In a report titled ‘Mixed Reality Market by Components (Hardware and Software), Application (Industrial, Aerospace & Defense, Medical, Architecture, Consumer, and Others), By Device (Head-Mounted Display-Wired and Wireless) & Geography – Global Forecast to 2020’, by market research company MarketsandMarkets the company predicts the mixed reality (MR) market could be worth $453.4 million USD by 2020.
The MR market involves devices like Microsoft’s HoloLens which is well publicised, but also includes companies like Atheer, Inc., Meta Company, Daqri LLC, and Magic Leap, Inc., who have developed prototypes to cater to various industrial and enterprise related needs.
Between 2016 and 2020 the market is expected to register significant growth, with increased adoption of MR products for multiple applications and growing popularity of other technologies such as augmented reality (AR) and virtual reality (VR) may act as drivers for the market in general.
In MarketsandMarkets report, it has been segmented based on component, device, application, and geography. Industrial applications are expected to witness the highest growth rate till 2020, as Microsoft has already stated that its device will only be made available to enterprises within the next year. Geographically North America is expected to grow at the highest rate in the next five years, with Europe, Asia-Pacific (APAC), and Rest of the World (RoW) following at different levels.
Growing at a CAGR (compound annual growth rate) of 75.2% between 2016 and 2020, clearly shows why companies are investing heavily in this technology, and why VRFocus will keep reporting on all the latest developments in the industry.