Immersive Technology Market
Immersive Technology Market Forecasts to 2030 - Global Analysis By Component (Hardware, Software/Platform, Services and Other Components), Technology (Mixed Reality (MR), Virtual Reality (VR), Augmented Reality (AR), 360 Film and Other Technologies), Application (Training & Learning, Emergency Services, Product Development, Sales & Marketing, Remote Collaboration, Visualization and Other Applications), End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $31.96 BN |
|
Projected Year Value (2030) |
US $117.62 BN |
|
CAGR (2023 - 2030) |
20.46% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Immersive Technology Market is accounted for $31.96 billion in 2023 and is expected to reach $117.62 billion by 2030 growing at a CAGR of 20.46% during the forecast period. A type of analytical technique called immersion technology uses 360 degrees of space to expand on an experience or create an entirely new setting. Viewing content on the device network is possible from any angle. Additionally, realistic experiences can be improved by immersive technology by overlaying digital visuals over the user's environment. Through complete seclusion from the outside world and immersion in an electronic medium, this establishes a new reality for the client.
According to a report prepared in 2020 by Gartner, immersive experiences are a technological trend that withholds potential to radically change the sector, with new models and processes able to amplify human capabilities.
Market Dynamics:
Driver:
Immersing games and entertainment
Immersion technology has developed into location-based entertainment experiences in the entertainment industry. VR and AR are being incorporated into attractions at theme parks and entertainment venues to give guests unique experiences. Additionally, the adoption of VR by eSports has created new opportunities for competitive gaming in virtual environments. An increase in cross-platform gaming, which enables players with various VR headsets to communicate within the same virtual environment, is another indicator of this growth.
Restraint:
High starting prices
One major barrier to entry in the immersive technology market is still the cost of entry. Adoption of high-quality VR headsets and AR devices can be constrained by their cost, particularly for consumers and small businesses. Moreover, upgrades to the hardware as well as software and accessories come at extra expense. Since many potential users may be turned off by these expensive initial costs, market expansion may be slowed, especially in price-sensitive markets.
Opportunity:
Technological progress in hardware
Beyond displays, graphics processors, and motion-tracking sensors, immersive technology hardware has advanced. In order to improve VR headset comfort for prolonged use, manufacturers are continuously pushing the limits of weight, ergonomics, and battery life. Furthermore, haptic feedback and technological advancements improve immersion by allowing users to experience physical sensations in virtual environments. By enabling standalone VR and AR devices, these hardware advancements are also lessening the need for external computers or consoles.
Threat:
Data security and privacy concerns
Personal data and biometric information gathered by immersive technology devices and applications may be misused, raising privacy concerns. The considerable quantity of private data that these technologies collect increases the risk of misuse, breaches, and illegal access to data. However, to allay these worries and preserve user confidence, stronger encryption, more open data policies, and stricter policies are necessary.
Covid-19 Impact:
The market for immersive technology was affected by the COVID-19 pandemic in a complicated way. At first, lower consumer spending and supply chain disruptions caused problems for the market. The adoption of immersive technology for telehealth, virtual events, remote work, and distance learning was nevertheless expedited by the pandemic. Moreover, the heightened need for immersive solutions in these domains stimulated investments and innovations, thereby laying the groundwork for sustained expansion. The global health crisis underscored the importance of immersive technology in mitigating the obstacles of a geographically remote and isolated world, thereby creating novel prospects for its utilization across diverse industries.
The Training & Learning segment is expected to be the largest during the forecast period
The training and learning segment has the largest market share. It covers a broad spectrum of applications, including specialized skill development, corporate training, and educational institutions. The training and learning industry has seen a notable increase in the use of immersive technology, such as virtual reality (VR) and augmented reality (AR), which provide dynamic and captivating experiences that improve knowledge retention and skill development. Additionally, it is a crucial and growing market niche within immersive technology, encompassing applications like medical training, educational simulations, virtual classrooms, and vocational skill development.
The Healthcare segment is expected to have the highest CAGR during the forecast period
The healthcare industry has seen the highest CAGR. Immersion technology has revolutionized patient care, medical education, and telemedicine. Examples of this technology include virtual reality (VR) and augmented reality (AR). Immersion technology has become widely used in the healthcare industry for telehealth consultations, pain management, surgical simulations, and therapeutic interventions. Moreover, the healthcare sector is a key area for innovation and growth in the immersive technology market because of its increasing emphasis on patient-centric care, affordable training, and medical advancements.
