Augmented Reality & Mixed Reality Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Augmented Reality & Mixed Reality Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www.reportlinker.com/p06129739/?utm_source=GNW
77 billion by 2026. The mixed reality market was valued at USD 376.1 million in 2020 and is expected to reach a value of USD 3,915.6 million by 2026 with an expected CAGR of 41.8% over the forecast period 2021 to 2026. The world is fully engrossed with the two technologies, Virtual Reality (VR) and Augmented Reality (AR). An incredible merger of these two has come into existence, which is an extended reality, known as mixed reality. It is a seamless intersection between Augmented Reality and Virtual Reality and combines the best of both virtual worlds.
– Augmented reality (AR) achieved product realization slowly, owing to the complex nature of the technology. Microsoft Hololens project started in 2010, took six years for development and launched the developer’s edition in the first quarter of 2016. While AR is still over a decade away from achieving its full market potential, technological advancements in the space industry have accelerated the market studied, over the past two years.
– The current market scenario has observed a greater focus on creating content and tools with more smartphone compatibility. This is expected to be driven by Photorealistic AR-enabled by the combination of software and hardware advances. Further, many social media applications, including Facebook, Instagram, and Snapchat, are including augmented reality experiences through various fun filters.
– The automobile industry is also moving towards the augmented reality business. Many automobile companies are using artificial intelligence technologies, along with augmented reality(through Head-up displays), to mark their presence in the market. Manufacturers, including BMW, Mercedes-Bez, Chevrolet, Toyota, and Volvo, among others, have included augmented reality features already.
– On the other hand, Mixed reality is gaining widespread recognition across business processes, and the momentum is expected to grow further. However, initial costs have been at higher price points, thus, making it hard for consumers, but they are still relatively inexpensive for enterprises.
– For businesses, MR devices can vastly increase people’s knowledge of the world around them by overlaying information in the context of the real world. It can also improve collaboration by enabling remote teams to see precisely the work in real-time so that they can provide better feedback. For the entertainment sector, successful mixed reality content requires an emotional connection between the viewer and what they experience.
– The mixed reality trend is being fueled by investments in hardware devices, platforms, and software ecosystems. A few investments are primarily focusing on replacing keyboards and flat displays with entirely new paradigms for collaboration and communication.
– Covid-19 has impacted positively on AR/VR hardware demand, and enterprises across the world are trying to find ways to get their internal and wider geographically spread teams to communicate, collaborate, and find a path forward during the crisis. Even after the lockdown ends, the behavioural change it has caused is likely to last for a considerably longer period of time. People are expected to remain socially distant, but with the usage of technologies and extended reality they will be virtually close. These platforms and technologies may primarily allow multiple businesses to run and grow irrespective of the challenges posed by social distancing.
Key Market Trends
The Gaming Industry Expected to Hold the Majority Share
– Due to the various advancements in the gaming industry, the significant technologies which are earning a lot of market attention are Virtual Reality (VR), Augmented Reality (AR), and Extended Reality, i.e., Mixed Reality (MR). For an avid gamer, nothing could be more exciting than the prospect of being transported inside the game, battling demons, aliens, and spies, exploring amazing environments beyond imagination.
– The AR gaming market is mainly driven by technological developments, acquisitions, and partnerships. In June 2021, the gaming chat app giant, Discord, acquired the augmented reality startup, Ubiquity6. Ubiquity6 had a vision of building a consumer-facing platform for hosting augmented reality content, and the acquisition by Discord may attract a wider audience to its products.
– The two technologies, AR and VR collectively, have already created scenarios that once seemed impossible, by years of innovations. For instance, products like the Oculus Go will allow users to download games, apps, and other experiences right from their phone and sync the games to the headset, eliminating the need to connect it to a VR-ready computer, which was required by Oculus Rift.
– However, with the introduction of mixed reality, the major factors driving the mixed reality in the gaming market is the unceasing growth of the gaming industry. Mixed reality in gaming provides an immersive virtual environment and enables gamers to experience virtual reality on their gadgets. For example, the launch of Microsoft Hololens motion controllers and developer kits is serving to aid market players to stimulate the development of mixed reality in gaming.
– Furthermore, the increasing adoption of mixed reality in gaming technology in amusement parks and military training is likely to stimulate the application of mixed reality in the gaming industry. For instance, the large theme parks in developed countries such as the U.S. are making hefty investments to integrate mixed reality in gaming technology to provide an immersive gaming experience. Brand name theme parks are also investing to design and develop mixed reality in gaming technology-based theme parks.
North America to Dominate the Market
– The North American segment of the AR & MR market studied is expected to grow significantly over the forecast period, owing to the presence of a large number of vendors that are also making considerable investments in market innovation and strategic partnerships.
– Globally, the United States is expected to be one of the highly innovative AR markets. Most of the companies advancing in this technology are based in the United States. High technology exposure and ease of availability of smart devices have created a strong AR market in the region.
