moreover, the increased usage of the augmented reality technology for video games is also expected to fuel the demand for mixed reality solutions and devices in the near future. The entertainment application sector is expected to exhibit a massive 40% CAGR over the report’s forecast period, holding on to its top spot in the next few years as well.
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