Mixed Reality (MR) refers to the environment where both real and virtual worlds are presented together on a single display, and encompasses everything on the virtual reality continuum between the real and virtual environment. It combines the user’s view of the real world with specific information in the form of image, text, multimedia, or 3D graphics. The MR market holds immense growth potential and is expected to register significant growth in the next 5 years. Increasing adoption of MR products for multiple applications and growing popularity of reality technologies, such as augmented reality, may act as driving forces for the overall MR market.
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The MR market is expected to be valued at USD 48.12 million in 2016 and is projected to reach USD 453.39 million by 2020, at a CAGR of 75.2% between 2016 and 2020. The evolution of hardware and software components for reality technologies, and the rising prevalence of internet connectivity are some of the major factors that are driving the growth of the MR market. However, the absence of reliable and efficient battery systems that can easily be worn without compromising on the compactness and ease of use is a major restraining factor for the growth of the MR market.
North America is expected to dominate the MR market during the forecast period. This can be attributed to the high rate of adoption of MR products in this region—especially in the US. In addition, the presence of major MR companies, such as Microsoft Corporation (US), Atheer, Inc. (US), Daqri LLC (US), Eon Reality Inc. (US), Magic Leap, Inc. (US), and Meta Company (US), in North America is also expected to drive the growth of this market. These companies are developing and offering various MR solutions for numerous applications, including industrial, medical, aerospace & defense, consumer, and architecture.
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The major applications of MR are in the industrial segment, involving design, manufacturing, and maintenance and inspection. In the maintenance and inspection environment, information can be displayed as notes, next to the desired location, as if they were real physical labels. Furthermore, in the manufacturing environment, it can be used as a tool to evaluate the placement of new equipment or workstations inside existing manufacturing units.
Key players in the MR market include Atheer, Inc. (US), Canon Inc. (Japan), Daqri LLC (US), Eon Reality Inc. (US), Layar B.V. (Netherlands), Magic Leap, Inc. (US), Meta Company (US), Microsoft Corporation (US), Seiko Epson Corporation (Japan), and Sulon Technologies (Canada). Major players have adopted strategies such as mergers and acquisitions, partnerships, agreements, collaborations, new product launches, and joint ventures to expand their presence and increase market share in the MR market. For instance, in January 2015, Microsoft Corporation (US) announced the launch of HoloLens, its MR prototype product. The device features a see-through, holographic display and advanced sensors that map the physical environment. It enables users to interact with 3D holograms blended into the real world.
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