Wednesday, 23 October 2019 11:39

Mobile mixed reality market to top US$43bn by 2024

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The global value of the mobile mixed reality market is forecast to exceed US43 billion in the next five years - with growth driven by 5G and edge computing - and a high percentage of consumer mixed reality attributable to smartphone apps, according to a new study from Juniper Research.

According to Juniper, the market will hit US43 billion by 2024, rising from $8 billion in 2019.

Mixed reality overlays interactive digital images and videos onto the real world through a smartphone, tablet or smart glasses, and the Juniper research urges smart glasses vendors to incorporate hardware to enable 5G and edge computing capabilities.

It also forecast that the enhanced content and services enabled by these technologies would usher in the second wave of smart glasses adoption by increasing the end users’ capabilities.

And the forecast estimates that 75% of consumer mixed reality will be attributable to smartphone apps by 2024, finding that the immediate base of nearly 6 billion smartphone users - combined with established content distribution in the form of app stores - will drive content development to smartphone devices.

“We expect social media applications to account for 40% of all consumer mixed reality revenues by 2024. Third party content delivered on these apps has been key to their success, therefore investment in content development frameworks will increase their app’s content library with minimal investment,” said research author Sam Barker.

The research also argues that leveraging cloud computing capabilities to deliver high-value mixed reality content is crucial to future success, forecasting that migrating processing power to the cloud would enable device vendors to reduce device sizes and minimise the social cost of public device use.

It further forecast that mobile games multimedia apps categories will benefit most over the next five years, accounting for 67% of all smart glasses apps by 2024.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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