New York, USA, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Immersive Technology Market Analysis:
According to a Comprehensive Report by MRFR/Market Research Future (MRFR), The global Immersive Technology Market will touch USD 144.5 billion at a 23.20% CAGR by 2032, as per the recent Market Research Future report.
Technology that induces a sensation of total immersion or intense participation in an artificial or simulated world is referred to as immersive technology. These technologies sometimes involve many senses, such as sight, sound, and even touch, to give users, the impression that they are present physically in another reality or universe. Immersive technology has many uses and is constantly developing, opening new opportunities for entertainment, instruction, training, and other things. It could change several sectors and improve how people engage with digital material and their surroundings.
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Market Key Players:
Eminent market players profiled in the global immersive technology market report include:
- Acer Inc.
- Atheer Inc.
- AVEVA Group PLC
- Barco NV
- Blippar Ltd.
- Carl Zeiss AG
- CM Labs Simulations Inc.
- EON Reality Inc.
- FAAC Incorporated
- LLC
- HCL Technologies Limited
- Honeywell International, Inc.
- HTC Corporation
- Immersive Media Company
- Immersive Technologies Pty Limited
- Lockheed Martin Corporation
- Magic Leap Inc.
- NCTech Limited
- Oculus (Facebook Technologies, LLC.)
- Samsung Group
- Sony Corporation
- Unity Software Inc.
- Varjo Technologies Oy
- VIgrade GmbH
- Zeality Inc
Scope of the Report – Immersive Technology Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 144.5 Billion |
| CAGR during 2023-2032 | 23.20% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Virtual travel experiences are offered through the usage of VR and AR. |
| Key Market Dynamics | The accessibility of a wide range of excellent immersive content, such as games and simulations. |
Immersive Technology Market Segmentation:
The global immersive technology market is bifurcated based on industry, application, technology, and component.
- Based on component, hardware will lead the market over the forecast period.
- By technology, augmented reality will domineer the market over the forecast period.
- By application, training and learning will spearhead the market over the forecast period.
- By industry, healthcare will spur the market over the forecast period.
Immersive Technology in Gaming Industry
The utilization of cutting-edge technologies to produce more immersive & realistic gaming experiences is referred to as immersive technology. These technologies in gaming aim to improve players' overall gaming experiences by giving them a sense of immersion in the game environment. Through headgear, virtual reality gaming immerses the players in a wholly simulated environment. Players may engage in 360-degree interactions with the game's setting and characters, giving them the impression that they are playing the game. Through mobile handsets or AR glasses, AR superimposes digital items onto the physical environment. Virtual and real worlds have been combined in games like Minecraft Earth and Pokémon Go, enabling players to explore the surroundings. MR integrates features of VR & AR, enabling interaction between digital things and the real environment.
Immersive Technology in Education Sector
Virtual reality, mixed reality, & augmented reality are examples of immersive technology that has been progressively used in education to improve the learning experience. Virtual reality (VR) enables students to go to and explore locations that might be physically unavailable. This can apply to places in the past, the universe, or even the human body. Utilizing immersive technology, real-world situations are simulated to give pupils a secure setting in which to develop their abilities and make judgments. For instance, virtual operating rooms are available for use by medical students, while virtual cockpits are available for pilot training. By superimposing digital information over the physical environment, augmented reality and MR provide interactive learning experiences. This can include 3D models, instructional applications, and interactive textbooks. Students can learn more about the past or other cultures by using immersive technology to replicate cultural encounters or historical events.
Immersive Technology in Retail Industry
Immersive technology has indeed been significantly changing the way consumers purchase and businesses run in the retail sector. Customers may enjoy immersive shopping experiences in-store or from their homes comfort thanks to VR and AR technology. Virtual reality is being used by retailers to offer virtual store tours that let visitors browse their actual locations online before coming in person. Shoppers may virtually try on clothing and accessories thanks to AR mirrors & virtual changing rooms being tested by retailers. This can simplify the shopping process and lessen the need for real changing rooms. VR is being used by retailers for their staff training and development initiatives. In a virtual setting, staff members may hone their abilities, learn about new items, and practice customer service scenarios.
