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The manufacturing sector is experiencing a significant uptake in the adoption of immersive display technology, particularly mixed reality. Mixed reality allows users to interact with both virtual objects and the real world simultaneously. This technology is gaining popularity in manufacturing due to its various benefits, including real-time access to data captured by Internet of Things (IoT) and Artificial Intelligence (AI) systems on the job.
Major manufacturing units are incorporating mixed reality technology for conceptualizing product manufacturing processes. They are leveraging analytics combined with predictive AI systems to create real-time feedback models. A notable example is Thyssen Elevators Co., Ltd, which, in collaboration with Zühlke Group and Microsoft Corporation, developed a customized mixed reality-based mobility solution called HoloLinc in 2018. This toolkit utilizes Microsoft HoloLens, a tablet, portable printer, and other accessories to fully digitize the sales process in the stairlift industry.
Similarly, Renault Trucks collaborated with Immersion Corporation in the same year to initiate testing on a faster and more reliable quality control process using mixed reality at its Lyon engine site in France. These collaborations showcase the increasing trend of manufacturing companies partnering with mixed reality technology firms to design solutions that streamline and enhance the production process.
The implementation of mixed reality technology in manufacturing goes beyond traditional methods. It opens up new possibilities by allowing real-time interaction with virtual elements while working with physical components. This not only enhances the efficiency of manufacturing processes but also provides valuable insights and feedback for continuous improvement.
As the manufacturing industry continues to embrace digital transformation, the collaboration between manufacturing companies and mixed reality technology providers is expected to grow. The synergy between these entities aims to design solutions that address specific challenges in the production environment, ultimately leading to improved efficiency, reduced errors, and enhanced overall productivity.
In conclusion, the high adoption of immersive display technology, specifically mixed reality, in the manufacturing sector signifies a shift towards more advanced and efficient production methods. The real-time interaction with virtual elements, combined with data analytics and AI, is revolutionizing how manufacturing processes are conceptualized and executed. The increasing number of collaborations between manufacturing companies and mixed reality technology providers highlights the industry's commitment to embracing innovative solutions for a more streamlined and effective production landscape.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | By Component, By Product |
Mixed Reality Market Highlights:
Mixed Reality Market Overview
According to Market Research Future, the global Mixed Reality Market is expected to surpass from USD 1.178 Billion in 2022 to USD 12.831 billion by 2032, with a CAGR rate of 30.4% during the projected period 2024-2032.
The term mixed reality technology refers to a concentrated market that includes various major business organizations around the world. It signifies the controlled collision between VR/AR and IoT trends. Mixed reality technology is the merging of virtual and real worlds that are established to develop new environments and visualizations in which both physical and digital objects and their information can interact and co-exist with each other. The mixed reality displays various images on the materials that are semi-transparent and uses a projector to do that.
After that, the images get reflected in the human eye with the assistance of extensive beam-splitting techniques. There are various fields where mixed reality (MR) is widely applied such as production, design, maintenance, reporting, operations, analytics, distribution, development, and quality control. According to the current report by MRFR or Market Research Future, from 2022 to 2032, the worldwide mixed reality market share is assumed to develop at least 30.4% CAGR. The reason behind the wide expansion of mixed reality market size is the rising investments in various innovations.
Covid 19 Analysis
The pandemic has affected every market around the world. The social distancing and repeated lockdowns have hugely affected the economic sector and the business sector. Various early-stage technical methods such as virtual reality, mixed reality, and augmented reality have experienced severe ups and downs.
However, during the crisis scenario, the mixed reality technology size has expanded to some extent. Also, this crisis scenario has resulted in certain negative impacts on these technologies, mainly because these types of technologies are not being entirely developed and not being utilized much as well.
Both the concept of social distancing and the concept of lockdown resulted in the breakdown of numerous supply chains of various industries such as IT, transportation, telecommunication, logistics, and some others. Due to this change, the supply of end-use mixed reality market forecast and market supply got also disturbed. The technology giants such as HTC, Valve, and MagicLeap have come up with the idea of VR headsets. These headsets can excellently support the conference call facilities among the employees who are working from home. Therefore, it would result in the growth of mixed reality technology share.
However, because of the lockdown, only necessary items are allowed to be delivered in various countries. Therefore, the supply chains of less essential products like AR/VR got disrupted, and also the delivery of these AR/VR products was restricted to the clients. However, the companies that are still utilizing these products may enjoy the advantage from their usage. In comparison with video conferencing, VR headsets are facing growth of 25% in the attention span of various employees.
Howbeit, the post-pandemic advantages of mixed reality would fuel the growth of mixed reality market analysis in the future years. During the lockdown, a great number of top brands have utilized the technologies of mixed reality that allow the clients to buy product’s from the comfort zone of their home in a more convenient way.
Market Dynamics
Drivers
One of the first key factors that drive the growth of mixed reality industry share is the increasing adoption of mixed reality technologies in the worldwide educational sectors. The technology produced by the mixed reality industry is advantageous for both students and teachers because it assists to make things more interactive. Along with that, the trainers can utilize it for teaching the requirement to be at the fixed place to various trainees sans.
