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Immersive Technology Market Trends

ID: MRFR//10606-HCR | 128 Pages | Author: Garvit Vyas| July 2024

Immersive Technology Market Overview


Immersive Technology Market Size was valued at USD 22.1 Billion in 2022. The Immersive Technology market industry is projected to grow from USD 27.2 Billion in 2023 to USD 144.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.20% during the forecast period (2023 - 2032). Advancements in hardware, gaming and entertainment, immersive technology is being used for medical training, therapy and remote surgery, real estate, health and wellness, automotive and manufacturing, marketing and advertising, are the key market drivers enhancing the market growth.


Figure 1: Immersive Technology Market Size, 2023-2032 (USD Billion)


Immersive Technology Market Overview.Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Immersive Technology Market Trends


Rising gaming and entertainment industry is driving the market growth

Virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies have all benefited from innovation and wide acceptance fostered by the gaming and entertainment industries. In addition to pushing the limits of what is possible in terms of immersive experiences, this dynamic industry has also acted as a strong motivator for the development of hardware and software, broadening the market.


With VR gaming experiences leading the way, the gaming industry has been at the forefront of adopting immersive technologies. With unmatched levels of immersion, engagement, and participation, games like "Beat Saber," "Half-Life: Alyx," and "Resident Evil 7: Biohazard" have demonstrated the potential of virtual reality. In addition to engrossing players, these games have prodded hardware makers to spend money on more sophisticated VR headsets with better graphics, tracking, and controllers, therefore lowering the barrier to entry for immersive gaming.


The gaming and entertainment industries have seen tremendous advancements in augmented reality. Mobile augmented reality (AR) apps like "Pokémon GO" brought the idea of fusing digital content with the real environment to millions of gamers. Such games have fueled the development of AR platforms and devices, like smartphones and AR glasses, in addition to generating large amounts of income. Applications for augmented reality (AR) in the gaming and entertainment sectors are anticipated to expand and becoming more complex as the technology develops.


Immersive technology has also benefitted live performances and entertainment. Virtual concerts, sporting events, and theatrical productions have all been created using VR and AR, allowing spectators to take in immersive experiences from the comfort of their own homes. This has been especially helpful during the COVID-19 pandemic, when it was difficult for people to physically attend events. Thus, driving the Immersive Technology market revenue.


Immersive Technology Market Segment Insights


Immersive Technology Component Insights


The global Immersive Technology market segmentation, based on Component, includes hardware (head-mounted display (HMD), gesture tracking devices (GTD), projectors & display walls (PDW)), software/platform, and services (professional and managed). The hardware segment dominated the market in 2022. A crucial component of immersive experiences is display technology. Delivering realistic and visually beautiful VR and AR experiences depends on improvements in high-resolution, low-latency displays. The visual quality of VR headsets like the Oculus Quest 2 has improved thanks to the advancement of OLED and AMOLED screens, boosting users' immersion.


Immersive Technology Technology Insights


The global Immersive Technology market segmentation, based on technology, includes mixed reality (MR), virtual reality (VR), augmented reality (AR) and 360 film. The augmented reality (AR) segment dominated the market in 2022. Companies like Microsoft with their HoloLens and Magic Leap are utilizing augmented reality for enterprise applications, which is increasing use in enterprise and industrial settings. For maintenance and repair work, AR is utilized in the manufacturing industry. In order to increase productivity and lower errors, technicians can utilize augmented reality (AR) glasses to view real-time instructions and data overlays on complicated machinery.


Figure 2: Immersive Technology Market, by Technology, 2022 & 2032 (USD Billion)


Immersive Technology Market, by Technology


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Immersive Technology Application Insights


The global Immersive Technology market segmentation, based on application, includes training & learning, emergency services, product development and sales & marketing. The training & learning segment dominated the market in 2022. Immersive technologies offer engaging and interactive learning experiences that can significantly improve knowledge retention and understanding. For example, medical students can use VR simulations to practice surgical procedures in a realistic virtual environment, allowing them to gain valuable experience before working on actual patients.


