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Software industry

Mixed Reality Market to Reach $48.6% CAGR by 2023

Strategic Insights

— 2 min read

The mixed reality market is anticipated to experience substantial growth, driven by the increasing demand for augmented and virtual reality technologies in various industries. Major players in the market include Seiko Epson Corporation, Accenture PLC, HTC Corporation, Samsung Electronics Co., Ltd, and Magic Leap, Inc. The market is segmented by component, product, and application, with the software segment expected to gain significant momentum over the forecast period.

Key Takeaways:

  • The global mixed reality market is predicted to expand at a compound annual growth rate (CAGR) of 48.6% from 2020 to 2023.
  • North America is projected to dominate the mixed reality industry, driven by the relatively high acceptance of mixed reality products and the introduction of innovative devices by primary players.
  • The virtual reality market is affected by the growing demand for AR/VR head-mounted displays in the gaming and entertainment industry and app creation.
  • The product-based mixed reality market categories include computer monitor, laptop, HMD monitor, head-up display, and tablet PC, with the computer monitor and smartphone segments expected to drive growth.
  • The application-based mixed reality industry segments include automobile, medical, retail, education, military, gaming & entertainment, IT, and architecture, with the IT and entertainment industries expected to drive growth.
  • The Asia-Pacific region is expected to retain a significant market share, with Japan and China leading the market and India and Japan capturing the highest growth potential.
  • The emergence of mixed reality technologies in the region is expected to drive growth, with several companies introducing technologies that enable fast outcomes with an enhanced experience.

Statistics:

  • The global mixed reality market is projected to reach $48.6% CAGR by 2023.
  • North America is expected to dominate the mixed reality industry, with a market share of 37.1% by 2023.
  • The virtual reality market is expected to reach $34,233.3 million by 2023.
  • The software segment is expected to gain significant momentum, with a CAGR of 53.3% from 2020 to 2023.
  • The Asia-Pacific region is expected to retain a market share of 23.5% by 2023.
  • The growth of the virtual reality industry in the Asia-Pacific region is expected to be driven by the increasing demand for AR/VR apps.

Sources:

  • Market Research Future (MRFR) report on the Mixed Reality Market (2020)
  • M2 Communications press release (August 5, 2020)
  • Market Research Future website
  • About Market Research Future: Market Research Future (MRFR) enables customers to unravel the complexity of various industries through their Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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