– The region has the highest adoption rate of smart devices, especially smartwatches and smart glasses. As smart devices, especially smartphones, play a significant role in the development of the AR market, the region offers a vast opportunity for the growth of the market studied, over the forecast period.
– Additionally, According to Statistics Canada, 17.5% and 16% of the population in Canada and the United States were 65 or above in 2018. Rockwell Automation has mentioned that over 25% of their workforce are of age 55 or above, and their jobs are not pursued by the younger generation, creating a skill gap. This gap can be filled by using a mixed reality headset to train in a digital environment safely.
– Further, the region is one of the highest spenders on its military and defense. The US, which spends around USD 14 billion a year in digital training of the army, with a prime focus of military innovation, collaborated with Microsoft for its MR headsets HoloLens, to enable the army to detect enemies while on the battlefield. In November 2018, Microsoft was awarded USD 480 million for the supply of 2,500 HoloLens headsets within the next two years.
– Moreover, the investors in this region are actively looking to invest in diverse AR/VR/MR technology startups working on mixed reality in the region. For instance, the GFR Fund has invested in 17 North American startup companies based on VR/AR/MR technology. Such investments are expected to continue and are estimated to drive market growth in the forecast period.
The augmented reality and mixed reality market are moderately fragmented due to the presence of many players in the market, contributing significantly towards the growth of the market. The vendors are working incessantly towards strategic partnerships and innovations to gain maximum market traction and increase their market size.
– March 2021 – The company has closed a USD 5 million Pre-Series A Funding Round, co-led by Chroma Ventures, 4J Studios, and West Coast Capital. The new investment reinforces the company’s position in the AR market and will be used for research and development activities and to accelerate its growth in the US, European, and Asian markets.
– April 2021 – PTC opened a new research and development facility at Technion – Israel Institute of Technology, under which PTC will invest USD 5 million New Israeli Shekels into the campus. The facility has been opened for research in Industrial IoT, Augmented Reality (AR), Simulation, and Generative Design technologies.
– July 2021 – Wikitude Gmbh released, SDK 9.9, that delivers location-based AR, image and object tracking, markerlessAR, and a wide range of features allowing Flutter developers to augment the world around them in just a few hours.
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XLA REVEALS ‘METASITES’ 3D INTERNET FRAMEWORK
XLA, a community-driven organization of video game and entertainment industry professionals, will today announce ‘Metasites’; a modular 3D internet framework leveraging metaverse, cloud, and AI technologies.
Funded with an initial $100M USD, XLA Metasites empowers users to transform virtual worlds by creating unique content. XLA Chief Product Officer Alexey Savchenko will present a demo of Metasites at the Game Developers Conference (GDC) in San Francisco this afternoon during a panel called “Emerging Approaches: What the Metaverse can teach us about Social and Narrative Design through Synthetic Media”.
The presentation will reveal Metasites’ high fidelity graphics, core experience, instant access to the system in the cloud through the browser, OpenAI’s GPT-3.5 integration powering non-active characters and their behavior, virtual assistant IVEE, ability to semantically analyze text and generate 3D scenes in UE5, and many other features. Metasites allows creators to deploy Unreal Engine 5 content and connect to the XLA ecosystem of features and services.
“We call them Metasites, and the idea here is that every one of these locations is part of an infinite network of 3D, explorable spaces. Like hyperlinks, portals connect these worlds, and the core infrastructure operates on a series of open protocols and standards – much like today’s web,” Savchenko will say. “We strongly believe that the future of the internet is in 3D and are looking to partner up with creators and brands from all spheres and industries to build it together.”
Access to Metasites for individual creators and enterprise clients will be based on a revenue share model, providing every user full control and management of their content. Users can access virtual assets and various tools, including a versatile SDK, experiences editor, inventory and item management system, payment processing, marketing tools, and more. XLA also aims to provide a seamlessly interoperable encounter related to digital items – with various functionalities connected to inventory objects within different environments.
“What we’re creating,” Savchenko will say, “is an evolution of the internet and new form of storytelling – authors shaping worlds that create their agency, presence, and stories, accessible across multiple platforms. It’s not about bringing games to new audiences. It’s about making it easier to communicate, educate, commerce, play, and create while being justly rewarded for your actions.”
Metasites will be revealed at GDC at 4:40 PM PDT in Room 24, West Hall, Moscone Center, alongside Hexagram Founder and CEO Rob Auten. The framework is set for closed beta in summer 2023, with enterprise and creators programs opening next quarter and full commercial release expected in Q4 2023.
NYX Soulmate Launches Match for Web3
NYX, a Web3 startup leveraging NFTs, is excited to announce the launch of Soulmate, an AI-powered match platform for Web3. NYX Soulmate utilizes a proprietary artificial Intelligence (AI), and hard science to match users based on who they are, not how they look.
Lee, Chief Executive Officer at NYX Soulmate, said: “Web3 avatars and PFPs are nothing but empty shells if they can’t convey to Metaverse entities who we are. Immersion is incomplete without individuation. NYX opens up a world of possibilities towards the individuation of web3 experiences by way of (through) matchmaking.”
