The Future Is Now: Mixed Reality Market Value To Hit $6.8B
What were once fantasies are now realities, and they’re improving the way the world works, specifically in how enterprises become more efficient and productive.
The mixed reality market – comprised of augmented and virtual – is forecast to see a $6.86 billion value by 2024. What’s so special about that figure? The same market was valued at just $38.15 million in 2015. Fueling that growth is an expected 76.8% CAGR in the mixed reality hardware segment of the market.
“The field as a whole – spatial and contextual computing – is going to be truly transformative,” said Ryan Martin, Senior Analyst with ABI Research. “[The mixed reality market] will take us out of the four corners of a screen, and enable us to be heads up and hands free.”
The forecast, recently released by Grand View Research, showed automotive and aerospace, medical, entertainment, e-commerce and retail as the largest drivers of the market growth.
“The Mixed Reality market is expected to witness a substantial growth over the forecast period, owing to advances in hardware technologies and sophisticated mobile software,” the report said. “Incipient trends, such as MR, Internet of Things, and the rising conjunction between the wearable device fabrications, are anticipated to drive the market growth. The convergence amongst these technologies may provide more interactive and immersive experiences. The increasing number of advanced wearable devices could potentially make the human-world interaction more immersive and realistic.”
A real-world application of the mixed reality market in the enterprise comes by way of car manufacturer Mercedes-Benz and its vans, which deploy various uses of the technology, including the overlay of digital crash simulation data on physical crash vehicles; the visualization of out-of-position and validation of flexible parts; and digital assembly and disassembly simulations with collision testing.
“These technologies are designed to allow people to be more productive, not replace human capabilities,” Martin said.
As the market expands, the largest hurdle enterprises will face in accelerating adoption of mixed reality components is the education, Martin said. Teaching everyone in the business from executives to end-users how to use the components to their advantage is the most important factor in seeing the predicted market growth come to fruition.