The augmented reality (AR) and mixed reality (MR) market is expected to reach close to $19 billion by 2024, Dublin-based research firm, Research and Markets, said in its report.
AR and MR market, which was valued at $2.06 billion in 2018 is expected to reach $18.96 billion by 2024, registering a CAGR of 44.74%, according to the report "augmented reality and mixed reality market - growth, trends, and forecast (2019 - 2024).”
AR adds virtual objects to real-world environments while virtual reality puts the user in an artificial, digital environment. Mixed reality sits between virtual and augmented realities. Earlier, MR focused on the gaming and entertainment industry, however, it is now used in education and training.
Growing demand for high-end consumer electronics market, the introduction of low-cost devices and the increasing purchasing power in developing countries are some of the reasons driving this market.
"The high setup costs and the unavailability of battery backups might hinder market growth. The market is also poised with several challenges to the adoption of mixed reality as the next future disruption," the report said.
North America will continue to dominate the market as most of the companies in this region are making advancements in the AR, VR, and MR technologies, the report predicts. One one of the factors driving MR’s growth in this region is the presence of a huge market for the media and entertainment industry.
Technology giant Microsoft recently announced the launch of a series of new artificial intelligence and mixed reality services for workplace software Dynamics 365. The enterprise resource planning and customer relationship management applications suite include HoloLens-powered tools and intelligence, which is aimed at making the sales and marketing team work better.