Press release
Immersive Technologies Market to Reach $493.5 Billion by 2030
Meticulous Research®-a leading global market research company, published a research report titled, 'Immersive Technologies Market by Offering (Hardware, Software, Services), Technology (Augmented Reality, Virtual Reality, Mixed Reality, Haptics), Application (Training & Learning, Remote Collaboration), Sector, and Geography - Global Forecast to 2030.'The global immersive technologies market is projected to reach $493.5 billion by 2030, at a CAGR of 29.4% from 2023 to 2030. The growth of this market is attributed to growing investment in immersive technologies, rising adoption of immersive technologies in the healthcare sector for training, and the emergence of the metaverse and web 3.0.
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Furthermore, the growing demand for 3D graphics and real-time 3D skills and the rising adoption of immersive technologies in architecture, engineering, and construction are expected to create significant opportunities for this market. However, a shortage of skilled professionals challenges this market growth. Also, the high cost of hardware is restraining market growth.
The global immersive technologies market is segmented based on offering, technology, application, sector, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Key Players
The key players profiled in the global immersive technologies market study include Acer Inc. (Taiwan), AVEVA Group Plc (U.K.), Microsoft Corporation (U.S.), Magic Leap, Inc. (U.S.), Google LLC (U.S.), Sphere Technology Holdings, Inc. (U.S.), JuJu Immersive Limited (U.K.), Vive Business (HTC Corporation) (Taiwan), EON Reality (U.S.), Blippar Group Limited (U.K.), Barco NV (Belgium), Varjo Technologies Oy (Finland), Unity Software Inc. (U.S.), PTC Inc. (U.S.), and Ethar, Inc. (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/immersive-technologies-market-5563
Based on offering, the global immersive technologies market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global immersive technologies market. The large market share of this segment is attributed to factors such as the growing adoption of virtual reality headsets for consumer and commercial applications and the rising focus of key players on product development and enhancement. For instance, in June 2023, Meta Platforms, Inc. (U.S.) announced the company's next-generation mixed-reality headset. This new headset boasts several upgrades compared to its predecessor. Notably, it features a sleeker design, with its thickness reduced by 40%. However, the software segment is expected to record the highest CAGR during the forecast period.
Based on technology, the global immersive technologies market is segmented into augmented reality, virtual reality, mixed reality, and haptics. In 2023, the virtual reality segment is expected to account for the largest share of the global immersive technologies market. The large market share of this segment is attributed to the benefits of virtual reality, such as improved learning, flexibility to create various types of environments or experiences and rising investment by technology companies. However, the mixed reality segment is expected to record the highest CAGR during the forecast period.
Based on application, the global immersive technologies market is segmented into training & learning, remote collaboration, visualization, promotion & advertising, product development, remote assistance, content creation, metaverse, and other applications. In 2023, the training & learning segment is expected to account for the largest share of the immersive technologies market. The large market share of this segment is attributed to the rising use of immersive technologies by various end-use industries to deliver engaging, simulated, real-world learning experiences.
For instance, in 2020, The Johns Hopkins University School of Nursing (U.S.) implemented VR training at all levels, from doctoral to prelicensure nursing, to enable repeatable immersive surgical simulations that bring valuable practice. However, the promotion & advertising segment is expected to record the highest CAGR during the forecast period.
Based on sector, the global immersive technologies market is segmented into education, automotive, aerospace & defense, manufacturing, retail & e-commerce, healthcare & medical devices, real estate, construction, media and entertainment, and other sectors. In 2023, the media and entertainment segment is expected to account for the largest share of the immersive technologies market. The large market share of this segment is attributed to the growing emergence of AR/VR games, the growing use of haptic technology for gaming, rising use of AR/VR by media and entertainment companies to give an immersive first-hand feeling to the viewers. For instance, in June 2023, The Walt Disney Company (U.S.) partnered with Apple Inc. (U.S.) to bring its streaming service Disney+ to Apple's new augmented reality headset. However, the healthcare segment is expected to record the highest CAGR during the forecast period.
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Based on geography, the global immersive technologies market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the immersive technologies market. The region's large share is attributed to the growing investment in digital infrastructure and the rising inclination of the region's technology companies toward metaverse and web 3.0.
However, the Asia-Pacific region is expected to record the highest CAGR during the forecast period. The growth of the market is driven by the rising use of immersive technology in real estate and construction, the emergence of new companies in the immersive technologies market, and growing investment in the development of immersive skills.
Key Questions Answered in the Report:
Which are the high-growth market segments in offering, technology, application, sector, and geography?
What are the historical market sizes for immersive technologies across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, opportunities, and challenges in the global immersive technologies market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape for the global immersive technologies market?
What are the recent developments in the global immersive technologies market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global immersive technologies market, and how do they compete with other players?
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
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