Immersive Technology Market Forecast, Regional Insights, Company Profiles, Insights up to 2027

Immersive technology is an analytical technology that expands reality or creates a new reality by taking advantage of 360 space. Immersive technology helps users to look in any direction and see content. Immersion technology expands reality by overlaying digital images into the user environment. This creates a new reality by completely shutting down the user from the rest of the world and immersing them in a digital environment. It includes augmented reality, virtual reality, mixed reality, holography, telepresence, and digital twin.

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Proliferation of smartphones and IoT connected devices is expected to drive growth of the immersive technology market. Technological development, emergence of consumer VR, and reducing selling price of IoT devices are expected to drive growth of immersive technology market. However, lack of content and health-related issues such as hygiene, motion sickness, and lack of comfort may restrain immersive technology market growth. Contrarily, investments in R&D and development in digital technology of unique solutions are expected to propel the growth of immersive technology market in the forecasted years.

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Implementing immersive virtual reality in a variety of industries such as healthcare, education and media is expected to drive the immersive technology market. Virtual reality allows end users to experience the real and imaginary world through real-time projection. Helps reduce costs and risks associated with VR training that allows VR technology to be adopted on a vertical line across different industries.

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North America is considered to have the largest share of the global immersive technology market, due to demand and popularity for VR HMDs have been significantly high. In addition, U.S. and Canada are the most developed economies, with a large number of market players available in the region. Moreover, rising technological improvements and moving consumer preferences are expected to fuel demand for the technology.

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Key market players in the market report include Unity Software Inc., Varjo Technologies Oy, VI-grade GmbH, Zeality Inc., Lockheed Martin Corporation, Magic Leap, AVEVA Group PLC, Google, LLC, HCL Technologies Limited, Carl Zeiss AG.

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