Mixed reality is a hybrid of AR and VR
To understand the true size of the mixed-reality market, the wider extended-reality (XR) industry must be explored. In 2023, the XR market was valued at 41.2 billion U.S. dollars, with projections showing this is set to grow to over 100 billion U.S. dollars by 2026. At the consumer level, the AR/VR market was forecast to grow by 23.5 percent in 2023 to 31.1 billion U.S. dollars. Longer-term projections suggest this could surge forward and approach 50 billion U.S. dollars by 2026. The difference, therefore, is the enterprise segment, with the adoption of XR solutions among businesses expected to develop and grow as more use cases and applications become available. Mixed reality, like other immersive technologies, can support various scenarios such as training, simulation, and prototyping, as well as for more conventional applications in marketing and advertising.A number of companies have unveiled mixed reality headsets
Entry to the mixed-reality sphere has no doubt benefitted from the introduction of a range of devices that enable the user to take advantage of the full spectrum of this hybrid reality. Whereas once immersive headsets may have had a focus on supporting either AR or VR, newer devices can allow users to switch between the two environments with ease. The June 2023 announcement of the Apple Vision Pro has been regarded as a milestone for the market: designed primarily for AR, Apple’s 3,499-U.S.-dollar headset also allows the user to move to more virtual environments through the turn of a dial. The option of presenting the user with a view of the outside world while also adding virtual content to the scene has been similarly made available with Meta Quest 3, Meta’s latest-generation headset that was also announced in June 2023. What originated as a VR-facing product in its earlier iterations, the move by Meta to further support all parts of the immersive spectrum highlights the growing interest and development of the mixed-reality market – one that very well could become a part of our everyday lives in the future.
