The exponential growth of the immersive technology market owing to rising adoption of augmented and virtual reality in industries like healthcare, education, and retail.
Immersive technologies such as augmented reality (AR) and virtual reality (VR) overlay digital information and images onto the real world. AR enhances the real-world environment by overlaying virtual objects like graphics, sounds and haptics. This enables applications in various industries like healthcare, education and entertainment.
Global Immersive Technology Market is estimated to be worth US$ 28.45 Bn by 2024 Request Quote Add to Cart US$ 0.00 by 2031 , exhibiting a compound annual growth rate (CAGR) of 24.9% from 2024 to 2031.
Key Takeaways
Key players operating in the immersive technology market are Microsoft, Meta, Apple, Samsung, Google among others. Meta has made significant investments in building its immersive computing division to drive the next phase of innovation in AR and VR technologies. Microsoft also aims to bring its HoloLens mixed reality technology to mainstream industrial applications.
The growing Immersive Technology Market Demand across sectors is fueling market growth. The healthcare industry is increasingly adopting AR and VR solutions for medical education, surgical training and treatment of various mental health conditions. Immersive learning tools are also gaining traction in the education sector for hands-on training.
Technological advancements are further enhancing user experience. Newer AR headsets and glasses are getting smaller, more powerful and affordable. 5G networks can enable low-latency, high-bandwidth applications for shared XR experiences. Advancements in computer vision, eye-tracking, brain-computer interface and haptics are expanding possibilities for immersive experiences.
Market Trends
1. Growth of Spatial Computing - Technologies like AR combine digital information with physical space and enable spatial computing experiences. This will allow people to interact with data and digital assets situated in physical 3D space.
2. Investments in Metaverse Platforms - Big tech companies are making massive investments to develop virtual world platforms utilizing AR, VR and other technologies. This will help create shared digital spaces accessible through various devices.
Market Opportunities
1. Adoption in Enterprise Sector - Immersive technologies offer opportunities for training, collaboration and productivity gains across manufacturing, oil & gas, construction and other industries.
2. Integration with 5G and Edge Computing - Combining immersive experiences with ultra-low latency 5G and distributed edge computing can open up new applications requiring real-time insights.
Disruption in supply chain, restrictions on movement and social distancing norms has significantly affected the sales and installation of immersive technology products globally. However, increasing focus on digital transformation and virtual experiences has opened up new opportunities for immersive technology vendors. The education and healthcare sectors have especially boosted adoption of immersive technology solutions for remote learning and training and virtual medical consultations respectively.
In the post COVID period, demand is expected to recover steadily driven by resumption of economic activities and investments in immersive technology infrastructure for various industry verticals. Vendors are focusing on developing affordable and easy to deploy products to cater to growing remote working requirements. Technology advancements in 5G, edge computing and artificial intelligence is further enhancing immersive experiences. Industries are increasingly leveraging immersive solutions for training simulations, design collaboration and mixed reality applications. Going forward, immersive technology is poised to transform various industries by enabling virtual collaboration, remote operations and hybrid work models.
Regional Analysis- North America
North America currently commands the largest share of global immersive technology market in terms of value. The region is an early adopter of new immersive technologies owing to strong technology infrastructure, high broadband connectivity and increasing investments by enterprises. The United States accounts for the major share driven by early deployments across industries such as manufacturing, education, healthcare, retail and oil & gas. Applications areas include employee training, product design, education and simulation. Increased focus on industrial automation and digital transformation initiatives across industry verticals is further propelling growth of immersive technology market in the region.
Regional Analysis- Asia Pacific
The Asia Pacific region is expected to be the fastest growing market for immersive technology over the forecast period. Proliferation of smartphones and internet connectivity along with government support for digital infrastructure development is driving market growth. Countries such as China, Japan, India and South Korea are at the forefront of technology adoption and commercialization of immersive solutions. Rapid industrialization, growing urbanization and digitization of small and medium enterprises in the region is fueling implementation of immersive technology. In addition, increasing tech-savvy population and investments in virtual/augmented reality R&D create significant opportunities for immersive technology vendors in Asia Pacific.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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