The world is slowly moving towards everything being simulated digitally and virtually. Mixed Reality (MR) is the amalgam of the real world with virtual stimuli. It has great prospects in the future in terms of various applications additionally with some challenges. This paper focuses on how Mixed Reality could be used in the future along with the challenges that could arise. Several application areas along with the potential benefits are studied in this research. Three research questions are proposed, analyzed, and concluded through the experiments. While the availability of MR devices could introduce a lot of potential, specific challenges need to be scrutinized by the developers and manufacturers. Overall, MR technology has a chance to enhance personalized, supportive, and interactive experiences for human lives.