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Mixed reality technology aims at the combination of both augmented and virtual reality technology. Mixed reality is a cutting edge technology that enhances the boundaries between virtual and real world. For example presentation of some 3D model of a product, comparing it virtually prior to the product development and modifying the product in real-time. Similarly, in automotive industry, taking some new car model demo virtually and modifying its properties. This technology is a new frontier for entertainment, arts, science, manufacturing, education among other industries.
From last few years, adoption of mixed reality has surged, as it is use at corporate event as a way for marketers to tell their brand stories and connect with attendees. Further, technology that converges power to mixed reality is image recognition and simultaneous location and mapping (SLAM). Image recognition technology helps mixed reality to deliver high-quality visualization and SLAM allows locating user by using image recognition and depth sensor. Big data and cloud computing technology would play important role in the growth of the mixed reality market in coming year.
The demand for mixed reality technology is increasing from entertainment, medical, automotive and education industry. As this technology helps industries to present and design product easily. In medical industry, mixed reality enables for surgical application and also for medical training, it also helps to understand medical technical things to doctors and patients. However, mixed reality technology also plays important role in gaming industry where there are equal to 500 - 1,000 games are available (from role-playing adventures first-person shooters to strategy games). Also, it is used in entertainment industry to provide unique experience of movies and other entertainment.
Mixed reality is in its emerging stage, and companies are investing in its R&D operations to develop and analyse technology to provide better results and gain a competitive advantage. Further, growing adoption of mixed reality technology in interior designs and architecture is an emerging trend in industry, which is anticipated to drive market growth in near future.
Key Market Driver -
Key Market Driver – • Growing demand of mixed reality technology in industries. • Improving user experience (Ux) in e-commerce sector.
Key Market Restraint -
Key Market Restraint – Lack of awareness and privacy concerns
Mixed reality technology supports the aircraft industry to training engineers, as it enables holographic image of the engine and with several voice feature and image, to understand engineers the in-depth of engine. Also, it helps in workers in construction industry; it enables to convey worker that what part of the equipment is working or not. Also it supports to view technical diagrams through headsets and come up with a solution at the same time.
Through smart glass or smartphone helps in assisting the supply chain in shipping & logistics industry. Further, mixed reality also supports online education, Scrutiny in the manufacturing industry, and among others.
Some of the key players in global mixed reality market are Facebook Inc., Samsung Electronics Co, Ltd., HTC Corporation, Seiko Epson Corporation., Microsoft Corporation, Daqri LLC., Canon Inc., Intel Corporation and Magic Leap, Inc.
Further, some of the companies are developing mixed reality devices with advanced sensing technologies, and this sensing technology enables workers with a 360-degree setting for performing tasks. In the near future, the technology is projected to benefit from emerging, and established companies, also significant rise in investment in the field of Big Data, Artificial intelligence and Internet of Things is expected to surge market growth during the forecast period.
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Asia Pacific followed by Europe and North America is expected to continue leading the mixed reality market. Technology advancements has substantially affected the Asia pacific region; govemnet support is also growing the demand for Augmented reality (AR) and Virtual Reality (VR) in China. As some of china states has plan to raise US$ 4.60 Mn to benefit VR/AR companies. Rising production of 3D movies in North America would support in overall growth of the mixed reality market in near future.
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