A Beginner’s Guide to the Mixed Reality Market

Rebekah Carter

Exploring the MR Market

Strategy
A Beginner’s Guide to the Mixed Reality Market

The Mixed Reality market is growing at an incredible pace.

Mixed Reality, or MR is currently evolving at a CAGR of 71.6%, making it among the most rapidly developing solutions in the tech landscape. However, compared to Virtual and Augmented reality, MR remains one of the most underutilised options in the XR environment.

There are only a handful of companies experimenting within the MR market, including innovators like Magic Leap and Microsoft. However, experts believe that the future of our interaction with digital environments could rely heavily on Mixed Reality.

If you’re keen to learn more about the MR market, here’s what you need to know.

Exploring the Mixed Reality Market

Mixed Reality is often linked with the Augmented Reality market because it also assists in bringing digital content into the real world. Like AR, Mixed Reality blends the digital and physical worlds, but the technology goes beyond what’s possible with AR alone. Though insights into the mixed reality market are still limited future predictions seem bright.

The global AR and MR environment is set to reach a value of around $103.9 billion by 2026, and the software segment of the industry will be worth $32 billion by 2026 too. Investment in augmented experiences which bring virtual content into the real world is growing, perhaps faster even than virtual reality. People are already comfortable with the AR environment, accessed through smartphone apps like Snapchat and Instagram.

The global accessibility of “augmented” experiences could mean that Mixed Reality achieves mainstream status much faster than VR, when it becomes more accessible. Currently, companies like Microsoft are introducing concepts like the “Mesh” platform, which will pave the way to the faster development of MR technology.

Unlike standard AR, Mixed Reality takes the best of virtual and augmented reality technology and blends them together. You can physically interact with various pieces of data and content through gestures, speech and eye movement. The resulting experience is something far more immersive than either VR or AR can currently achieve.

How the Mixed Reality Market is Growing

Mixed Reality essentially takes the concepts of VR and AR to the next level, bringing us into a world where we can seamlessly bring digital content into our environments wherever we go. Countless companies, including Canon, Lenovo, and many others have begun to create their own “MR” glasses. These headsets are more lightweight and flexible than their VR counterparts, and they allow for a more natural blend of physical and virtual spaces.

Unlike AR, mixed reality is largely headset-based, which presents a new opportunity for AV innovators in the extended reality environment. As we look forward to a future of hybrid working, digital connectivity, and machine/human interaction, MR could be the tool that paves the way to new frontiers. Some people even believe that MR could unlock the metaverse workplace.

Mixed Reality has the potential to change how we meet with people and provide employees with access to information in a way that encourages better productivity and performance. With MR, we could remove the need for business travel and pull people together in the same room simply by wearing a headset.

In the “reality” spectrum currently being pursued by developers and innovators today, Mixed Reality is the only experience that sits in the centre of the map. Hovering between the real world and virtual world, Mixed Reality allows human beings to interact with technology like never before. With tools like haptic feedback, IoT sensors, and spatial audio, we can adapt our world to suit us.

What Will the Future of MR Look Like?

Initial experimentations in MR may have seemed to simply bring AR applications into headsets. The future of MR could be something entirely different. Smart glasses and mixed reality eyewear are becoming increasingly popular concepts among market-leading companies. Even brands like Facebook are planning their own set of stylish smart glasses for future workers.

An MR environment with lightweight, comfortable headsets will bring new opportunities and information into our world, providing hands-free guidance to doctors, military professionals, first-line responders, and countless others.

Currently, MR headsets and experiences are still in their formative stages of development. Experts are looking into concepts like head-mounted displays with their own dedicated sensors and smarter, sleeker solutions for 3D content. Innovators in this space are also considering new ways of connecting with Mixed Reality content too. Haptic gloves and feedback sensors are just the beginning. The future smart glasses could even be powered by our brains.

Currently, over 50 companies in the Fortune 500 have already deployed reality technology into their operations. Mixed Reality could be a crucial tool in the growth of some of the world’s biggest brands, particularly when you consider predictions like 14.4 million employees are expected to be using smart glasses by 2025 throughout America.

Will Mixed Reality Change the World?

Though the possibilities of Mixed Reality are only just being discovered, there’s endless opportunity to unlock. Mixed Reality, like other extended reality technologies, has the opportunity to fundamentally change how we interact with the world.

Mixed Reality is the leading solution in XR for blending both physical and digital realities, beyond anything AR has been capable of up until now. Mixed Reality will bring new immersiveness to our augmented experiences, and give us a new view of what it’s like to interact with the artificial world.

Perhaps now more than ever, the hunger for the MR market is significant. Following 2020’s pandemic, many business leaders are beginning to look for new ways to inspire creativity, maintain company culture and bring teams together in a distributed landscape. Despite lockdowns and restrictions, MR could be the key to keeping people connected and informed. It’s clear that technology like this could be vital in speeding up production, enhancing innovation and reducing waste in the future of business development.

What’s more, MR has the opportunity to enhance training experiences, strengthen human bonds, and drive better communication, all while allowing users to stay in the environment they choose.

 

 

 


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