Overview and Scope
Immersive technology refers to technologies that aim to immerse users in a digital or simulated environment, creating a sense of presence and interaction within that environment. These technologies often use a combination of hardware and software to enhance the user experience, providing a more engaging and interactive interface.
Sizing and Forecast
The immersive technology market size has grown exponentially in recent years. It will grow from $108.46 billion in 2023 to $154.94 billion in 2024 at a compound annual growth rate (CAGR) of 42.9%. The growth in the historic period can be attributed to advancements in hardware, gaming, and entertainment, growing demand for virtual reality (VR) head-mounted displays (hmds), proliferation of smartphones and iot-connected devices, emergence of consumer vr, demand for digitalization.
The immersive technology market size is expected to see exponential growth in the next few years. It will grow to $638.69 billion in 2028 at a compound annual growth rate (CAGR) of 42.5%. The growth in the forecast period can be attributed to increasing adoption of learning and shopping, global acceptance of multimedia tools, rising popularity of esports, immersive content accessibility, demand for head-mounted displays. Major trends in the forecast period include technological development, the emergence of metaverse and web 3.0, remote collaboration, increased investment in research and development, a rise in the use of immersive technology for virtual events.
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Segmentation & Regional Insights
The immersive technology market covered in this report is segmented –
1) By Component: Hardware, Software/Platform, Services
2) By Technology: Mixed Reality (MR), Virtual Reality (VR), Augmented Reality (AR), 360 Film
3) By Application: Training & Learning, Product Development, Emergency Services, Sales & Marketing
4)By Industry: Healthcare, Retail & eCommerce, Education, Construction, Media & Entertainment, Gaming, Manufacturing, Aerospace & Defense, Others (Automotive, Energy)
North America was the largest region in the immersive technology market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the immersive technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising gaming and entertainment are expected to propel the immersive technology market going forward. Gaming and entertainment refer to the utilization of technologies such as virtual reality (VR), augmented reality (AR), and mixed reality (MR) to create interactive and engaging experiences for users. Immersion technology, encompassing Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), has revolutionized the gaming and entertainment industries by offering more immersive and engaging experiences. For instance, in 2023, according to the European Space Agency, a Paris-based government organization, the percentage of parents who played video games with their children increased nearly 35% in 2021 compared to 2020. Therefore, the rising gaming and entertainment are driving the immersive technology market.
Key Industry Players
Major companies operating in the immersive technology market report are Google LLC, Samsung Group, Sony Corporation, Lockheed Martin Corporation, Honeywell International Inc., HCL Technologies Limited, Carl Zeiss AG, Acer Inc., PTC Inc., AVEVA Group PLC, Unity Software Inc., Barco NV, Magic Leap Inc., HTC Corporation, Immersive Technologies Pty Limited, Varjo Technologies Oy, EON Reality, Inc., FAAC Incorporated, CM Labs Simulations Inc., Oculus (Facebook Technologies, LLC.), VI-grade GmbH, Atheer Inc., NCTech Limited, Blippar Ltd., Zeality Inc.
The immersive technology market report table of contents includes:
1. Executive Summary
2. Immersive Technology Market Characteristics
3. Immersive Technology Market Trends And Strategies
4. Immersive Technology Market – Macro Economic Scenario
5. Global Immersive Technology Market Size and Growth
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32. Global Immersive Technology Market Competitive Benchmarking
33. Global Immersive Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Immersive Technology Market
35. Immersive Technology Market Future Outlook and Potential Analysis
36. Appendix
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