Region with largest share:
North America holds the largest market share in the market, due to the adoption and advancement of immersive technology. The area has significant investments in R&D, a thriving ecosystem of tech companies, and a significant number of VR and AR startups. Key industry players, broad application in industries like healthcare, education, gaming, and enterprise, and a tech-savvy customer base are all factors that contribute to its dominant position.
Region with highest CAGR:
The immersive technology market has shown the highest CAGR in the Asia-Pacific region, owing to the region's sizable and technologically literate populace, rising investments in cutting-edge technologies, and the adoption of immersive solutions in a variety of sectors, such as manufacturing, gaming, and education, are all responsible for this quick growth. As a result of the Asia-Pacific region's leadership in immersive technology innovation countries like China, Japan, and South Korea and the region's rapidly expanding middle class and rising demand for immersive experiences, the market is expected to grow significantly in the coming years.
Key players in the market
Some of the key players in Immersive Technology market include Lockheed Martin Corporation, Google LLC, Acer Inc., FAAC Incorporated, CM Labs Simulations Inc., HTC Corporation, Varjo Technologies, Immersive Technologies Pty Limited, Zeality Inc, EON Reality Inc., Atheer Inc., Sony Corporation, Oculus (Facebook Technologies, LLC.), Samsung Group, AVEVA Group PLC, HCL Technologies Limited, Honeywell International Inc., NCTech Limited, Blippar Ltd. and Magic Leap Inc.
Key Developments:
In October 2023, CM Labs Simulations has unveiled the Intellia Instructor, a software program serving as a component of a next-generation training management system. Intellia Instructor works in concert with CM Labs suite of Training Packs and Vortex Training Simulators to provide a methodology for organizations in the Construction and Utilities market.
In June 2023, Honeywell International Inc. HON has entered into a definitive agreement to acquire heads-up-display (HUD) assets of Swedish aerospace and defense company Saab Technology. The financial terms of the transaction are kept under wraps. The HUD system reduces the workload for pilots, helps them with increased situational awareness and increases flight safety.
In March 2023, Varjo Technologies and Leonardo have announced today that they are joining forces to enhance the capability of Leonardo’s aircraft training devices through industry-leading mixed reality technology from Varjo. This agreement continues to strengthen and improve Leonardo’s capabilities in the Simulation and Training domain.
Components Covered:
• Hardware
• Software/Platform
• Services
• Other Components
Technologies Covered:
• Mixed Reality (MR)
• Virtual Reality (VR)
• Augmented Reality (AR)
• 360 Film
• Other Technologies
Applications Covered:
• Training & Learning
• Emergency Services
• Product Development
• Sales & Marketing
• Remote Collaboration
• Visualization
• Promotion & Advertising
• Remote Assistance
• Content Creation
• Metaverse
• Other Applications
End Users Covered:
• Healthcare
• Retail & Ecommerce
• Education
• Construction
• Media & Entertainment
• Gaming
• Manufacturing
• Aerospace & Defense
• Automotive
• Energy
• 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
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Immersive Technology Market, By Component
