LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global mixed reality market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Jhansi Mary, a lead research analyst from Technavio, specializing in research on school and college essentials sector says, “The global mixed reality market is expected to grow at an impressive CAGR of more than 75% during the forecast period. The increasing advent of the Internet of Things, affordability of head-mounted devices, and the need for virtual training are some of the key drivers responsible for the growth of the market.”
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The top three emerging market trends driving the global mixed reality market according to Technavio research analysts are:
- Communication and collaboration
- Rising adoption in the training industry
- Increased use of wearable devices
Communication and collaboration
Using this technology, multidisciplinary teams in the organization can share any project for designing a new car or working on an existing model in real time, enabling them to work seamlessly together within and across the company walls and from any remote location. This is increasingly applied in the automotive manufacturing sector for visual design improvements of the existing products.
Using this technology, manufacturers can get real-time data about any component of the physical object along with their supplier details and problem diagnostics. Marxent Labs has partnered with Lowe's to create an app that allows users to design their favorite kitchen or bathroom. They can also see a 3D rendering of the design in certain stores using the Oculus Rift DK2.
Rising adoption in the training industry
The mixed reality technology provides enterprises with many innovative ways to train employees. Mixed reality can be used to develop the existing talent in employees by immersing them in a highly realistic virtual work environment. Mixed reality is increasingly being used in the healthcare and gaming industries. Mixed reality will provide the trainee with safe exposure to complex problems. It can help the employees in increasing their productivity.
In the retail sector, consumers can check whether the product is appropriate for certain applications or will the product suit a particular room in case of home decor. For example, a IKEA uses an augmented reality app in its furniture stores wherein the consumers can check what type of furniture that will fit in their homes even before purchasing the product.
Increased use of wearable devices
The IoT is changing the way consumers use digital applications in real world. With the increased penetration of Internet 4.0 in industrial applications, industries are emphasizing more on head-mounted displays. When it comes to the use of virtual reality in industrial applications, the awareness level of employees is low. The problem with augmented reality is that there are connectivity issues with constant lags. Magic Leap has come up with mixed reality wearable devices that blur the lines between the real and virtual world.
“Mixed reality enables a controlled collision of augmented reality, virtual reality, and the Internet of Things, making it possible to deliver actionable information to any location where work is done on site, shop floor, or in the field. It reads the user environment and forms a digital image of the same,” says Jhansi.
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