Each Soul NFT contains biodata that the AI uses to suggest compatible matches. The platform also rewards participants when they choose to interact socially.
Zr0, Co-founder and Chief Product Officer at NYX Soulmate, said: “We want to leverage web3 to make a positive impact on the fight against the loneliness epidemic.”
Leveraging blockchain technology and smart contracts, SOUL NFTs can be privately owned and integrated across platforms. It breaks the silo, creating a layer of socialization that can be experienced by the user in any NFT community, game or metaverse of their choice.
Soulmate takes users through a process of self-discovery, incorporates fine art into the experience and suggests like-minded people to connect.
Su, Chief Data Scientist at NYX Soulmate, said: “If we look at references like Ready Player One or Snow Crash, they predict a Metaverse that doesn’t rely on selfies. We are building a matchmaking AI to support that.”
Key features and benefits of NYX Soulmate:
- A way to personalize the web3 ‘face’ you show in the Metaverse.
- Make connections with like-minded individuals through matchmaking algorithms.
- Network in business and personal endeavors with a more informed knowledge of others in the Soulmate ecosystem.
- Own the companion fine art PFP with traits directly informed by your personality.
- Custom built discord serving as a town square to Web3 communities. The first server with cross functional networking capabilities.
More details about NYX Soulmate are available on their website.
YAHAHA Partners with Korean Startup Dabeeo to Launch Artificial Intelligence Mirror World Project in The Metaverse
In a world-first, trailblazing new social entertainment platform YAHAHA has partnered with Dabeeo, a Korean startup technology platform, to launch the Artificial Intelligence Mirror World Project. Through this exclusive partnership with Dabeeo, users can now quickly build 3D maps and landscapes from the real world in YAHAHA. To launch the collaboration, YAHAHA is hosting a new challenge on its platform, where creators can win a prize of up to $2000 with a total prize fund of $4600. Get involved in the challenge here.
Available to consumers for the first time, Dabeeo’s innovative technology creates maps using positioning and geospatial data technology integrated with AI and satellite imagery. Previously each building and object from the real world would have to be built manually, but now this process has been simplified, supporting YAHAHA users around the world to create realistic scenes from real cities quickly. The 3D creation platform has future plans with Dabeeo to create a mirror world, where everything we can see in cities and streets can be re-created in YAHAHA.
An easy-to-use social entertainment platform, YAHAHA supports participants to create, publish, share and play content. YAHAHA’s priority is to make 3D content creation available for users of all levels, lowering entry levels with no-code creation, premade assets, and tutorials. Its unique Studio tool makes content creation as easy as drag and drop, so there are no barriers for new creators to overcome.
YAHAHA is passionate about interoperability in gaming, especially as the world continues to move toward a more digital lifestyle, where real and virtual life merges in all sorts of different ways. This aligns with Dabeeo’s vision to integrate technology and real-life experiences. With Dabeeo’s technology, YAHAHA creators can purchase newly designed assets and begin experimenting with this technology to create real life features in different scenes.
The first real world scene that Dabeeo will introduce in YAHAHA is Hongdae Club Street. This street in Hongik University area, Seoul, South Korea is known as the mecca for clubgoers, as it is packed with hip-hop, jazz and dance venues. As part of the launch of the Dabeeo partnership, YAHAHA is hosting the K-Club Street Creator Challenge. From September 1st creators can compete to win prizes up to $2,000 by adding their own details to scenes in the YAHAHA platform – the world’s first ever contest campaign with a real world-based template. There will be an indoor music space and an outdoor busking area for users to customise, with YAHAHA and Dabeeo awarding prizes for the best environments. Sign up to create your unique creation here.
Pengfei Zhang, Co-Founder, COO at Yahaha Studios, says: “We are really happy to announce our partnership with Dabeeo, and to bring an exclusive new way of creating to the YAHAHA platform. This fascinating AI technology is providing users with exciting, real life features to make their creating experience easier and more life-like.
“The YAHAHA community can showcase their skills with the K-Club Street Creator Challenge whilst exploring these new features and will help to push the boundaries of what Dabeeo’s AI technology can do. We can’t see what they create!”
Dabeeo will ultimately use the mirror world technology in multiple major cities, enabling YAHAHA users to interact with new exciting scenes. Dabeeo also plans to extend the use of its AI technology to provide more scenes from across the world on YAHAHA, giving users access to parts of the globe that they can interact and create with, all within its social entertainment platform.
Juhum Park, Founder and CEO of Dabeeo, said: “Partnering with YAHAHA allows Dabeeo to unlock a new world of creating, expanding our reach and developing our technology on a wider scale. YAHAHA’s audience of creators means our data can be used in many different ways, including the unique creations that users design. We hope that our technology will help to bring a new level of entertainment to the YAHAHA platform and we are greatly excited for our future plans.”
Find out more about YAHAHA here.
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