Besides, the mixed reality industry makes sure that the study procedures become better and more interactive. In addition to that, it assists in decreasing the learning errors with the utilization of various 3D pictures. In the education sector, this innovative method contributes to the rising demand for mixed reality devices produced by the mixed reality industry.
The additional factors that fuel the mixed reality market growth include the rising incorporation of mixed reality technologies in healthcare, sports fuels, travel, navigation, and education, utilization of IoT, demand for a better experience in the sector of aerospace, rising adoption of mixed reality technologies in the entertainment and gaming sector, rising utilization in the architectural sector, etc are influencing the mixed reality ideas growth. Also, the rising investments in various mixed reality platforms, mixed reality hardware, and software systems are also the reasons for rapid mixed reality software growth.
Opportunities
The rising demand from the automotive industry to the mixed reality trends would offer a strong boost in opportunities to various mixed reality market players in the future. Also, various automotive business organizations around the world have started the implementation of mixed reality in their several advertisement campaigns.
Restraints
The major restraint of rising mixed reality industry trends is the economic constraints. The mixed reality is a type of cutting-edge technical procedure that required a hefty amount of investments in infrastructural, developmental, and research procedures to create various advanced mixed reality market trends that may function as a restraint of this market during the course of the forecast period from 2017 to 2023. Currently, organizations are facing various economic problems due to the high implementation costs of mixed reality technologies. Moreover, privacy issues may also affect the growth of mixed reality technology.
Challenges
The factor that acts as a challenge to the growth of mixed reality market opportunities over the forecast period is the latency issues and also the limited life of the battery.
Segment Overview
The mixed reality market has been segmented on the basis of application, region, components, and product.
By Application
By application, the mixed reality industry has been divided into:
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Gaming
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Architecture
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Entertainment
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Military
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Manufacturing
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IT
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Education
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Automotive
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Medical
During the mixed reality industry forecast period, among these segments, the gaming, IT, and entertainment segments would spearhead the mixed reality.
By Region
On the basis of region, the market has been classified into:
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The Asia Pacific
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North America
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Africa and The Middle East
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Europe
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South America
By Components
Depending on components, the market can be classified into:
Hardware
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Input devices
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Sensors
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Power units
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Processors
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Displays
Software
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Custom software
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Out-of-box software
During the mixed reality market forecast period, among these segments, the hardware division would lead the mixed reality technology due to the rise in the production of mixed reality hardware.
By Product
Based on product, the worldwide market can be segmented into:
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Head-up display
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Smartphone
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Tablet PC
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Computer display
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HMD display
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Others
During the market forecast period, among these segments, the computer display, smart phone, and HMD display would dominate the mixed reality technology.
Regional Insights
Depending on the region-wise mixed reality market opportunities, the worldwide mixed reality technology has been classified into the Asia Pacific, North America, Africa and the Middle East (MEA), Europe, and South America. Among all these segmentation of market key players, North America would dominate the market in the course of the forecast period, i.e. 2017 to 2023. The reasons behind the growth of mixed reality in this region are rising penetration in the aerospace and defense segments, rising penetration of AR and VR for various MR devices, huge penetration of various MR devices, the increasing application of AR and VR in the e-commerce and healthcare sectors, presence of the mixed reality key players in the US, etc.
Also, the mixed reality industry in the Asia Pacific region is expected to witness healthy growth in the course of the forecast period. The reasons behind the growth of the mixed reality industry in this region are the presence of various emerging mixed reality market key players such as China and India, rising financial growth, growing penetration of smartphones, rising adoption of innovative technologies in several worldwide end-use industries, large population, rising adoption of various technologically advanced MR solutions, the rising popularity of AR and VR-enabled gaming, etc.
Competitive Landscape
The global mixed reality industry is highly segmented and with the presence of various key players in the industry:
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Facebook Inc. (US)
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HTC Corporation (Taiwan)
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Sony Corporation (Japan)
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Accenture PLC (Ireland)
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Google LLC (US)
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Intel Corporation (US)
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Magic Leap Inc (US)
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Seiko Epson Corporation (Japan)
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Samsung Electronics Co., Ltd (South Korea)
These key players of different countries have established various strategies like product launches, partnerships, mergers, acquisitions, R & D activities to strongly build their position in mixed reality technology. Mixed Reality Recent DevelopmentsMicrosoft, the world leader in software and computer systems, has been consistent in its approach to new technologies. Microsoft has recently introduced “Microsoft HoloLens 2” in 2022, which provides precise and efficient hands-free work.HoloLens 2 by Microsoft is an untethered self-contained holographic device with a highly ergonomic design to cater to the end-user with enterprise-ready applications in order to increase user accuracy and output.October 2022, HTC Viverse, an existing metaverse ecosystem developed by HTC, helps people connect and access the virtual world easily and efficiently. Innovative Mixed Reality being a popular developing trend, HTC Vive has decided to partner with Imversed to launch a new product and system that will provide an utterly wholesome experience of innovative mixed reality.
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