Magic Leap, now a full-time tech company, after years of development, came out with the Magic Leap technology that promises provide a perfect blend of virtual reality and augmented reality experience to its users like never before. The company’s CEO and founder, Rony Abovitz, has called Magic Leap technology as the most human-friendly wearable computing interface in the world. The company is hiring people skilled in lasers, mobile and wireless electronics, with the focus to magnify the growth and importance of this piece of technology in the future.
Magic Leap wasn’t really a tech startup at the beginning and the company had initially worked on building graphic novels and a series of feature films. It was in the year 2011 when the company released its first augmented reality app called Hour Blue at a Comic-Con event, which was indeed the first step towards bringing virtual images into the physical or the real world.
Magic Leap claims to use a form of technology that is unique and does not involve the principle of a typical stereoscopic 3D technology. The company has patented technologies that it plans to incorporate into its product. Dynamic digitized light field signal is one of the patented technologies that the company has integrated into its product to enhance the viewer’s experience. Looking at this term from a scientific perspective, ‘light field’ is a vector quantity that decides the amount of light flowing in multiple directions through different points on a plane or space, which is in fact, a measure used to understand the defining parameter when a user views a real object. Thereby, Magic Leap is looking at creating displays that are capable of creating the same kind of 3-D patterns of light rays called as light fields, which our eyes take in from our surrounding real objects. As observed, Magic Leap technology intends to create a completely realistic 3-D viewing experience for its consumers.
One other technology that is to be integrated with this device is the waveguide reflector array projector apart from other new forms of functions. Multiple such technologies have been explained in detail in the current report to give a better overview of its demand in the coming years.
The Magic Leap technology is being developed to provide a platform for the development of apps, games and movies. With the new of kind of augmented reality hardware, this beautiful piece of technology is going to bring the biggest industry players in these domains to their knees. By consolidating visual ability with mobile computing along with the incorporation of high-end holographic system in its product, Magic Leap intends to create and provide high-quality display experience in the form of high definition cinematic reality for its potential consumers or users.
Companies like Obvious Ventures, Legendary Entertainment, Qualcomm Ventures, Andreessen Horowitz, Kleiner Perkins Caufield & Byers and Google have invested billions in Magic Leap and their intentions are still a little foggy.
Legendary Entertainment, which is one of America’s biggest film production companies based in Burbank, California, has invested a good amount of money in this technology. Given the company’s product offerings, it can be assumed that it intends to use this technology to improve the movie viewing experience for its audience. The intentions could be far greater than just this and the same has been explained in detail in the current report.
Most of the market competition is going to be from Oculus Rift and Microsoft’s HoloLens that have a similar offering for its consumers. Comparing just Oculus Rift with the Magic Leap technology purely from the technological perspective, it is understood that Oculus Rift does provide a 3D virtual view of the object but the drawback that lies here is in the visual clarity as the viewing experience is not as realistic as Magic Leap claims to provide.
The most important parameter strongly driving the various technological developments of Magic Leap is the raging need for experiencing augmented reality among the current generation of consumers. With the growing need for virtual or augmented reality and strong investments from major tech players in the industry, Magic Leap technology is bound to have a strong demand in the years to come.
The study, besides estimating the Magic Leap technology market potential between 2016 and 2021, gives an overview of the dynamics of the market, by discussing various aspects such as drivers, restraints, Porter’s five forces, value-chain, customer acceptance and investment scenario.
The study in brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized. It approximates the time for innovation, in order for the industry to maintain a stable growth over a sustained period. The report also details the potential for various applications, discussing the recent product innovations and gives an overview on potential regional market shares.
Key Deliverables in the Study
1.3 Study Deliverables
1.4 Scope of the Study
1.5 Research Methodology
2. Executive Summary
3. Market Overview
3.1 Current Market Scenario
3.2 Market Drivers
3.3 Market Restraints
3.4 Market Trends
3.5 Recent Innovations and Product Developments
4. Market Dynamics
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Suppliers
4.1.2 Bargaining Power of Buyers
4.1.3 Degree of Competition
4.1.4 Threat of Substitution
4.1.5 Threat of New Entrants
4.2 Product Life Cycle Analysis
4.3 Value-Chain Analysis
4.4 Customer Acceptance/Adaptability
4.5 Comparative Analysis
4.6 Investment Scenario
5. Market Potential - Size, Forecast, Trends & Opportunities
5.1 Market Definition
5.2 Market Size Forecast
5.3 Regional Market Analysis
6. Magic Leap - Company Analysis
6.2 Major Competitors
6.3 Recent Developments
6.4 Industry Perspectives