Dublin, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The "Global Immersive Analytics Market by Component (Hardware, Services, Software), End-User (Automotive, Construction, Defense) - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Immersive Analytics Market size was estimated at USD 947.70 million in 2023 and expected to reach USD 1.28 billion in 2024, and is expected to grow at a CAGR of 38.18% to reach USD 9.11 billion by 2030.
These innovative systems enable users to interact with complex data sets in immersive environments, aiming to improve decision-making, enhance collaboration, and increase efficiency across various industries. The increasing demand for enhanced decision-making capabilities in multiple industries drives the growth of the immersive analytics market.
The proliferation of big data and the subsequent need for simplified data analysis solutions have made immersive analytics an essential tool for organizations to identify trends, patterns, and correlations within their data sets. Additionally, rising demand for immersive analytics from the entertainment industry and increasing application in healthcare and medical training have fueled the adoption of immersive analytics solutions. On the other hand, high costs associated with immersive analytics deter SMEs from investing in immersive analytics solutions.
Moreover, data privacy and safety concerns are significant challenges affecting the market as organizations often deal with sensitive information requiring stringent protection measures. However, the growing deployment of 5G technology worldwide and integration of immersive analytics in e-commerce and virtual retail provide opportunities for players operating in the immersive analytics market.Recent Developments
SAP and Accenture Collaborate on Immersive Services and Simulations to Improve Supply Chain Resilience and Sustainability
SAP and Accenture have formed a partnership to develop immersive experiences on the SAP Business Technology Platform (SAP BTP). Through the platform, organizations can leverage immersive services to test and expand solutions with trusted partners. These services offer opportunities to enhance employee onboarding, attract digital native talent, and foster collaborative operations among users.
TIBCO Offers New, Highly Immersive Analytics to Scale Data Science Across the Organization
TIBCO, a global leader in data connectivity, management, and analytics, has announced significant enhancements to its analytics suite. These updates provide customers with immersive, smart, and real-time insights, bridging the gap between insight and action. This empowers customers to make faster decisions with greater confidence. TIBCO's Data Management and Analytics portfolios encompass a range of powerful capabilities, including visual analytics, streaming, and data science.
Regional Insights
In the Americas, the rapid expansion of immersive analytics is due to increased investment in research and development and a growing interest from businesses to derive actionable insights from massive datasets through innovative data visualization and interaction techniques. The United States stands out at the forefront of this continuous growth of immersive analytics within the Americas region. Its increasing number of skilled professionals, coupled with strong government support for innovation, has led to an ecosystem that fosters the development and commercialization of breakthrough technologies in the immersive analytics domain.
Immersive analytics in APAC is developing owing to the growing need for businesses to harness large volumes of data from various sources, such as IoT devices, social media platforms, and e-commerce transactions. China holds a prominent position within the APAC region when it comes to pioneering developments in immersive analytics, as it made significant strides in research and development related to AR/VR technologies and is home to several prominent players. Japan and South Korea are also making substantial contributions to the growth of immersive analytics in APAC.
They are renowned for their technological prowess and have been early adopters of AR/VR technologies in areas,including gaming and entertainment. The immersive analytics market in EMEA has witnessed remarkable growth due to increasing demand for better data visualization tools from various industries, such as healthcare, retail, manufacturing, and financial services.
In the Middle East and Africa region, immersive analytics are gaining traction with the penetration of high-speed internet connections and advancements in mobile technology. The immense potential of immersive analytics has encouraged organizations across diverse geographical regions to invest in research and development initiatives that cater to specific consumer needs and purchasing behaviors.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 196 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $1.28 Billion |
| Forecasted Market Value (USD) by 2030 | $9.11 Billion |
| Compound Annual Growth Rate | 38.1% |
| Regions Covered | Global |
Market Insights
Market Drivers
- Rising demand for immersive analytics from the entertainment industry
- Increasing application in healthcare and medical training
- Expansion of AR and VR in the education sector
Market Restraints
- High cost associated with immersive analytics
Market Opportunities
- Growing deployment of 5G technology across the world
- Integration of immersive analytics in e-commerce and virtual retail
Market Challenges
- Concerns associated with data privacy and safety
Market Segmentation Analysis
- Component: Growing demand for immersive analytics services with digitalization of industries
- End-User: Higher potential of immersive analytics in route optimization and vehicle maintenance
Industry Insights
- Market Disruption Analysis
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- Accenture PLC
- Auganix Ltd.
- Aventior, Inc.
- BadVR, Inc.
- Cloud Software Group, Inc.
- Cognitive3D
- Google LLC by Alphabet Inc.
- HP Development Company, L.P.
- HTC Global Services
- Immersion Analytics
- International Business Machines Corporation
- JuJu Immersive Limited
- Lenovo Group Limited
- Magic Leap, Inc.
- Meta Platforms, Inc.
- PICO Immersive Pte. Ltd. by ByteDance.com
- Reply S.p.A.
- SAP SE
- Senseglove
- Softcare Studios
- Varjo HQ
Market Segmentation & Coverage
Component- Hardware
- AR/VR/MR Headsheet
- Controllers
- Displays
- Sensors
- Services
- Software
End-User
- Automotive
- Construction
- Defense
- Healthcare
- Media & Entertainment
- Transportation & Logistics
For more information about this report visit https://www.researchandmarkets.com/r/m8r93y
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