Immersive Technology Industry Insights


The global Immersive Technology market segmentation, based on industry, includes healthcare, retail & ecommerce, education, construction, media & entertainment, gaming, manufacturing, aerospace & defense, others (automotive, energy, etc.). The Healthcare category generated the most income in 2022. Medical practitioners can perform surgical procedures in a realistic, risk-free environment with the help of VR and AR simulators. For instance, Osso VR gives surgeons a platform to refine their abilities through realistic simulations, lowering the learning curve and improving patient safety.


Immersive Technology Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Immersive Technology Market dominated this market in 2022 (45.80%). Silicon Valley serves as the hub of a dominant tech ecosystem in North America, primarily the United States. Tech behemoths like Apple, Google, Facebook (Meta), Microsoft, and a slew of startups that specialize in immersive technology call this region home. The dominance of these businesses provides a dynamic environment for innovation that supports the expansion of the market for immersive technology. Further, the U.S. Immersive Technology market held the largest market share, and the Canada Immersive Technology market was the fastest growing market in the North America region.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3: IMMERSIVE TECHNOLOGY MARKET SHARE BY REGION 2022 (USD Billion)


 IMMERSIVE TECHNOLOGY MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe Immersive Technology market accounts for the second-largest market share. Immersive technology's extensive application in teaching and healthcare is one of the key factors influencing the market in Europe. The region's healthcare systems were early adopters of immersive technology for patient care and medical training, putting a strong emphasis on the technology's useful applications. For instance, The University of Oxford in the UK uses virtual reality simulations for surgical training, which lowers the learning curve for healthcare practitioners. The outcomes for patients and patient safety are improved by this prevailing tendency. Further, the German Immersive Technology market held the largest market share, and the UK Immersive Technology market was the fastest growing market in the European region.


The Asia-Pacific Immersive Technology Market is expected to grow at the fastest CAGR from 2023 to 2032. The Asia-Pacific region, including China, India, and Southeast Asian countries, has a rapidly growing middle class with increasing disposable income. The dominating reason here is the potential for immersive technology to cater to this expanding market of tech-savvy consumers seeking immersive entertainment and educational experiences. China's booming VR arcade industry serves as a dominating example of catering to the middle-class population. These arcades offer immersive gaming experiences, making VR accessible to a wider audience. Moreover, China’s Immersive Technology market held the largest market share, and the Indian Immersive Technology market was the fastest growing market in the Asia-Pacific region.


Immersive Technology Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Immersive Technology market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Immersive Technology industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Immersive Technology industry to benefit clients and increase the market sector. In recent years, the Immersive Technology industry has offered some of the most significant advantages to medicine. Major players in the Immersive Technology market, including Acer Inc., Atheer, Inc., AVEVA Group PLC, Barco NV, Blippar Ltd., Carl Zeiss AG, CM Labs Simulations Inc., EON Reality, Inc., FAAC Incorporated, Google, 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, VI-grade GmbH, Zeality Inc. and others, are attempting to increase market demand by investing in research and development operations.


Acer Inc. (Acer) is a corporation that develops, designs, markets, and sells information technology (IT) products. Personal computers, projectors, tablet PCs, smartphones, wearable technology, smart devices, LCD displays, servers, and ICT equipment are all part of the company's product line. Acer sells goods under the brand names Acer, Gateway, Predator, Concept D, Planet9, and Packard Bell. Additionally, it engaged in e-commerce, the distribution of IT products, and the use of virtual reality headsets, digital billboards, cloud services, mobile devices, new energy devices, and real estate services. Africa, the Middle East, Europe, the Asia-Pacific region, and the Americas all have activities for the corporation. The main office of Acer is in Taipei, Taiwan.


