A recent study from Juniper Research has revealed that the number of consumer mixed reality app installs will reach 10 billion by 2024, increasing from the current three billion. Mixed reality overlays interactive digital images and videos on the real world via a smartphone, tablet or smart glasses.
The research, titled 'Consumer Mixed Reality: Emerging Opportunities, Vendor Strategies & Market Forecasts 2019-2024', identified, social media and games as the key app categories that will drive adoption. It forecasts that these categories will account for over half of the global mixed reality market value by 2024.
The data also showed that 75% of the consumer mixed reality market, value, would be attributable to in‑app purchases by 2024. However, the research warns that these apps will suffer from high app abandonment rates similar to the wider app market.
According to the research, the advertising spend over consumer mixed reality apps will reach £8.57b by 2024; rising from £1.5bn in 2019.
But the global market for smart augmented reality (AR) glasses has been struggling to take off even after few years of pilots, implementations, and a lot of hype. A report from Tractica in August revealed that smart AR glasses market is gaining traction as it inches away from being a niche product to become an industrial and enterprise problem solver. While consumer adoption is elusive, the market is building its ecosystem, refining hardware, and taking a more realistic approach for the long-run ramp-up of smart AR glasses.
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