Augmented and Mixed Reality: Growth and Trends.
Virtual Reality (VR) and Augmented Reality (AR) are two technologies that have undergone exponential growth in recent years.
The mixed reality market was valued at $376.1 million in 2020 and is expected to reach a value of $3,915.6 million by 2026 with an expected CAGR of 41.8% over the forecast period from 2021 to 2026.
The Augmented Reality scenario
Augmented reality (AR) has come to market after years of development, due to the complex nature of the underlying technology.
For example, the Microsoft Hololens project began in 2010, took six years to develop, and launched the developer edition in the first quarter of 2016.
Although AR is still more than a decade away from reaching its full market potential, technological advances in the space industry have accelerated the market studied over the past two years.
The AR market
The current market scenario has seen a greater focus on creating content and tools with greater compatibility with smartphones.
Project led by Photorealistic AR enabled by the combination of software and hardware advances.
Even social media including Meta, Instagram and Snapchat, have been including augmented reality experiences through various fun filters that are highly appreciated by users for some years now.
The automotive industry is moving towards the augmented reality business.
Many automakers use combined artificial intelligence and AR technologies to deliver a better user experience to users.
Mixed reality is also gaining broad recognition in business processes , and the momentum is expected to increase further.
However, the costs are still quite high.
Augmented Reality Developments in Companies
For businesses, MR devices can greatly increase people's knowledge of the world around them by overlaying information in the real-world context.
It can also improve collaboration by allowing remote teams to see exactly the work so they can receive more accurate feedback in less time.
However, this trend requires a major investment in hardware devices, platforms and software ecosystems.
How COVID-19 has marked the AR, VR and MR world
Covid-19 has had a positive impact on the demand for AR and VR hardware, and companies around the world are looking to find ways to get their internal and geographically broader teams to communicate and collaborate.
Even after the end of the lockdown, people are likely to remain socially distant, so the use of technologies and extended reality will be of particular importance.
Key market trends
The gaming industry holds the majority stake in the development of MR and AR.
Virtual reality (VR), augmented reality (AR) and extended reality offer gamers a perspective beyond imagination.
AR and VR have already created scenarios that once seemed impossible.
For example, products like Oculus Go will allow users to download games, apps, and other experiences directly from their phone and sync games with the headset, eliminating the need to connect it to a VR-ready computer.
North America will dominate the market
The North American segment of the AR and MR market is expected to grow significantly in the 2021-2026 forecast period.
This is due to the presence of a large number of suppliers who are also making important investments especially in strategic partnerships.
Globally, the United States is one of the highly innovative AR markets.
Most of the companies that advance in this technology, in fact, are based in the USA.
The high technological exposure and ease of availability of smart devices have created a strong AR market in the region.
No wonder, because data in hand, North America has the highest rate of adoption of smart devices, especially smartwatches and smart glasses.
Read more about our article "The Wearable Technologies trend"
In addition, the United States spends about $14 billion a year on digital army training, with a primary focus on military innovation.
As in the case of the collaboration with Microsoft for the HOLOLens MR viewers that help the military in detecting enemies on the battlefield.
Competitive landscape
The augmented reality and mixed reality market is fragmented due to the presence of many players in the market.
Suppliers are working relentlessly towards strategic partnerships and innovations to achieve maximum market traction and increase their market size.
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