Augmented Reality & Mixed Reality Market report provides emerging market drivers, challenges, opportunities for Augmented Reality & Mixed Reality Industry. It focuses on the latest trends and recent developments of Augmented Reality & Mixed Reality Industry. Augmented Reality & Mixed Reality market report will help you to know each and every fact of keyword industry. Augmented Reality & Mixed Reality market also covers growth potential, market size, demand by buyer and suppliers and forecast details.
Augmented Reality & Mixed Reality Market is expected to grow at a CAGR of 43.93% during the forecast period.
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The global augmented reality & mixed reality market was valued at USD 1.43 billion in 2017, and is expected to reach USD 12.97 billion by 2023, registering a CAGR of 43.93%, over the forecast period of 2018-2023. The scope of the report is limited to the deployment model offered by Major Players, including public cloud, private cloud, and hybrid cloud. The regions considered in the scope of the report include – the United States, Canada, the United Kingdom, Germany, France, China, India, Japan, Mexico, Saudi Arabia, and Brazil.
Augmented reality (AR) and mixed reality (MR) have become the buzzwords in the technology industry, with most of the leading players launching products in the domain. Although the initial technology was focused on gaming and entertainment, mixed reality has found applications across a diverse range of industries, including education and training. Companies are incorporating AR and MR, to provide hands-on training, without the need for training equipment. With various industries exploring the potential of the technology, investments in the market have recorded exponential growth and are poised to register robust growth over the forecast period. Microsoft Hololens project, which was initiated in 2010, took six years for development, after launching the developer’s edition in the first quarter of 2016. Magic Leap, an AR startup, has raised over USD 1.9 billion and is launching a product after seven years of development.
Introduction of Low-cost Devices and the Increasing Purchasing Power in Developing Countries
The growth of competitors for the deployment of smartphones across various regions, has led to a price drop for the company. Owing to such trends, there has been a growth in the smartphones and other wearables that support such technologies, thus driving the growth of the market. Total smartphone shipments are expected to increase to about 1.69 billion units by 2020. Various partnerships and initiatives have also taken place, to reduce or subsidize the availability of smartphones and other smart phones. Governments in various countries, such as India, have launched Akash tablets to support education in the country. In Africa, companies, such as Safaricom and Microsoft, have partnered to launch 4Africa smartphone. Intel has also launched a low-cost smartphone with Yolo by Intel, which has sold about 5000 units. These growth trends in the number of devices has augmented the penetration of AR and MR services from vendors. Internet penetration rates have also been on the rise compared to the previous years, which further contributes to the growth of AR & MR services.
High Number of Applications in the Medical and Healthcare Industry
The medical field is expected to be highly influenced by applications of AR & MR. It is already in use for various practical purposes, and the technology is expected to play an important role in the future of medicine. In 2013, Google Glass and VIPAAR, a virtual AR app, was used to perform surgery. The capabilities of AR technology will allow the surgery procedures to be simplified, offering a safe environment and experience to patients. Apart from Google Glass, a host of devices are being used in the medical field. Doctors have been using a skin cancer app that can calculate the impact of moles with real-time vision, and receive feedback. Blood infusion instruments, like glasses and devices, are being used to locate veins, allowing blood work to be performed quickly and IVs inserted, without having to worry about missing a vein.
The United States is one of the Major Markets
The United States is expected to be one of the fastest growing AR & MR markets in the world, over the forecast period. Most of the companies advancing in this technology are based in the United States. Leading players, such as Microsoft and Magic Leap, are actively working on this technology, using the United States as their base. The United States is one of the largest markets for the media & entertainment industry as well. For example, Microsoft HoloLens is a breakthrough in the mixed reality technology. The United States is also a pioneer in the technology space.
High technology exposure and easy availability of devices have created a robust demand for smart devices, in this region. Microsoft Hololens was first released in the United States and Canada, and has received positive response from the consumers in the region. Microsoft announced that it has sold thousands of units during the first three months after the launch, even with the device being targeted at enterprise users. Thus, the technology is expected to witness healthy growth in the country
Key Developments in the Market
• December 2017 – Microsoft Corporation acquired San Francisco-based VR startup AltSpaceVR, ahead of its major mixed reality push. The start-up, which shutdown in early 2017 due to financial difficulties, has been brought back to life by Microsoft.
• November 2017 – Microsoft launched Azure location-based services, a new Azure cloud offering to power the ‘location of things’. This could empower industrial transformation from manufacturing to automotive to retail, as it includes geographical data that can better connect smart cities, IoT solutions, and infrastructure.
The Major Players include – MAGIC LEAP, META VISION, ACER INCORPORATED, DELL INC., MICROSOFT CORPORATION, SAMSUNG ELECTRONICS, LENOVO INC., HP CORPORATION, ASUS COMPUTER INTERNATIONAL INC., and ZAPPER AR, among others.
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Global Augmented Reality & Mixed Reality Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2013-2023):
- North America: United States, Canada and Mexico
- Europe: Germany, UK, France, Italy, Russia, Spain and Benelux
- Asia Pacific: China, Japan, India, Southeast Asia and Australia
- Latin America: Brazil, Argentina and Colombia
- Middle East and Africa: Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Augmented Reality & Mixed Reality Market Covers Following Points in TOC:
Chapter 1: Augmented Reality & Mixed Reality Market Definition
Chapter 2: Research Methodology of Augmented Reality & Mixed Reality Market
Chapter 3: Augmented Reality & Mixed Reality Market Executive Summary
Chapter 4: Augmented Reality & Mixed Reality Market Overview Includes Current Market Scenario, Porter’s Five Forces Analysis, Bargaining Power of Suppliers and Consumers, Threat of New Entrants and Substitute Product and Services
Chapter 5: Market Dynamics Covers Drivers, Restraints, Opportunities and Challenges
Chapter 6: Augmented Reality & Mixed Reality Market Segmentation by Types, End-User, and Applications Forecast to 2023
Chapter 7: Augmented Reality & Mixed Reality Market Segmentation by Geographical Regions
Chapter 8: Competitive Landscape of Augmented Reality & Mixed Reality Market Includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
Chapter 9: Key Players for Augmented Reality & Mixed Reality Market
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