According to a new market intelligence report by BIS Research, titled "Global Augmented Reality and Mixed Reality Market - Analysis and Forecast, 2018-2025", the augmented reality market was estimated to be $3.48 billion in 2017 and is estimated to reach $198.17 billion by 2025, growing at a CAGR of 65.1% from 2018 to 2025. This high growth rate is majorly attributed to the extensive investments in the industry. Furthermore, high rate of developments aimed at enhancing the overall AR experience of the user by industry leaders such as Microsoft Corporation, ODG, and Meta Company, among others, has fostered to the growth of the augmented reality market.
The mixed reality market was estimated to be $46.8 million in 2017 and is estimated to reach $3.68 billion by 2025 at a CAGR of 72% from 2018 to 2025. The primary driving factors for the mixed reality market is its widespread adoption by different industrial verticals, especially the manufacturing industry.
With the advent of technological advancements in the field of audio-video technologies, augmented reality and mixed reality devices have significantly revolutionized the way several industries operate. With the help of enhanced visualization technologies, these devices have not only reduced the workload of industries but also enhanced the overall experience of the user. With the constantly evolving connected technologies such as 5G wireless broadband and Internet of Things (IoT), among others, these devices have the potential to disrupt a multibillion-dollar industry and can possibly be recognized as ground breaking as was the development of personal computers back in 1981.
The established presence of smartphones and tablets has been one of the major driving factors for the industry. Investments from the leading industry players and the vast presence of Original Equipment Manufacturers (OEMs) have also contributed to the growth of the overall augmented reality and mixed reality market. Although the demand for these headsets is increasing at a rapid pace, the privacy issues and technical issues such as limited battery life, and image latency, among others, are some of the major concerns working against the massive proliferation of these headsets. In order to counter these shortcomings, companies are seeking to develop advanced hardware solutions and next-generation technologies such as depth sensing, and Simultaneous Localization and Mapping (SLAM).
The global augmented reality market is currently being dominated by Head Mounted Displays (HMDs) in terms of value attributable to its technological progress and momentum. In terms of application verticals, the augmented reality and mixed reality market is currently being dominated by the industrial sector. Geographically, North America led the global augmented reality and mixed reality market in 2017 and is expected to witness a strong growth during the forecast period, in terms of volume and value. However, rising consumer demands and well-developed infrastructure for developments and innovations, are expected to boost the market in Asia Pacific during the forecast period.
According to Rishabh Sinha, analyst at BIS Research "The competitive landscape for the Augmented Reality (AR) and Mixed Reality (MR) devices is shifting towards a more aesthetically pleasing form factor which can be incorporated in day to day lives of the consumers. The mass appeal of these headsets when combined with features such as gesture control and 3D mapping, have the potential to make these headsets as omnipresent as smartphones. And even though the current industry is inclined towards the industrial sector, the growing need for advanced healthcare services is expected to drive the augmented reality and mixed reality market during the forecast period."
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary and SWOT analysis. The overall market has been segmented by device types along with end users. The report also includes a comprehensive section on the geographical analysis which has been sub-segmented into four major regions namely: North America, Europe, Asia Pacific and Rest of the World (RoW).
This report is a meticulous compilation of research on more than 50 major players in the augmented reality and mixed reality industry. Moreover, it draws upon insights from in-depth interviews of key opinion leaders of more than 15 leading companies, market participants, and vendors. The report also profiles around 22 companies, which are leading device providers, including Microsoft Corporation, Meta Company, DAQRI, ODG, Magic Leap, Inc., Continental AG, and Samsung Electronics Co., Ltd., among others.
Key questions answered in the report:
What will be the global augmented reality and mixed reality market value by 2025 along with the estimated CAGR?
What are the driving factors for the global augmented reality and mixed reality market through 2017 to 2025?
Which factors are impeding the growth of the global augmented reality and mixed reality market?
What are the recent trends and developments in the global augmented reality and mixed reality industry?
Who are the leading players in the augmented reality and mixed reality market along with their competitive benchmarking?
Which augmented reality device type will lead the global augmented reality market by 2025?
What is the revenue generated by augmented reality devices across different application verticals during the forecast period?
Which application will dominate the global augmented reality application market by 2025?
Which application will dominate the global mixed reality application market by 2025?
Which region will lead the global augmented reality market by 2025?
Which region will lead the global mixed reality market by 2025?
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