NEWARK, Del, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The immersive analytics market was valued at US$ 500 million in 2023. The market is expected to attain a valuation of US$ 50.5 billion by 2034, increasing at a CAGR of 51.9% between 2024 and 2034. By 2024, the market for immersive analytics is predicted to total US$ 774.5 million.
An important factor propelling the global immersive analytics market is the growing volume and complexity of data being produced by various sectors. There is an increasing need for user-friendly visualization tools that can efficiently convert complicated data into useful insights as enterprises struggle with large datasets. Immersion experiences that promote deeper comprehension and better-informed decision-making processes are provided by immersive analytics systems, which provide a compelling alternative.
Companies may use advanced visualization and analysis technologies to obtain a competitive advantage in the immersive analytics sector. Utilizing immersive technology, such as virtual and augmented reality, may help firms make better decisions, streamline processes, and spur innovation across a range of industries by revealing new insights from data.
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Key Takeaways from the Immersive Analytics Market Report:
- The global demand for immersive analytics reached US$ 100 million in 2019.
- By offering, immersive analytics hardware demand to flourish at a 51.7% CAGR through 2034.
- Around 51.5% of the global immersive analytics market revenue in 2024 will be generated by use in healthcare.
- Immersive analytics in the United States will advance at a CAGR of 52% by 2034.
- The market in the United Kingdom is anticipated to rise through 2034 at a 53.4% CAGR.
- It is projected that China's immersive analytics ecosystem will evolve at a 52.7% CAGR between 2024 and 2034.
"In the burgeoning Immersive Analytics Market, our recent study reveals a promising trajectory marked by the fusion of data analytics and immersive technologies. As organizations increasingly recognize the value of interactive and immersive data exploration, we anticipate robust growth in demand for immersive analytics solutions across various industries. This market offers unprecedented opportunities for innovation and enhanced decision-making through immersive data visualization and exploration." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Scope of Report:
| Report Attribute | Details |
| Growth Rate | CAGR of 51.9% from 2024 to 2034 |
| Market Value in 2024 | US$ 774.5 million |
| Market Value in 2034 | US$ 50.5 billion |
| Base Year for Estimation | 2023 |
| Historical Data | 2019 to 2023 |
| Forecast Period | 2024 to 2034 |
| Quantitative Units | US$ billion for value |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Countries Profiled |
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| Key Companies Profiled |
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Competitive Landscape:
Leading companies in the global immersive analytics market are experimenting by merging machine learning and artificial intelligence algorithms to provide smart insights and automate data analysis procedures. They are concentrating on developing scalable immersive analytics solutions that meet the needs of certain industries, such as manufacturing, healthcare, and finance.
Developments in gesture recognition and spatial computing are improving user engagement and immersion, which increases the usefulness and efficiency of immersive analytics platforms for a variety of applications.
Startups within the immersive analytics market are developing new applications and technologies, such as immersive data visualization platforms, AI-powered analytics solutions, and virtual collaboration tools. Their primary focus is on catering to specialized market sectors and utilizing innovation to challenge conventional methods of data analysis and decision-making procedures.
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Key Developments:
- In 2024, Vodafone and Microsoft Corp. built a 10-year strategic agreement to provide scalable digital platforms to over 300 million enterprises, public sector organizations, and consumers in Europe and Africa.
- Through the partnership, the companies will work together to develop new digital as well as financial services for businesses, particularly SMEs across Europe and Africa, and rethink their global data center cloud strategy. They will also work together to transform Vodafone's customer experience using Microsoft's generative AI and hyperscale Vodafone's leading managed IoT connectivity platform.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global immersive analytics market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the global immersive analytics market, the market is segmented based on offering (hardware (AR/VR/MR headset, displays, sensors & controllers, others), solution, services), end use (healthcare, government & defense, automotive & transportation, construction, media & entertainment, others) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East & Africa).
Immersive Analytics Market Segmentation:
By Offering:
- Hardware
- AR/VR/MR Headset
- Displays
- Sensors & Controllers
- Others
- Solution
- Services
By End Use:
- Healthcare
- Government & Defense
- Automotive & Transportation
- Construction
- Media & Entertainment
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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