Mixed reality (MR) is formed by merging of real and virtual reality to create new environments and visualizations where physical objects can co-exist and interact with digital objects in real time. Mixed reality or hybrid reality does not only take place in real or virtual reality but a mix of both realities and encompasses augmented reality as well as augmented virtuality with the use of immersive technology. Virtual reality (VR) immerses users in a completely digital environment, whereas augmented reality (AR) overlays virtual objects in a real-world environment using spatial registration. However, mixed reality (MR) is different from AR and VR because it not only overlays virtual objects in a real-world environment but also anchors them to real objects and allows the user to interact with them.

The global market for mixed reality is expected to register a whopping CAGR of 48.6% during the forecast period. Factors boosting market growth include the speedy adoption of mixed reality products and increasing penetration of augmented reality and virtual reality head-mounted devices in the gaming and entertainment industry. Further, prompt developments in the hardware and software technology are boosting advances in the mixed reality market, propelling significant growth.

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Market Segmentation

The global mixed reality market is segmented by component, product, vertical, and region in the latest MRFR report. Based on component, the mixed reality market has been segmented into hardware and software. Based on product, the mixed reality market is segmented into head-mounted display (HMD), head-up display, and smartphone/tablet PC. By vertical, the mixed reality market is segmented into education, gaming & entertainment, medical, military & aerospace, manufacturing, automotive, architecture, and IT.

Detailed Regional Analysis

On the basis of geography, the mixed reality market has been segmented as North America, South America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). Increasing penetration of augmented reality (AR) and virtual reality (VR) devices in North America is fueling the market growth for mixed reality technology. Also, a large group of noteworthy players from the mixed reality market are present in North America, such as Intel Corporation, Magic Leap Inc., Google Inc., and Microsoft Corporation. Presence of these key players is propelling growth in North America. The U.S. is projected to dominate the mixed reality market in North America with Canada following its lead. The APAC is estimated to accrue a significant market share for mixed reality technology. Japan is expected to spearhead the country-specific market in Asia Pacific, followed by China, through the Mixed Reality Market Forecast period.

Key Players

Some of the distinguished players in the global mixed reality market as profiled by MRFR include Samsung Electronics Co., Ltd (South Korea), Seiko Epson Corporation (Japan), Magic Leap, Inc (US), Intel Corporation (US), Google LLC (US), Microsoft Corporation (US), Accenture PLC (Ireland), Sony Corporation (Japan), HTC Corporation (Taiwan), and Facebook Inc. (US).

Industry Update:

February 2019: Microsoft introduced HoloLens 2, a mixed reality device, which is revised from its earlier version of HoloLens which first released in 2016. HoloLens 2 is more immersed and much more comfortable than HoloLens 1, enhancing customer experience and satisfaction. It has also accelerated time-to-value using applications such as Dynamics 365 Remote Assist, Dynamics 365 Layout, and Dynamics 365 Guides.

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