A part of Schneider Electric SE, AVEVA Group Plc (AVEVA) provides engineering software solutions. The company offers corporate solutions, design, engineering, software, plant and marine catalog information, and ship building and design management systems. It also provides consultation, integration, and lifecycle management services. Engineering projects in the fields of mining, metals, infrastructure, life sciences, food and beverage, consumer packaged products, oil and gas, energy, marine, chemical, and manufacturing can all profit from the technology provided by AVEVA. The business sells its products under the AVEVA NET brand. AVEVA's headquarters are in the UK's Cambridge shire region.


Key Companies in the Immersive Technology market include




  • Acer Inc.




  • Atheer, Inc.




  • AVEVA Group PLC




  • Barco NV




  • Blippar Ltd.




  • Carl Zeiss AG




  • CM Labs Simulations Inc.




  • EON Reality Inc.




  • FAAC Incorporated




  • Google LLC




  • Honeywell International Inc.




  • HCL Technologies Limited




  • 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




  • VI-grade GmbH




  • Zeality Inc.




Immersive Technology Industry Developments


June 2023: Apple has acquired augmented reality headset startup Mira for an undisclosed amount. The acquisition aligns with Apple's launch of the $3,499 Vision Pro AR headset, marking its entry into the augmented/virtual reality (AR-VR).
 

July 2023: HCLTech, a global technology company, joins Meta's XR Startup Program in collaboration with MeitY Startup Hub. As a knowledge partner, HCLTech will mentor startups focusing on augmented reality, virtual reality, and mixed reality, particularly in education, healthcare, and agri-tech. The program aims to propel India into a metaverse-driven future, fostering innovation and economic impact.

May 2022: Google has acquired Raxium, a Bay Area startup specializing in microLED display technologies for wearables and AR/VR headsets. The move underscores Google's commitment to investing in hardware efforts, with Raxium's expertise playing a pivotal role.

 

May 2022: AVEVA, a global industrial software leader, and Kent, a leading international energy services partner, have signed an MoU to explore digital solutions in the energy industry. The partnership enhances Kent's digital offerings using AVEVA's platform, fostering global energy firms' digital transformation and sustainability goals through innovative approaches. The collaboration focuses on EPC4.0, digital twin solutions, AI, big data, cloud, and immersive technologies, providing comprehensive support across the asset lifecycle.

March 2023: ZEISS has acquired full ownership of tooz technology GmbH by purchasing Deutsche Telekom's shares in the joint venture. This move positions tooz as the AR/VR competence center within the ZEISS Group. The collaboration, initiated in 2018, successfully integrated optics, optoelectronics, and connectivity for smart glasses.

 

July 2020: EON Reality partners with Dell to advance AR and VR solutions for global education and industry. The collaboration utilizes Dell's reach to promote EON Reality's AVR Platform, facilitating immersive learning experiences worldwide.

 

October 2020: Honeywell introduces the Immersive Field Simulator, combining 3D immersive technology with operator training simulation for plant operators and field technicians. The virtual reality-based tool offers targeted, on-demand training in a digital twin of the physical plant, improving workforce competency and minimizing operational downtime.

Immersive Technology Market Segmentation


Immersive Technology Component Outlook




  • Hardware




    • Head-Mounted Display (HMD)




    • Gesture Tracking Devices (GTD)




    • Projectors & Display Walls (PDW)






  • Software/Platform




  • Services




    • Professional




    • Managed






Immersive Technology Technology Outlook




  • Mixed Reality (MR)




  • Virtual Reality (VR)




  • Augmented Reality (AR)




  • 360 Film




Immersive Technology Application Outlook




  • Training & Learning




  • Emergency Services




  • Product Development




  • Sales & Marketing




Immersive Technology Industry Outlook




  • Healthcare




  • Retail & eCommerce




  • Education




  • Construction




  • Media & Entertainment




  • Gaming




  • Manufacturing




  • Aerospace & Defense




  • Others (Automotive, Energy, etc.)




Immersive Technology Regional Outlook




  • North America








    • U.S.




    • Canada








  • Europe








    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe








  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America






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