The immersive technology global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Immersive Technology Market, 2024 report by The Business Research Company
offers comprehensive insights into the current state of the market and
highlights future growth opportunities.
Market Size -
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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Scope Of Immersive Technology Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Immersive Technology Market Overview
Market Drivers -
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.
Market Trends -
Major companies operating in the immersive technology market are focused on
developing new technological solutions, such as immersive interactive
technology, to strengthen their position. Immersive interactive technology
refers to a blend of tools and techniques that create engaging experiences
where users actively participate within a simulated or augmented environment.
For instance, in November 2022, Echo Healthcare, Inc., a US-based provider of
highly realistic medical simulation training tools, launched its newest
software platform, operating its Immersive Interactive technology, Immersive
Studio. Immersive Interactive can create its content within the system and
share content amongst a wide variety of user groups. Immersive Studio software
does not require the use of goggles or headsets, enabling group learning
environments. With the Immersive Studio, users receive a 360-degree camera that
they can use to easily record and upload their local content in a cloud-based
environment from anywhere. This technology provides high-quality projections that
allow learners to feel like they are in that exact environment.
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)
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Regional Insights -
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.
Key Companies -
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.
Table of Contents
1. Executive Summary
2. Immersive Technology Market Report Structure
3. Immersive Technology Market Trends And Strategies
4. Immersive Technology Market – Macro Economic Scenario
5. Immersive Technology Market Size And Growth
…..
27. Immersive Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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