Mixed Reality Headsets Market
Mixed Reality Headsets Market
Mixed Reality Headsets Market to Reach US$ 22.2 Bn by 2032, driven by growing use of mixed reality headsets in employee & staff training and customer service platforms: Global Insight Services
New York, April 2023: According to a new research study by Global Insight Services (GIS), the global Mixed Reality Headsets Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 22.2 Billion by 2032.
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Mixed Reality Headsets Market: Key Trends and Drivers
Growing penetration of VR and AR technologies across various applications such as automotive, gaming, healthcare, education, industrial; and retail is expected to drive the mixed reality headsets market growth over the forecast timespan. These devices are being rapidly adopted in retail, from apparel to home décor, to attract customers and increase brand loyalty. These devices allow retailers to immerse the customers in customized worlds. In recent years, augmented reality & virtual reality technologies for collecting sights and sounds have gained popularity due to technological advancements. In addition, the accessibility of numerous electronic items like tablets, and other smart devices interoperable with augmented reality and virtual reality technologies has resulted in a major expansion of market prospects. In January 2022, Microsoft Corporation Inc. debuted its HoloLens 2 mixed reality headset in India. The headset’s artificial intelligence, time-of-flight depth sensor, and semantic understanding enable users to interact with holograms in a more realistic manner.
Mixed Reality Headsets Market: Restraints & Challenges
The key restraints and challenges in mixed reality headsets market are mainly due to the high cost of the hardware and the lack of content. The hardware cost is a major challenge as it is not affordable for a large number of people. The lack of content is also a challenge as there is not much content available for people to consume. Lack of quality content is expected to challenge the mixed reality headsets market. To attract customers and gain a strong foothold in the industry, companies need to ensure that enough good quality content is available on the internet. Moreover, rising health concerns due to the prolonged use is expected to challenge the industry in the long term. Users may also experience eye strain since they need to focus on a pixelated screen with these near-to-eye devices.
Mixed Reality Headsets Market Report Findings
The metal stents segment is likely to hold a dominant Mixed Reality Headsets Market share and grow at a substantial CAGR during the forecast period.
By technology, the market is segmented into augmented reality, and virtual reality. The virtual reality segment accounted for significant market share in 2021 and is expected to register lucrative CAGR over the forecast period. This expansion is attributable to the broad use of virtual reality and the increasing popularity of industrial Internet of things, industrial robots, and smart factories, which have provided a major platform for VR uses in the manufacturing sector. Commercial use of VR devices is higher than the AR counterparts, due to low cost and wide usage of immersive devices in the gaming industry. These are being increasingly adopted in the movie theatres due to their ability to block distractions and ambient light, thus providing users enhanced experience.
The gallstones segment is anticipated to hold a majority of the Mixed Reality Headsets Market size throughout the study period.
By product, the Mixed Reality Headsets Market is classified into head-mounted display, and smart glasses. HMDs is expected to grow significantly over the next seven years in the mixed reality headsets market, owing to the presence of large number of manufacturers. Easy availability of raw materials and software required to manufacture these devices is expected to bode well for the industry growth. High demand for HMDs is expected from the aerospace & defense sector. These devices are being used for training and simulation in manufacturing and flying aircrafts. In December 2015, NASA announced that the astronauts will use the Microsoft HoloLens as a real-time instruction manual. The project called Project Sidekick is undertaken to facilitate closer communication between ground control and the astronauts in space.
The ambulatory surgical centres segment is anticipated to hold a majority of the Mixed Reality Headsets Market size throughout the study period.
Based on end-user segment of the market is bifurcated into entertainment, healthcare, aerospace & defense, automotive, retail, industrial, and others. Healthcare applications in the mixed reality headsets market are growing significantly, owing to enhanced capabilities of these devices in diagnostic and therapy segments. Many small players in the industry are investing to develop new products to cater to the requirements from the healthcare sector. For instance, in September 2017, a U.S.-based startup, NuEyes announced the development of smart glasses for the people with impaired vision. The battle to capture the three trillion-dollar healthcare industry has started with the tech-giants such as Apple and Google acquiring healthcare technology companies to develop smart glasses for diagnosis. At the World Economic Forum in January 2017 in Davos, Bill McDermott, SAP CEO emphasized that personalized medicine using technology will be the future of the healthcare industry and that the industry will move from an analog experience to digital, thus propelling the mixed reality headsets market growth.
