Immersive Technologies Market Poised to Surge, Forecasted to Hit $493.5 Billion by 2030

[Redding, California, February 23, 2024] - Meticulous Research®, a globally renowned market research company, has released an in-depth analysis 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 report projects the global immersive technologies market to attain an impressive valuation of $493.5 billion by 2030, showcasing a remarkable CAGR of 29.4% from 2023 to 2030.

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The exponential growth trajectory of the immersive technologies market is fueled by various factors, including substantial investments in immersive technologies, widespread adoption in healthcare for training purposes, and the burgeoning rise of the metaverse and web 3.0. Moreover, the increasing demand for 3D graphics and real-time 3D skills, coupled with the expanding utilization in architecture, engineering, and construction, present lucrative growth opportunities. Nonetheless, challenges such as the scarcity of skilled professionals and the high cost of hardware pose hurdles to market expansion.

Key Market Dynamics
The global immersive technologies market is meticulously segmented by offering, technology, application, sector, and geography, offering profound insights essential for strategic decision-making.

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.

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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.

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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.

Geographic Overview
North America is poised to maintain its dominance in the market, owing to substantial investments in digital infrastructure and the region's technology companies' growing focus on the metaverse and web 3.0. However, the Asia-Pacific region is anticipated to witness the highest CAGR, driven by increasing adoption in real estate and construction sectors, alongside significant investments in immersive skills development.

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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.).

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This release was published on openPR.