The global value of the mobile mixed reality (MR) market will exceed $43 billion by 2024, rising from $8 billion in 2019, according to a new study from Juniper Research.
➨ The new research comes from Augmented & Mixed Reality: Impact Assessments, Sector Analysis & Forecasts 2019-2024
➨ It says smart glasses vendors should incorporate hardware to enable 5G and edge computing capabilities
➨ Mobile games and multimedia apps stand to benefit the most over the next five years, accounting for 67% of all smart glasses apps by 2024
The new research from the market intelligence firm, Augmented & Mixed Reality: Impact Assessments, Sector Analysis & Forecasts 2019-2024, identified 5G networks and edge computing as two key emerging technologies that will accelerate the development of MR services in 2020.
Smart glasses vendors should incorporate hardware to enable 5G and edge computing capabilities, according to Juniper. The enhanced content and services enabled by these technologies would usher in the second wave of smart glasses adoption by increasing the end user’s capabilities.
The research also argued that leveraging cloud computing capabilities to deliver high-value MR content is crucial to future success. Migrating processing power to the cloud would enable device vendors to reduce device sizes and minimise the social cost of public device use.
Mobile games and multimedia apps stand to benefit the most over the next five years, accounting for 67% of all smart glasses apps by 2024.
Juniper went on to forecast that 75% of consumer MR will be attributable to smartphone apps by 2024. It found that the immediate base of nearly six billion smartphone users, combined with established content distribution in the form of app stores, will drive content development to smartphone devices.
Research author Sam Barker of Juniper commented: “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.”