5.1 Introduction
5.2 Hardware
5.2.1 Head-Mounted Display (HMD)
5.2.2 Gesture Tracking Devices (GTD)
5.2.3 Projectors & Display Walls (PDW)
5.3 Software/Platform
5.4 Services
5.4.1 Professional
5.4.2 Managed
5.5 Other Components
6 Global Immersive Technology Market, By Technology
6.1 Introduction
6.2 Mixed Reality (MR)
6.3 Virtual Reality (VR)
6.4 Augmented Reality (AR)
6.5 360 Film
6.6 Other Technologies
7 Global Immersive Technology Market, By Application
7.1 Introduction
7.2 Training & Learning
7.3 Emergency Services
7.4 Product Development
7.5 Sales & Marketing
7.6 Remote Collaboration
7.7 Visualization
7.8 Promotion & Advertising
7.9 Remote Assistance
7.10 Content Creation
7.11 Metaverse
7.12 Other Applications
8 Global Immersive Technology Market, By End User
8.1 Introduction
8.2 Healthcare
8.3 Retail & Ecommerce
8.4 Education
8.5 Construction
8.6 Media & Entertainment
8.7 Gaming
8.8 Manufacturing
8.9 Aerospace & Defense
8.10 Automotive
8.11 Energy
8.12 Other End Users
9 Global Immersive Technology Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Lockheed Martin Corporation
11.2 Google LLC
11.3 Acer Inc.
11.4 FAAC Incorporated
11.5 CM Labs Simulations Inc.
11.6 HTC Corporation
11.7 Varjo Technologies
11.8 Immersive Technologies Pty Limited
11.9 Zeality Inc
11.10 EON Reality Inc.
11.11 Atheer Inc.
11.12 Sony Corporation
11.13 Oculus (Facebook Technologies, LLC.)
11.14 Samsung Group
11.15 AVEVA Group PLC
11.16 HCL Technologies Limited
11.17 Honeywell International Inc.
11.18 NCTech Limited
11.19 Blippar Ltd.
11.20 Magic Leap Inc.
List of Tables
1 Global Immersive Technology Market Outlook, By Region (2021-2030) ($MN)
2 Global Immersive Technology Market Outlook, By Component (2021-2030) ($MN)
3 Global Immersive Technology Market Outlook, By Hardware (2021-2030) ($MN)
4 Global Immersive Technology Market Outlook, By Head-Mounted Display (HMD) (2021-2030) ($MN)
5 Global Immersive Technology Market Outlook, By Gesture Tracking Devices (GTD) (2021-2030) ($MN)
6 Global Immersive Technology Market Outlook, By Projectors & Display Walls (PDW) (2021-2030) ($MN)
7 Global Immersive Technology Market Outlook, By Software/Platform (2021-2030) ($MN)
8 Global Immersive Technology Market Outlook, By Services (2021-2030) ($MN)
9 Global Immersive Technology Market Outlook, By Professional (2021-2030) ($MN)
10 Global Immersive Technology Market Outlook, By Managed (2021-2030) ($MN)
11 Global Immersive Technology Market Outlook, By Other Components (2021-2030) ($MN)
12 Global Immersive Technology Market Outlook, By Technology (2021-2030) ($MN)
13 Global Immersive Technology Market Outlook, By Mixed Reality (MR) (2021-2030) ($MN)
14 Global Immersive Technology Market Outlook, By Virtual Reality (VR) (2021-2030) ($MN)
15 Global Immersive Technology Market Outlook, By Augmented Reality (AR) (2021-2030) ($MN)
16 Global Immersive Technology Market Outlook, By 360 Film (2021-2030) ($MN)
17 Global Immersive Technology Market Outlook, By Other Technologies (2021-2030) ($MN)
18 Global Immersive Technology Market Outlook, By Application (2021-2030) ($MN)
19 Global Immersive Technology Market Outlook, By Training & Learning (2021-2030) ($MN)
20 Global Immersive Technology Market Outlook, By Emergency Services (2021-2030) ($MN)
21 Global Immersive Technology Market Outlook, By Product Development (2021-2030) ($MN)
22 Global Immersive Technology Market Outlook, By Sales & Marketing (2021-2030) ($MN)
23 Global Immersive Technology Market Outlook, By Remote Collaboration (2021-2030) ($MN)
24 Global Immersive Technology Market Outlook, By Visualization (2021-2030) ($MN)
25 Global Immersive Technology Market Outlook, By Promotion & Advertising (2021-2030) ($MN)
26 Global Immersive Technology Market Outlook, By Remote Assistance (2021-2030) ($MN)
27 Global Immersive Technology Market Outlook, By Content Creation (2021-2030) ($MN)
28 Global Immersive Technology Market Outlook, By Metaverse (2021-2030) ($MN)
29 Global Immersive Technology Market Outlook, By Other Applications (2021-2030) ($MN)
30 Global Immersive Technology Market Outlook, By End User (2021-2030) ($MN)
31 Global Immersive Technology Market Outlook, By Healthcare (2021-2030) ($MN)
32 Global Immersive Technology Market Outlook, By Retail & Ecommerce (2021-2030) ($MN)
33 Global Immersive Technology Market Outlook, By Education (2021-2030) ($MN)
34 Global Immersive Technology Market Outlook, By Construction (2021-2030) ($MN)
35 Global Immersive Technology Market Outlook, By Media & Entertainment (2021-2030) ($MN)
36 Global Immersive Technology Market Outlook, By Gaming (2021-2030) ($MN)
37 Global Immersive Technology Market Outlook, By Manufacturing (2021-2030) ($MN)
38 Global Immersive Technology Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
39 Global Immersive Technology Market Outlook, By Automotive (2021-2030) ($MN)
40 Global Immersive Technology Market Outlook, By Energy (2021-2030) ($MN)
41 Global Immersive Technology Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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