The North America region is estimated to exhibit the highest growth rate during the Mixed Reality Headsets Market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America emerged as the leading region in the Augmented Reality & Virtual Reality in Manufacturing Market with the highest revenue share in 2021. Increased adoption of industrial revolution 4.0 in the U.S. manufacturing sector stimulates industry expansion in the region.
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The key players in the Mixed Reality Headsets Market Apple Inc., Atheer, Inc., Dell, GlassUP S.r.l, Google LLC, The Hewlett-Packard Company, HTC Corporation, Lenovo, LG Electronics Inc., and Samsung, among others.
Recent Developments in the Mixed Reality Headsets Market:
- In Aug-2022: Vuzix Corporation launched Blade 2 smart glasses, its third generation Blade model. This Blade 2 is an AR workforce solution developed on the popular Blade form factor, which would provide a host of better features and high performance specifically developed to fulfill the requirements of connected workers.
- In Aug-2022: Vuzix Corporation signed an agreement with L3Harris Technologies, an American technology company. This agreement aimed to create a personalized waveguide-based optics engine, which aimed to be utilized in head borne systems developed for military applications.
- In May-2022: Microsoft came into a partnership with Kawasaki, a group of motorsport vehicles. Under this partnership, Kawasaki became a new customer for the tech giant’s “industrial metaverse”, which is a fancy way of saying factory floor workers to wear a HoloLens headset to assist with production, repairs, and managing supply chains.
- In May-2022: Google took over Raxium, a Bay Area startup. This acquisition aimed to work on microLED display technologies for wearables and augmented & virtual reality (AR and VR) headsets.
- In May-2022: ESI Group teamed up with ENSAM, a French engineering and research institute of higher education. Through this collaboration, ESI Group would expand its commitment to the industrial and academic ecosystems by enabling Inspector software accessible to as many individuals as possible, allowing them to collaborate on a dependable and flexible solution to tackle the technological problems and special requirements of the community.
- In Feb-2022: Harman International, a subsidiary of Samsung Electronics took over Apostera, a German automotive software firm. This acquisition aimed to expand its business in the augmented reality and mobility technology sector. Integrated with Harman’s digital cockpit product portfolio, Apostera’s technologies would narrow the gap between the physical and digital worlds.
- In Jan-2022: Microsoft launched its mixed reality headset HoloLens 2 in India. HoloLens 2 assists companies and their employees to complete important tasks quickly, safely, and more efficiently, and develop new ways to connect with customers as well as partners.
- In Jan-2022: Microsoft joined hands with Qualcomm Technologies, an American multinational corporation. This collaboration aimed to expand and boost the adoption of augmented reality (AR) in the consumer and enterprise sector. Under this collaboration, Qualcomm Technologies would work with Microsoft across various initiatives to support the ecosystem, comprising the development of custom AR chips to allow a new wave of power-efficient, lightweight AR glasses to offer rich and immersive experiences, and plans to combine software such as Microsoft Mesh and Snapdragon Spaces XR Developer Platform.
Mixed Reality Headsets Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Mixed Reality Headsets Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Mixed Reality Headsets Market potential from 2022 to 2032 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Mixed Reality Headsets Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global kidney stones management market.
Global Mixed Reality Headsets Market Segmentation
- Augmented Reality
- Virtual Reality
- Head-mounted Display
- Smart Glasses
- Aerospace & defense
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- Apple Inc.
- Atheer, Inc.
- GlassUP S.r.l
- Google LLC
- The Hewlett-Packard Company
- HTC Corporation
- LG Electronics Inc.