The major factors that are driving this market are - increasing digitization in all aspects of life, rising demand for head mounted displays in gaming and entertainment industries, advancement of technology, and rising investment in virtual reality market. The Global Magic Leap technology is certainly going to have a huge demand in the future due to the growing need for augmented reality and strong investments from major technology players in the industry.
Companies such as Obvious Ventures, Qualcomm Ventures, Andreessen Horowitz, Legendary Entertainment, KPCB, and Google have invested billions in Magic Leap and their interests are still unknown to the common public. From what is known, they are expected to concentrate on the introduction of industry-specific solutions to expand their presence across various industries such as mining, oil & gas, and transportation.MARKET DYNAMICS
--> Desire for experiencing augmented reality among the current generation of consumers, especially in the gaming community.
--> Use of virtual reality for training and simulation in the defense sector.
--> Decline in the prices of displays and other hardware components of Head Mounted Displays.
--> Cost-efficient benefits of augmented and virtual reality technology based solutions such as interviewing job candidates, virtual reality meetings, etc.
--> High cost of Head Mounted Displays despite the decline in prices.
--> Lack of technical expertise among the industry as well as retailers.
--> The secrecy that Magic Leap maintains makes the people skeptical as to the motives of the company.
--> Lack of movement of the user and health concerns related to low resolution.
The Global Magic Leap Technology
market can be segmented on the basis of:
1. Device Type: On the basis of device type, the Global Magic Leap technology can be segmented into Head-Mounted Displays (HMDs), Gesture Control Devices, Projectors and Display Walls.
2. Application: On the basis of application, the global magic leap technology market can be segmented into Consumer, Commercial, Aerospace & Defense, Medical, Industrial segment, and Others. Among all these segments, the healthcare segment is expected to grow at the highest rate due to the growing adoption of virtual reality based solutions by healthcare professionals for training, surgery, and treatment.
3. Components: On the basis of a component, the global magic leap technology market can be segmented into Hardware Components (Magnetometers, Accelerometers Gyroscopes, Proximity Sensors, Image Sensors), Semiconductor Components (Controllers/Processors, Integrated Circuits, Displays), and Software Components (Software Developer Kits (SDK), Cloud-Based Solutions).
On the basis of geography, the Global Magic Leap technology can be segmented into North America, Europe, APAC, and Rest of the World.
--> North America: This region is expected to hold the largest size of the market. The reason behind it is the enormous seed funding in Magic Leap by leading U.S. tech companies who will reap their profits in the future.
--> APAC: The Magic Leap technology market in Asia-Pacific is expected to grow at the highest rate. The increasing number of startups and the growing adoption of VR technology in the APAC region are the market drivers.
--> Magic Leap, Inc.(U.S.).
--> Google Inc. (U.S.).
--> Microsoft Corporation (U.S.).
--> Marxent Labs LLC (U.S.).
--> Samsung Electronics Co., Ltd. (South Korea).Report Contents
> Global Market segments
> Global Market Drivers, Restraints and Opportunities
> Global Market Size & Forecast 2016 to 2022
> Supply & Demand Value Chain
> Global Market - Current Trends
> Competition & Major Companies
and R&D Status
> Porters Five Force Analysis
> Strategic and Critical Success Factor Analysis of Key PlayersRegional Analysis:
> North America
>> US and Canada
> Latin America
>> Mexico, Brazil, Argentina and Rest of Latin America
> Western Europe
>> EU5 (Germany, France, Italy, Spain, U.K.)
>> Nordic Countries (Denmark, Finland, Norway, and Sweden)
>> Benelux (Belgium, The Netherlands, and Luxembourg)
>> Rest of Western Europe
> Eastern Europe
>> Rest of Eastern Europe
> Asia Pacific
>> Australia and New Zealand
>> Rest of Asia Pacific
> Middle East and Africa
>> GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
>> South Africa
>> North Africa
>> Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.Report Highlights:
> Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
> Consumer and Pricing Analysis
> Market dynamics of the industry
> Market Segmentation
> Estimated Market Sizing in terms of volume and value
> Recent trends in market and impact
> Research Status and Technology
> Extensive Industry Structure Coverage
Publisher Name : Market Litmus