Immersive Technology in Enterprise
Virtual reality, mixed reality, & augmented reality, are all types of immersive technologies that have seen substantial growth in the retail world recently. These technologies provide a wide range of uses and advantages for companies in different sectors. Using immersive technology to teach staff members in challenging and dangerous areas is very beneficial. By using VR and MR to build 3D representations of products, engineers and designers may collaborate on design revisions and prototyping. Remote specialists may help field workers or technicians in various places in real-time using AR glasses and software. For new hires, VR and AR may be utilized to create an immersive onboarding experience that introduces them to the company's culture, procedures, and facilities.
Immersive Technology in Military & Defense
For training, simulation, and operational objectives, immersive technology—which encompasses VR, AR, and MR have become more widely used in military and defense applications. Soldiers may practice in situations that are immersive and realistic thanks to VR. By placing digital instructions and information over actual equipment, augmented reality (AR) can help maintenance staff more quickly discover and fix problems. Without the use of real assets, immersive technology may be utilized to educate troops to operate military vehicles, planes, and naval vessels, lowering costs and dangers. Drone operators may receive real-time data and enhanced views using AR, which can increase situational awareness & remote-control accuracy. VR and AR workouts can be used to improve troops' cognitive agility and decision-making abilities.
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Market Drivers:
Advances in Hardware to Boost Market Growth
Immersive experiences have become more realistic and available to a larger audience thanks to the ongoing development of hardware elements including high-resolution screens, potent GPUs, and sensors. These hardware developments have increased the quality & realism of the immersive experiences as well as the usability of VR and AR devices.
Market Opportunities:
Booming Ecommerce Sector to offer Robust Opportunities
The booming ecommerce sector will offer robust opportunities for the market over the forecast period. AR is being utilized in e-commerce to improve the buying experience by enabling customers to see things in their actual locations before making a purchase.
Restraints and Challenges:
Dearth of Skilled Professionals to Remain Market Restraint
The dearth of skilled professionals, high hardware cost, and technology limitations may act as market restraints over the forecast period.
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COVID-19 Analysis:
Virtual collaboration tools & immersive platforms saw a rise in demand as the epidemic forced distant employment and social isolation measures. Employees were able to communicate and learn in immersive settings thanks to the usage of virtual reality & augmented reality technology in remote training, virtual meetings, and conferences. The immersive technology-dependent gaming sector experienced substantial development throughout the epidemic. With video games, the VR experiences, & AR apps, people were looking for fun and escape. For remote learning and training, businesses and educational institutions are using VR and AR. By making telemedicine consultations & training for the medical professionals possible, immersive technology has contributed to the healthcare industry. In order to make up for the constraints of physical stores during lockdowns, retailers investigated augmented reality (AR) for virtual try-ons & interactive shopping experiences. The pandemic had a significant impact on the tourism sector, but virtual tours using immersive technology allowed individuals to visit from the comfort of their homes. Virtual travel was made possible by VR headsets & AR applications.
Regional Analysis:
North America to Command Immersive Technology Market
In 2022, this market was headed by the North American Immersive Technology Market (45.80%). A dominating tech ecosystem within North America, especially the United States, is centered in Silicon Valley. This area is home to big giants like Apple, Facebook (Meta), Google, Microsoft, & a bevy of startups that focus on immersive technology. Because these companies are so dominant, a vibrant atmosphere for innovation exists, supporting the immersive technology market growth. Additionally, the North American region's immersive technology market in the US grabbed the utmost market share, while the market in Canada had the quickest rate of expansion. The market for immersive technology is thought to be dominated by North America, where demand & popularity for the VR HMDs are particularly strong. Additionally, the highly developed economies in the world, including many market participants, are those of the United States and Canada. Additionally, it is anticipated that shifting consumer tastes and advancing technology would increase the need for the technology.
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Europe to Have Admirable Growth in Immersive Technology Market
The second-biggest market share for immersive technology is in Europe. One of the major factors affecting industry in Europe is the increased use of immersive technology in teaching and healthcare. Early adopters of immersive technology especially for patient care & medical education in the area, the region's healthcare institutions placed a high value on the technology's practical uses. The University of Oxford, for instance, employs virtual reality simulations to teach medical professionals in surgery and to shorten their learning curve. This dominant trend improves patient outcomes and patient safety. Additionally, the UK Immersive Technology market was expanding at the quickest rate in the European area, while the German market had the greatest market share.
Industry Updates:
April 2023- The first virtual esports stadium has been made available by Virtex for an immersive Counter-Strike experience. This will enable spectators to view games from the arena & even the game's map. Fans of esports, get ready for an unparalleled live match experience. You may discover a brand-new world of immersive entertainment at the Virtex Stadium.
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