Constant Growth in AR and MR Market Forecasted By BIS Research
BIS Research released its latest report which shows that the market of Mixed Reality will reach 3.68 billion USD and that of Augmented Reality will make it to 198.17 billion USD by 2025. These figures are good enough to show that both Mixed and Augmented Reality markets are growing rapidly and they have ample opportunities to help businesses develop and prosper. BIS Research has made this forecast in its latest Global Augmented Reality and Mixed Reality Market-Analysis and Forecast (2018-2025). The growth suggests a compound annual growth rate (CAGR) of 65.1 percent from 2018-2025.
Augmented Reality Market has made a significant growth because of the interest of different industries in this technology which can improve the user experience and the work flow. This apart, the technology of AR is has become more available to the users due to the growing popularity smartphones. Another good news is that many start ups are working on the platforms of AR development that can make the experiences of Augmented Reality available with mid and low tier phones also.
The development of Internet of Things (IoT) connected devices is another factor that nurtures and influences the adoption rate of Augmented and Mixed Reality markets. The IoT connected devices use the technology of 5G wireless internet and Augmented Reality which will enable the professionals to work efficiently, better and faster.
Mixed Reality and Augmented Reality technology include both software and hardware. But the most important factor behind sales is the hardware components-to be more precise head mounted displays. According to one of the Research Analysts of BIS Research the competitive landscape for Mixed and Augmented Reality is making a shift towards an aesthetically pleasing form that can be imbibed in the daily lives of the consumers. The headsets when mixed with 3D mapping and gesture control can appeal to the masses as they will have the potential to act as omnipresent smartphones.
Like all other technologies, MR and AR techniques also have to offer convenient solutions in terms of privacy protection and security. The smartphone devices which are used for both personal amd professional purpose store loads of sensitive and valuable data. As the business and personal data are carried in our pockets so they become an easy target for the hackers. Likewise the MR and AR Technologies being used in delicate sectors like training, education, manufacturing and the corporate realm also fall an easy prey to the hackers.
The technological limitations like image latency and battery drainage can be corrected one step at a time by innovative companies via implementing new technologies like Simultaneous Localization and Mapping. So, in the coming future there will be an expected boost in MR and AR markets because of constant development in improving infrastructure.