A number of recent reports have indicated that the global market for immersive technologies is still in a period of growth. This is reinforced with the release of a new report by BIS Research titled ‘Global Augmented Reality and Mixed Reality Market – Analysis and Forecast, 2018-2025’.
The report indicates that ad mixed reality (MR) and augmented reality (AR) continue to be adopted by different sectors of industry, particularly in areas such as manufacturing, this growth is likely to continue.
The AR market was estimated to be $3.48 billion (USD) in 2017, which the report estimates will grow to a staggering $198.17 billion by 2015 at a CAGR of 65.1% from 2018 to 2025. Meanwhile, the MR market was valued at $46.8 million in 2017, forecast to grow to $3.68 billion by 2025.
The report states that these ‘enhanced vision’ technologies have changed the way some industries operate, reducing workload and enhancing user experience. The established presence of smartphones and tablets means that immersive technologies such as AR and MR have a installed base to work on.
It is noted in the report that wide proliferation of AR head mounted displays (HMD) is currently being held back by issues with battery life and image latency, though as technology develops and new solutions such as depth-sensing and Simultaneous Localization and Mapping (SLAM) become widespread, adoption of smartglasses is likely to rise.
According to Rishabh Sinha, analyst at BIS Research: “The competitive landscape for the Augmented Reality (AR) and Mixed Reality (MR) devices is shifting towards a more aesthetically pleasing form factor which can be incorporated in day to day lives of the consumers. The mass appeal of these headsets when combined with features such as gesture control and 3D mapping, have the potential to make these headsets as omnipresent as smartphones. And even though the current industry is inclined towards the industrial sector, the growing need for advanced healthcare services is expected to drive the augmented reality and mixed reality market during the forecast period.”