Dublin, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The "Immersive Reality for Defense Market - A Global and Regional Analysis: Focus on Type, Component, Devices, Application, and Region - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
Immersive Reality for Defense Market is projected to reach a value of $14.75 billion by 2033, from $2.64 billion in 2023, growing at a CAGR of 18.78%
The realm of immersive reality for defense applications is rapidly emerging as a pivotal domain within the defense and military industry. This growth is fueled by the increasing demand for advanced technological solutions that can enhance training, simulation, and operational effectiveness in defense and military operations. Immersive reality encompasses a range of technologies that immerse users and trainees in synthetic environments, delivering a multisensory experience that can replicate real-world scenarios with unparalleled fidelity and immersion.
This report provides valuable insights into the different types of immersive solutions available for defense deployment and their global potential. Additionally, the study offers a comprehensive understanding of the immersive reality for defense market by technology, including key developments in the respective segments on a global scale.
Key players in the immersive reality for defense market have made significant strides in the form of partnerships, collaborations, and joint ventures. Collaboration between defense agencies and private entities often involves contracting for the development and delivery of advanced materials and specialized composite components for space system applications.
Within this field, various segments are gaining prominence, each contributing to the transformation of defense capabilities through innovative use of immersive reality technologies. Training and simulation, for instance, play a crucial role in creating realistic training environments for defense personnel. These immersive simulations enable soldiers, pilots, and other defense personnel to practice and refine their skills in complex and high-stress situations, ultimately enhancing readiness and performance in real-world scenarios.
Immersive reality is also making significant advancements in mission planning and analysis, providing military strategists with tools to visualize and simulate various tactical scenarios. This enables better decision-making and strategic planning. Technologies such as virtual reality (VR) and augmented reality (AR) contribute to situational awareness and data visualization.
This report includes an analysis and profiling of key players in the immersive reality for defense market, encompassing major segmentations and service offerings within the technology segments. Moreover, it provides a detailed competitive benchmarking of these players to illustrate their positioning in the market landscape. Comprehensive competitive strategies, such as partnerships, agreements, and collaborations, are also highlighted to help readers understand the revenue opportunities in the market.
Immersive reality solutions benefit defense operations and situational awareness by providing enhanced data visualization, navigation aids, and real-time information overlays. These technologies enhance communication, coordination, and decision-making in the field.
Market Segmentation
Simulation and Training Segment to Dominate the Global Immersive Reality for Defense Market (by Application)
The global immersive reality for defense market (by application) is expected to generate huge revenues from the simulation and training segment, followed by the situational awareness segment. The simulation and training segment reported a revenue generation of $994.7 million in 2022 and is expected to grow at a CAGR of 18.79% during the forecast period 2023-2033.
North America accounted for the highest market share in 2022 in the global immersive reality for defense market and registered a CAGR of 18.47%, owing to a significant number of companies based in the region. North America's growth is driven by various activities in the U.S. defense industry. In North America, the U.S. has the largest share of growth in the immersive reality for defense market and is anticipated to grow at a CAGR of 18.33%
Augmented Reality Segment to Lead the Global Immersive Reality for Defense Market (by Type)
The global immersive reality for defense market (by type) is expected to generate huge revenues from the augmented reality (AR) segment, followed by the virtual reality (VR) segment. The AR segment reported a revenue generation of $1,047.0 million in 2022 and is expected to grow at a CAGR of 18.75% during the forecast period 2023-2033.
Camera Segment to Lead the Global Immersive Reality for Defense Market (by Component)
The global immersive reality for defense market (by component) is expected to be led by the camera segment. The camera segment reported a revenue generation of $333.0 million in 2022 and is expected to grow at a CAGR of 18.83% during the forecast period 2023-2033.
Hardware Segment to Lead the Global Immersive Reality for Defense Market (by Device)
The global immersive reality for defense market (by device) is expected to be led by the hardware segment. The hardware segment reported a revenue generation of $1,329.2 million in 2022 and is expected to grow at a CAGR of 18.76% during the forecast period 2023-2033.
Key Market Players and Competition Synopsis
In the global immersive reality for defense market, established players account for 55% of the market, and small-scale players and startups account for 45% of the market. The primordial established commercial players and legacy companies are BAE Systems, CAE, Inc., Indra Sistemas, S.A., Thales Group, and Lockheed Martin, among others.
Competitive Benchmarking: Overview, Role in the Market, Customers, Portfolio, Strategies, Analyst View
- Bohemia Interactive Simulations
- CAE, Inc.
- HTX Labs
- Indra Sistemas, S.A.
- Lockheed Martin
- Red Six Aerospace, Inc.
- SimX
- Thales Group
- VRgineers, Inc.
- Varjo
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 211 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $2.64 Billion |
| Forecasted Market Value (USD) by 2033 | $14.75 Billion |
| Compound Annual Growth Rate | 18.8% |
| Regions Covered | Global |
Industry Outlook
Ongoing and Upcoming Programs
- U.S. Army's Squad Immersive Virtual Trainer(SiVT)
- Remote Augmented Reality Maintenance Assistance (RARM-A)
- Mixed and Immersive Reality Assessment Generation Engine(MIRAGE)
- Virtual Battlespace Simulation (VBS) Training and Military Operations in Urbanized Terrain (MOUT) Training
Futuristic Trends in Immersive Reality
- Neuromorphic Computing
- Brain-Computer Interface (BCI) in Immersive Reality Solutions
- Immersive Synthetic Training Environment (STE)
- Tactical Augmented Reality (TAR)
- Virtual Squad Training System (VSTS)
- Artificial Intelligence (AI) Integration in AR-Based Military Simulations
Startups and Investment Landscape
Supply Chain Analysis
Patent Analysis
Business Dynamics
Business Drivers
- Increasing Need for Training with Enhanced Situational and Spatial Awareness toward Increased Soldier Lethality
- Development toward Multi-Domain Operations (MDO) Army by 2035
Business Challenges
- Tackling Cybersickness and Information Overload
- Security Concerns in Immersive Solutions
Business Strategies
- Mergers and Acquisitions
- Corporate Strategies
- Partnerships, Collaborations, Agreements, and Contracts
Business Opportunities
- Advancements toward Next-Generation Command and Control (C2) System Platforms
- Development of Glass Box Systems
Scope of the Report
- A dedicated section on growth opportunities and recommendations
- A qualitative and quantitative analysis of the immersive reality for defense market based on programs and global developments
- Quantitative analysis of the product sub-segment, which includes:
- By Type
- Augmented Reality (AR)
- Virtual Reality (VR)
- Mixed Reality (MR)
- By Component
- Sensors
- Camera
- Processor
- Modules
- Memory
- Display
- Others
- By Device
- Hardware
- Software
- By Type
- A detailed company profile comprising established players and growing startups
For more information about this report visit https://www.researchandmarkets.com/r/rfxlzn
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