The mixed reality technology refers to a system that combines the real and virtual world and is able to present them together on a single display. It is a multi-disciplinary field involving computer graphics, signal processing, mobile computing, user interfaces, information visualization, and the design of displays and sensors. The mixed reality systems are applied in a wide range of applications including industrial, medical, aerospace & defense, and architecture among others. Moreover, mixed reality systems can be used as a tool for quicker evaluation of design and operability, which helps reduce the number of prototypes required and also contributes towards minimizing the costs.
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The global mixed reality market has been segmented based on component, device, application, and geography. It has been segmented based on component into hardware and software, whereas it has been categorized based on device into head-mounted (wired) and head-mounted (wireless) display devices.
The studied market has been segmented based on application into industrial, aerospace & defense, medical, architecture, and consumer among others. The mixed reality market has also been segmented on the basis of geography into North America, Europe, APAC, and RoW.
The global mixed reality market is expected to reach USD 453.4 million by 2020, growing at a CAGR of 75.2% between 2016 and 2020. Among all applications, the market for the industrial application is expected to grow at the highest rate. It is expected to lead the global mixed reality market and is projected to be worth USD 185.5 million by 2020, due to the increase in the number of new product launches specifically catering to various industrial needs such as engineering, design, and maintenance & inspection among others. North America is estimated to hold the largest share of the studied market till 2020.
Some of the factors affecting the growth of this market include the rapid technological advancements in the reality technology and growing adoption of these technologies such as mixed and augmented in the region by various companies.