Richmond, Dec. 18, 2023 (GLOBE NEWSWIRE) -- According to a research report "Immersive Analytics Market”, by Offering (Hardware {AR/VR/MR Headset, Displays, Sensors & Controllers and Others}, Solutions and Services {Professional Services and Managed Services}), Application (Education & Training, Sales & Marketing, Design & Visualization, Strategy Planning and Others), End-use Industry (Healthcare, Media & Entertainment, Automotive & Transportation, Construction, Government & Defense and Others) and Region - Global Forecast to 2030.
Global Immersive Analytics Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.0 Billion |
| Market size value in 2030 | USD 17.6 Billion |
| CAGR (2023-2030) | 50.6% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Immersive Analytics Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Immersive Analytics Market is attracting significant attention due to its distinctive ability to blend technological advancements with the exploration of data. It serves as a catalyst for unlocking the potential inherent in vast datasets, providing a panoramic perspective that surpasses traditional analytics. This all-encompassing viewpoint empowers stakeholders to extract nuanced insights and make informed decisions beyond the confines of conventional approaches. With organizations increasingly prioritizing data-driven strategies, Immersive Analytics emerges as a transformative influence, allowing users to engage with data in a visceral, experiential manner, revealing patterns, correlations, and insights previously concealed within intricate datasets. This transformative potential not only enhances decision-making processes but also reshapes the dynamic between individuals and the data they utilize for innovation and growth. Despite being in its early stages, the Immersive Analytics Market shows promising prospects for businesses, suggesting potential revenue amplification through adept problem-solving, improved work performance, and strategic foresight. However, its implementation remains limited to sporadic workshops and specific use cases, emphasizing the need for a more in-depth exploration of its capabilities. The nuanced complexity of the Immersive Analytics Market indicates a promising trajectory, marking a transformative shift in how data is perceived and interacted with, creating a landscape where data becomes an experience and facilitates informed decision-making at unprecedented levels.
Major Vendors in the Global Immersive Analytics Market:
- IBM
- Accenture
- Aventior
- BadVR
- HPE (Hewlett Packard Enterprise)
- Microsoft
- Qlik
- SAP
- Virtualitics
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Increasing Demand for Enhanced Data Visualization and User Experience
Advanced data visualization provides an instinctive grasp of complex datasets, while immersive analytics enables users to interact seamlessly with data, thereby enhancing decision-making processes. Visual immersion facilitates the swift identification of hidden patterns, correlations, and outliers that may not be easily discerned in traditional 2D displays. Immersive analytics platforms offer a more engaging and interactive user experience by incorporating technologies such as augmented reality (AR), virtual reality (VR), and mixed reality. These platforms create an environment where users can explore data in a three-dimensional space, making the analytics process more interesting and accessible, encouraging extended exploration of insights. Unlike traditional analytics tools, which often limit data exploration to 2D representations, Immersive Analytics Market solutions provide 3D visualizations and interactive capabilities, empowering users to comprehensively explore data from various angles and perspectives for a deeper understanding. These tools also facilitate improved communication and collaboration among teams by visualizing data in an immersive environment, fostering a collaborative approach to problem-solving and decision-making. The demand for enhanced data visualization and user experience spans across diverse industries, including healthcare, manufacturing, gaming, education, and others, with each sector seeking innovative ways to extract insights and make informed decisions from their data, making immersive analytics a versatile and highly sought-after solution.
Market Dynamics
Drivers:
- Advancements in Immersive Technologies
- Rising Demand for Enhanced User Experience
- Enhanced Decision-Making
Opportunities:
- Integration with Artificial Intelligence (AI) and Machine Learning (ML)
- Focus on Accessibility and Usability
- Expansion into New Verticals
Increasing demand of IoT will create huge potential for immersive analytics
The escalating demand for Internet of Things (IoT) technologies is poised to unleash substantial potential for immersive analytics within the Immersive Analytics Market. As IoT continues to permeate various industries, generating vast volumes of data from interconnected devices, the need for advanced analytics solutions becomes imperative. Immersive analytics, with its capability to provide a comprehensive and interactive visualization of complex IoT datasets, is positioned to play a pivotal role in extracting meaningful insights. The symbiotic relationship between the increasing adoption of IoT and the immersive analytics market signifies a synergy that can revolutionize data exploration and decision-making processes, offering businesses a powerful tool to navigate the intricacies of IoT-generated information in a more intuitive and engaging manner.
The market for Immersive Analytics is led by North America.
In 2022, the Immersive Analytics Market in North America took a leading position, driven by the region's state-of-the-art technological infrastructure and robust tech ecosystem. The advanced technological landscape and the thriving financial services sector in this region have contributed to the widespread adoption of immersive analytics as organizations seek a competitive advantage. Specifically, the U.S. held the largest market share within the immersive analytics market, while Canada emerged as the fastest-growing market in the North American region.
Furthermore, The Asia Pacific region is anticipated to experience the highest growth rate in the Immersive Analytics Market throughout the forecast period. This trajectory is propelled by continuous advancements in Virtual Reality (VR) and Augmented Reality (AR) technologies, coupled with more accessible and cost-effective hardware, making immersive analytics an attractive option for businesses exploring advanced data analysis solutions. Industries such as healthcare, education, gaming, and manufacturing in the region are actively embracing immersive analytics to elevate data visualization, training, simulations, and decision-making processes. Governments in some Asian Pacific countries are actively supporting the adoption of immersive technologies through funding, incentives, and favorable policies, contributing to the market's growth. With a growing focus on enhancing user experiences, companies are recognizing the potential of immersive analytics as a visually engaging and interactive means of interacting with data.
The Services Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
The market is categorized into hardware, solutions, and services based on offerings, with the services segment exhibiting significant growth in 2022. Immersive analytics services encompass both managed and professional services. These services, including strategic guidance, specialized development, enhanced visualizations, training programs, seamless user experiences, integration with existing systems, and ongoing support, play a crucial role in assisting organizations in the successful implementation of immersive data visualization and analysis technologies. Organizations can tailor their selection of services based on their specific needs to leverage immersive analytics for enhanced understanding and decision-making processes.
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