Tuesday, 08 May 2018 09:20

Mixed reality headset sales to exceed US$35 billion by 2024

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The mixed reality market certainly won't be sending mixed signals as it reaches more than US$35 billion by 2024, with shipments forecast to grow at around 30%, according to a new research report.

The mixed reality headsets market is expected to grow at a significant rate, owing to "growing usage in employee training across several end-use industries including retail, automobile, aerospace & defence, and industrial manufacturing", according to analyst firm Global Market Insights.

The devices "enable the trainees to learn and experience with the interactive objects within their present environment", with the 200 training centres of the retail giant Walmart "planning to incorporate the virtual reality platform by the end of 2017 to train employees" using "Oculus Rift headsets to train on different real-world scenarios".

Meanwhile, the rising need of retailers to "inspire their customers through AR/VR video marketing is expected to propel the mixed reality headsets market growth".

And, as "2D videos cannot offer high degree of customer engagement", which is something that AR/VR can achieve, we're told that "this enables the companies to attract the target group of customers".

An example is of the "Oreo Wonder Vault VR campaign" which takes users "through the facility where its cookie flavours are conceived".

According to YuMe, a video advertising company, "emotional attachment to a brand increased by 27% in a VR experience. Also, the customer engagement duration is far higher for VR content, which will propel the mixed reality headsets market growth significantly".

The analytical gurus at Global Market Insights then tell us that "high product costs are expected to restrict the commercial adoption of these devices, thus impacting the mixed reality headsets market growth".

"Increasing technological advancements and innovations in the products are compelling the manufacturers to sell the products at premium prices making them much less affordable for customers across several industries and consumers in the gaming sector. However, with the increasing number of players entering the mixed reality headsets market and rising commercialisation of AR and VR devices, the prices are expected to witness gradual decline making them affordable, thereby increasing the adoption rate."

Then we're told that "AR devices are expected to grow at the highest growth rate in the mixed reality headsets market, due to its ability to overlay information on reality. These devices are gaining popularity due to applications across healthcare, automotive, and industrial sectors".

"Smart glasses will witness high adoption owing to the low costs and high degree of convenience offered, as compared to HMDs. The usage of these devices in day-to-day applications is increasing gradually, with the growing need to get the right information when required, thereby driving the mixed reality headsets market growth".

So, what else will propel this market?

"Travel & tourism is one of the growing sectors in the mixed reality headsets market. The companies in the sector are attracting the potential travellers to visit the destination in VR. For instance, in 2015, Marriott used VR experience to teleport travellers to a top skyscraper in London or to one of the beaches in Hawaii.

"The hotel chain is also testing its VRoomService, in which the guests will be able to use GearVR to view postcards from places including Rwanda, Chile, and Beijing. Moreover, these devices are being progressively used in the industrial manufacturing processes, owing to the growing need to increase performance efficiency and reduce costs in the long run. With the advent of Industry 4.0 and smart manufacturing, the adoption of mixed reality headsets market is projected to grow rapidly."

China:

"The China mixed reality headsets market is anticipated to witness significant growth during the forecast timeframe, owing to the presence of large number of players in the region. Development of low-cost products, due to the presence of several material suppliers and cost-effective labor is expected bode well for the mixed reality headsets market growth in China."

Germany:

"The Germany mixed reality headsets market will witness increased demand, owing to increasing implementation in the automotive industry. Moreover, the technology is being used in applications such as marketing, training, and design development in automobiles. For instance, the BMW service engineers use AR HMDs to see the instructions and tools to be used".

Prominent players:

"Some of the prominent players in the mixed reality headsets market comprise Facebook/Oculus, Microsoft, HTC, Sony Corporation, Samsung Electronics, Lenovo, GlassUP S.r.l, Optinvent, Solos, Vuzix Corporation, and Seiko Epson Corporation. Small players are continuously entering the mixed reality headsets market due to its attractiveness and huge market potential. These companies in the market need to invest increasingly in R&D and new product development to gain competitive edge. For instance, Optinvent has created and patented its Clear-Vu technology, that enables see-through near the eye".

The report, “Mixed Reality Headsets Market", which is on sale to relevant parties at retail prices, has "key industry insights spread across 320 pages with 306 market data tables and 45 figures and charts" for the following segments:

AR Headsets Market, By Product

  • Head-mounted display (HMD)
  • Smart glasses

AR Headsets Market, By Application

  • Entertainment
  • Healthcare
  • Aerospace & defense
  • Automotive
  • Retail
  • Industrial
  • Others

VR Headsets Market, By Product

  • Tethered
  • Untethered

VR Headsets Market, By Application

  • Entertainment
  • Healthcare
  • Aerospace & defense
  • Automotive
  • Retail

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Alex Zaharov-Reutt

One of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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