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Immersive Technology Market Size, Trends, Outlook And Overview 2024-2033
Immersive Technology Market
Immersive Technology Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $638.69 billion In 2028 At A CAGR Of 42.5% :
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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Immersive Technology Market Major Segments
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)
Key Driver - Immersive Technology Market Thrives On The Surge In Gaming And Entertainment Experiences
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.
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Prominent Trend - Echo Healthcare Launches Immersive Studio For Realistic Medical Simulation Training
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.
Immersive Technology Market 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.
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Largest And Fastest Growing Region In The Market
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.
The Table Of Content For The Market Report Include:
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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