Compared to smartphones and tablets, mixed reality is slated for a slower uptake. However, declining price points consequent to technological advancements, and a completely new marketplace consisting myriad applications hold potential to spawn a multi-billion dollar industry. Experts indicate the potential of mixed reality to be as game-changing as the advent of smartphones. While currently the bearing of augmented reality (AR) and virtual reality (VR) majorly focuses on video entertainment and gaming, Transparency Market Research (TMR) theorizes that sooner than expected, the segment will account for lesser share in the overall software market.
TMR has projected a robust 39.1% CAGR for the global mixed reality market between 2016 and 2024. At this rate, the market which stood at a mere US$35.30 million in 2015, would transform into a flourishing US$1.2 bn industry by the end of 2024.
Q: How mixed reality is driving innovation in the entertainment industry?
Besides its use in developing games, mixed reality has made headway into aerospace, automotive, retail, entertainment, and healthcare sectors. Among these segments, the demand for mixed reality in the entertainment sector is showing strong growth as movie and television studios look for ways to hype their upcoming projects.
The entertainment industry has recently delved into the implementation of never-seen-before immersive experiences to woo audiences in millions. Mixed reality has thus become a common inclusion in their marketing blitz. Fox’s “The Martian” for instance has already set a gold standard in using virtual reality for movie promotion with an innovative way of putting viewers into the shoes of the stranded astronaut essayed by Matt Damon. Soon sequels of “Assassin’s Creed” and “Ghost in the Shell” are slated to arrive with full VR and AR video experience.
Cashing in the bandwagon, the likes of Samsung and Google have launched VR headsets to accompany the latest version of their smartphones. Furthermore, Apple is gearing to leverage the technology to improve experience of Apple TV and Apple Watch.
Q: How is mixed reality shaping future of diverse application segments?
Besides the entertainment sector, mixed reality is also driving innovations in farming and interior design. Farming despite being the most mature industry created by the mankind, is yet to be perfected. TMR analysts claim that it is imperative for the agriculture industry to become manufacturing-like to be able to feed the rising global population. Fortunately, basics are being explored to make crops more drought-resistant. For instance, new technologies have enabled farmers to grow some crops 20% faster in 90% less water. However, to achieve complete success optimal monitoring of crops is necessary.
Browse Research Release:
Considering the recent advances, augmented reality will be soon enable farmers monitor and manage crop health by providing informative images and overlays. For instance, Plant.IO is a novel system that will show how this can be achieved. The technology, when partnered with gamification, can help farmers benefit from more simplified form of crop management.
While the advent of AR in agriculture offers lucrative opportunities for the global mixed reality market, crowdsourcing, online collaborations, and the rising use of 3D printing hold promise of the accelerated pace of gains in interior design.