Mixed reality is augmented reality’s younger sibling. Where augmented reality is delivered through a handheld mobile device i.e. a smartphone or a tablet, mixed reality is delivered through head mounted see-through glasses. Mixed Reality is the merge of real and virtual worlds to produce new environments and visualizations where physical and digital objects co-exist and interact in real time.
Statistics on how MR is doing in the current time:
- By the end of 2021, experts predict that there will be more than 11 million units of AR/VR devices shipping around the world. The number of headsets shipping in 2025 could reach 43.5 million. This will include headsets for mixed reality.
- Forecasts indicate that by 2024%, around 67% of the smart glasses and smart wearable apps for MR technology will be designed for gaming or multimedia. Another 40% of apps will be for social media.
- The biggest concerns that most companies usually have about immersive media are around consumer privacy and data security (61%), followed by product liability (49%), and health and safety issues (41%).
- There’s still minimal investment happening in the AR and MR environment from retailers. Companies who get involved with MR now could therefore have an opportunity to get ahead of the competition.
- For most companies, the biggest point holding them back from investing in Mixed Reality is the cost of headsets and hardware.
- Around 75% of mixed reality apps are set to be delivered by smartphone. Going forward, the number of MR headsets is likely to increase.
- Investment in AR, and the extended MR market is growing. IDC found that the spending increased by 78.5% between 2019 and 2020. Up to 2023, the VR/AR market is set to see a CAGR of anywhere up to 77%.
- The market for MR was valued at only $553.27 million in 2020, representing a lower growth rate than AR and VR. However, the space should reach a value of around $5811.09 by 2026, with a CAGR of 47.8%.
- 39% of tech leaders believe that augmented reality and MR will be as ubiquitous as mobile by the time we reach 2025. The growing adoption of MR will make it a more mainstream technology in the years to come.
- Companies believe that the creation of products and MR subscriptions will be the best source of income in the space (61%). Some people also see monetization options in charges for in-app purchase (51%) and product placement (47%).
- Experts say that there should be around 3.5 billion mobile augmented reality users in the world by 2022 – that’s around 44% of the world’s population. A large portion of this market is likely to be engaged by MR too.
- 7 out of 10 people say that the biggest opportunities for all extended reality technology, including MR, will be in the training and development of the workforce.
- The total global market for mixed and augmented reality should reach a value of around $103.9 billion by 2026. This represents a growth rate of around 79.2% CAGR. The software segment alone will grow at around 89.2%.
- Some researchers in the MR space believe that slower adoption of this technology could have something to do with the higher percentage of people over the age of 65 in the US, Canada, and other major adoption areas.
- Immersive technologies are set to have the highest impact on healthcare (38%), followed by education (28%), workforce training (24%), manufacturing (21%) and automotive (19%).
- MR and AR experiences increase the confidence customers have about the companies they buy from. Around 71% of consumers say they would shop more if they could use AR and MR tools for the experience.
How does Mixed reality impact business around the globe?
All mixed reality technologies will have a massive impact on our lives in the future, both at a personal level and in work-related situations. There is already a lot of augmented reality tech in our lives today and most of it is not even referred to in this way. Rear parking cameras on cars are a nice example. A good future example could be using it as a substitute for a printed product manual. Imagine assembling furniture at home with help from your mobile device, or smart glass. The application would recognise the individual parts and walk you through the steps to put them together. It would do this as a traditional printed manual does, with the same results, but in this case it would be interactive, and should be more fun and should definitely be faster with less mistakes. Now apply this idea to other items you use in your personal life. Washing machines, vehicles, etc. Now apply this to the business environment. It will enable workers to work on multiple variants of products, make the designers more flexible and allow companies to be more competitive.