Immersive Analytics Market

According to Stratistics MRC, the Global Immersive Analytics Market is accounted for $1.18 billion in 2023 and is expected to reach $19.12 billion by 2030 growing at a CAGR of 48.7% during the forecast period. A cutting-edge methodology called immersive analytics combines data visualization, virtual reality, augmented reality, and artificial intelligence to produce an enhanced analytical experience. Immersive analytics market growth is anticipated to increase as businesses increasingly realize the value of making data-driven decisions. By offering a comprehensive view of the data, immersive analytics empowers decision-makers and can help uncover hidden insights that might be overlooked by more traditional approaches.

According to the International Federation of the Phonographic Industry (IFPI). Digital revenues have been increasing steadily over the previous few years, and by 2022 streaming will account for 67.0% of all recorded music sales worldwide, up from 66.0% in 2021. At the end of that year, there were 589 million paid subscription accounts worldwide.

Market Dynamics:

Driver:

Increasing digitalization and Advancements in immersive technology

Immersive technologies, such as virtual reality (VR) and augmented reality (AR), are revolutionizing how businesses interact with their data. These technologies offer immersive and interactive data visualization, allowing users to explore complex datasets in a more intuitive and engaging manner. As organizations continue to digitize their operations and generate vast amounts of data, the demand for immersive analytics solutions is on the rise, enabling better insights, improved decision-making, and enhanced data-driven strategies across various industries.

Restraint:

High cost of deployment

Building the necessary hardware and software infrastructure, including powerful computing systems, VR/AR devices, and compatible software platforms, can be financially burdensome for many organizations. This cost barrier often limits adoption to larger enterprises with substantial budgets, while smaller businesses may find it challenging to invest in immersive analytics. As a result, the potential benefits of immersive analytics, such as enhanced decision-making and data visualization, remain out of reach for some, hindering the broader market growth and accessibility of this transformative technology.

Opportunity:

Increasing demand for IoT

As IoT devices continue to proliferate across various industries, they generate vast amounts of real-time data. Immersive analytics can leverage this data influx by providing immersive and interactive visualizations, enabling organizations to gain deeper insights and make more informed decisions. The synergy between IoT and immersive analytics opens the door to enhanced monitoring, predictive analysis, and streamlined operations across sectors like manufacturing, healthcare, and smart cities.

Threat:

Lack of analytical knowledge in the workforce

While immersive analytics offers powerful data visualization capabilities, its effective utilization requires a certain level of analytical proficiency. Without a workforce equipped with the necessary analytical skills, organizations may struggle to fully harness the potential of these immersive technologies. This knowledge gap can hinder the adoption and implementation of immersive analytics solutions, limiting their impact on data-driven decision-making.

Covid-19 Impact

The COVID-19 pandemic had a negative impact on the immersive analytics market. Lockdowns and restrictions disrupted supply chains, causing delays in hardware production and software development for immersive technologies. Additionally, reduced budgets and economic uncertainty forced many organizations to cut back on investments in innovative technologies like immersive analytics. Remote work trends, although beneficial for some industries, also limit the use of immersive technologies that typically require physical presence.

The healthcare segment is expected to be the largest during the forecast period

During the forecast period, the healthcare segment is anticipated to hold the largest market share. As the healthcare industry undergoes a digital transformation, immersive analytics are expected to gain popularity. Technological advances and inventions in the healthcare industry have simplified the modeling of medical devices, patient monitoring, and patient diagnosis. Moreover, immersive analytics systems help healthcare and life sciences organizations effectively manage how patient data is gathered, handled, processed, and presented for the simulation and testing of new treatments, scenarios, and technologies, which propels segment expansion.

The design & visualization segment is expected to have the highest CAGR during the forecast period

During the forecast period, it is anticipated that the design and visualization market will expand lucratively. Engineers, architects, and product designers are among the designers who work with data that is getting more complex and dimensional. To visualize and interact with this complex data in a useful way that elevates the design process, use immersive analytics. Furthermore, it makes it possible for users to interact with 3D models, prototypes, and simulations in a more natural and immersive way, enhancing accuracy and innovation in the design process.

Region with largest share:

In 2022, North America dominated this market, and it is predicted that it will do so again during the forecast period. This is a result of the area's state-of-the-art technological infrastructure and supportive technological environment. The thriving financial services industry in this area is also using immersive analytics to gain a competitive edge. Additionally, the North American immersive analytics market was led by the United States, which had the highest market share, and Canada, which experienced the fastest growth.

Region with highest CAGR:

During the period of the forecast, Asia-Pacific is anticipated to have among the market's highest growth rates owing to region's rapid economic growth, digital transformation, and expanding adoption of cutting-edge technology across a variety of business verticals. Research and development spending is high in nations like China, India, Japan, and South Korea, and this has produced cutting-edge immersive analytics applications. Furthermore, particularly in the region's manufacturing sector, immersive analytics are being used to boost productivity and quality assurance.

Key players in the market

Some of the key players profiled in the Immersive Analytics Market include Accenture PLC, ARSOME Technology, Aventior, BadVR, Cognitive3D, DPVR, Google LLC, HTC Corporation, IBM Corporation, JuJu lmmersive, Kognitiv Spark, lmmersionAnalytics, Magic Leap, Inc., Meta Platforms, Inc., Microsoft Corporation, PICO, SAP SE, SenseGlove, Softcare Studiosm, Tibco Software, Inc., Varjo Technologies Oy and Virtualitics.

Key Developments:

In August 2023, SkyView Innovations (SkyView) announced the launch of its Immersive Consulting Practice. SkyView’s team helps organizations capitalize on the benefits of underlying technologies like augmented reality (AR), generative artificial intelligence (AI), digital twins, 3D content, interactive media, real-time data, and gaming engines, by designing immersive experiences that solve specific problems and deliver tangible ROI.

In July 2023, Emperia has launched Lacoste’s new summer virtual store which is centered around creating a unique and immersive shopping experience for members of Le Club Lacoste and its UNDW3 (Web3) community. The virtual store aims to foster a sense of community and loyalty appreciation by offering exclusive elements not available in physical stores.

In June 2023, Accenture has acquired Nextira, an Amazon Web Services (AWS) Premier Partner that uses AWS to deliver cloud-native innovation, predictive analytics and immersive experiences for their clients. These services and solutions will bolster Accenture Cloud First’s robust set of engineering capabilities and help clients take advantage of a full continuum of cloud capabilities and tools. Terms of the transaction were not disclosed.

Offerings Covered:
• Hardware
• Services
• Solutions

Applications Covered:
• Design & Visualization
• Sales & Marketing
• Strategy Planning
• Other Applications

End Users Covered:
• Automotive & Transportation
• Construction
• Education
• Gaming
• Government & Defense
• Healthcare
• Manufacturing
• Media & Entertainment
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances