According to Juniper, the market will hit US43 billion by 2024, rising from $8 billion in 2019.
Mixed reality overlays interactive digital images and videos onto the real world through a smartphone, tablet or smart glasses, and the Juniper research urges smart glasses vendors to incorporate hardware to enable 5G and edge computing capabilities.
It also forecast that the enhanced content and services enabled by these technologies would usher in the second wave of smart glasses adoption by increasing the end users’ capabilities.
“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,” said research author Sam Barker.
The research also argues that leveraging cloud computing capabilities to deliver high-value mixed reality content is crucial to future success, forecasting that migrating processing power to the cloud would enable device vendors to reduce device sizes and minimise the social cost of public device use.
It further forecast that mobile games multimedia apps categories will benefit most over the next five years, accounting for 67% of all smart glasses apps by 2024.