Mixed Reality Market to Garner $5.36 Billion by 2024, at 71.6% CAGR, Says Allied Market Research
Rise in adoption of mixed reality in entertainment industries and surged demand from the education sector are expected to propel the growth of the global mixed reality market. The Asia-Pacific market is estimated to portray the fastest CAGR of 76.5% during the study period. On the other hand, the aerospace and defense segment held the largest share in 2017, contributing more than one-third of the market.
Portland, Ore., April 06, 2020 (GLOBE NEWSWIRE) -- According to the report, the global mixed reality market accounted for $123.2 million in 2017 and is projected to reach $5.36 billion by 2024, registering a CAGR of 71.6% from 2018 to 2024. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
Surge in adoption of mixed reality in games & entertainment industries and increased in demand from the education sector have boosted the growth of the global mixed reality market. However, high cost of mixed reality devices hampers the market. On the contrary, rise in innovation is expected to create lucrative opportunities in the near future.
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The global mixed reality market is segmented on the basis of component, device type, application, and geography. Based on device type, the market is bifurcated into wired and wireless. The wireless segment dominated the market in 2017, contributing around two-thirds of the market. Moreover, the segment is projected to register the fastest CAGR of 73.9% during the forecast period.
On the basis of application, the market is divided into aerospace & defense, architecture, entertainment & gaming, medical, and others. The aerospace and defense segment held the largest share in 2017, contributing more than one-third of the market. However, the architecture segment is expected to manifest the fastest CAGR of 78.1% during the forecast period.
The global mixed reality market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2017, contributing more than one-third of the market. However, the Asia-Pacific market is estimated to portray the fastest CAGR of 76.5% during the study period.
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The market report provides an in-depth analysis of the major market players such as Intel Corporation, HTC Corporation, Microsoft Corporation, Magic leap, Inc., Eon Reality, Inc., Facebook, Samsung Electronics Co. Ltd., Google Inc., Seiko Epson Corporation, and Meta Company. These market players have adopted several strategies such as partnerships, collaborations, mergers & acquisition, and product launch to maintain their position in the industry.
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