The global mixed reality market is expected to reach $6.86 billion by 2024, according to a new report conducted by Grand View Research.
The report states this market growth will be boosted by entertainment, automobile and aerospace design. This has already been evidenced by Mercedes-Benz deploying MR to realize advanced manufacturing facilities in their van technology center through overlaying digital crash simulation data on physical crash vehicles, the visualization of out-of-position and validation of flexible parts, and digital assembly and disassembly simulations with collision testing.
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The report also suggests that e-commerce and retail will grow at a remarkable pace, aided by reduced costs of production and increased efficiency over the forecast period due to the advanced technology adoption in numerous industries.
North America will mature as one of the prominent regional markets, owing to the high adoption in the automotive and aerospace designing industry coupled with the rising R&D spending. The report also anticipates that Asia Pacific is expected to witness a substantial growth over the forecast period.