Redding, California, Aug. 02, 2023 (GLOBE NEWSWIRE) -- 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, Haptic), 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 learning, and the emergence of metaverse and web 3.0. 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's growth. Also, the high cost of hardware is restraining market growth.
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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.
The key players operating in the global immersive technologies market are 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.).
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. However, the software segment is expected to record the highest CAGR during the forecasted period. The growth of this segment is driven by the rising need for software for remote collaboration, product development, and content creation.
Based on technology, the global immersive technologies market is segmented into augmented reality, virtual reality, mixed reality, and haptics. In 2023, virtual reality is expected to account for the largest share of the global immersive technologies market. However, the mixed reality segment is expected to record the highest CAGR during the forecast period. This segment's growth is driven by its ability to create immersive and engaging experiences and extensive use cases in product advertisement and marketing, offering consumers a hands-free product experience.
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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. However, the promotion & advertising segment is expected to record the highest CAGR during the forecast period. This segment's growth is driven by the growing deployment of immersive technologies in the real estate sector for project demonstration and the rising adoption of immersive technologies by retailers to create immersive experiences for customers.
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. However, the healthcare & medical devices segment is expected to record the highest CAGR during the forecast period. The growth in this segment is driven by the growing use of immersive technologies in various activities such as surgery, supporting health conditions, such as dementia or depression, and healthcare training.
Based on geography, the global immersive technologies market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia-Pacific region is expected to record the highest CAGR during the forecast period. The growth of this market is driven by the use of immersive technologies in real estate and construction, the emergence of new companies in the immersive technologies market and growing investment in the development of immersive skills.
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In addition, several manufacturers in the region started investing in R&D activities pertaining to rapidly evolving technologies such as AR, VR, and MR. For instance, By 2026, China aims to expand the output of its VR industry to USD 49.08 billion (350 billion yuan). Furthermore, in March 2023, South Korea announced an investment of USD 21 million (27.7 billion KRW) into local services looking to utilize the metaverse. Similarly, in December 2022, Public transport operator SBS Transit (Singapore) committed USD 1 million to its Rail Training Institute, which will use virtual, augmented and mixed reality technologies that blend physical and digital tools to train staff. Thus, all such developments are expected to drive immersive technologies market growth in the region.
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Scope of the Report:
Immersive Technologies Market Assessment - by Offering
- Hardware
- Headsets
- Eyewear
- Gloves
- Sensors
- Displays
- Other Hardware
- Software
- Services
Immersive Technologies Market Assessment - by Technology
- Augmented Reality
- Virtual Reality
- Mixed Reality
- Haptics
Immersive Technologies Market Assessment - by Application
- Training & Learning
- Remote Collaboration
- Visualization
- Promotion & Advertising
- Product Development
- Remote Assistance
- Content Creation
- Metaverse
- Other Applications
Immersive Technologies Market Assessment - by Sector
- Education
- Automotive
- Aerospace & Defense
- Manufacturing
- Retail & E-commerce
- Healthcare & Medical Devices
- Real Estate
- Construction
- Media & Entertainment
- Other Sectors
Immersive Technologies Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Israel
- UAE
- Rest of Middle East & Africa
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