In the recent years, the augmented reality and mixed reality devices have presented a plethora of applications in various industries such as healthcare, automotive, aerospace and defense, and education, among others. According to the market intelligence report by BIS Research titled, ‘Global Augmented Reality and Mixed Reality Market- Analysis and Forecast (2018-2025),’ the market for augmented reality and mixed reality is expected to grow at a CAGR of 65.1% and 72% respectively, during the forecast period. Investments from the leading market players and vast presence of original equipment manufacturers (OEMs) has contributed to the growth of the overall augmented reality and mixed reality market. Further, the established presence of smartphones and tablets has been one of the major driving factors for the industry. The same trend is going to be seen in the next two or three years owing to the technological advancements in this industry.
Augmented reality is the amalgamation of a real-time environment as observed by the user, with a digital information which can range from minute things such as numbers, or text notifications, to something much more complex such as simulation screens. Mixed Reality (MR) lets one see the real world, along with virtual objects and makes it possible to treat those virtual objects as real entities thereby making the illusion harder to break. These technologies are adaptable for devices such as smart glasses, head up displays, and head-mounted displays. Further, the market for these is growing at a faster pace owing to continuous advancements in technology and innovations.
Augmented reality headsets are widely used in all major industry verticals such as healthcare, aerospace and defense, education, engineering, warehousing and logistics, and enterprise solutions, among others. However, the market for these devices is still growing and the prominent market players are experimenting with augmented reality devices to increase their productivity and to reduce the process downtime. Moreover, mixed reality devices are extensively used in the industrial sector and further dominate the sector, both in terms of value and volume. This can be attributed to the increasing number of application areas in this sector such as manufacturing and designing, construction, remote maintenance, and quality checks, among others.
Despite the rising demands of these headsets, there are certain factors which are inhibiting the growth of the market such as privacy and technical issues, which include limited battery life and image latency, among others. To address these problems, companies are planning to develop advanced hardware solutions and next-generation technologies such as depth sensing, and simultaneous localization and mapping (SLAM). Some of these companies are Microsoft Corporation, Meta Company, Vuzix Corporation, Samsung Electronics Co., and Acer Inc.
BIS Research has conducted an extensive research on the global augmented reality and mixed reality market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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