In terms of revenue the global immersive market is expected to exceed USD 22.4 billion by 2028 with and annual growth rate of approximately 26% by from 2018 to 2028. This impressive growth projection can be attributed to increasing reliance on advanced technology tools such as Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) to carry business and day-to-day operations.
Additionally, the Covid-19 era is enabling AR and VR to facilitate virtual shopping space from fashion, home essentials, to furniture. This is also a key factor in boosting the global immersive technology market. Also, advances in the gaming technology with several international players offering high-end games are also propelling significant advances in the global immersive technology market. However, ethical issues, budget constraints for small and medium enterprises to invest in new technologies, lack of technical expertise are some key challenges likely to hamper the global immersive technology market.
Nevertheless, supportive initiatives taken by government for providing financial and technical expertise, training programs, innovation are anticipated to be bankable opportunity for the global immersive technology market.
Immersive technology is the amalgamation of physical world and digital or simulated reality. Immersive technology is used to offer users an in-depth experience of the virtual environment in the computer augmented reality. The immersive technology makes the user feel as if he is immersed in the synthetic world. Virtual reality or augmented reality that replaces the user’s physical environment can be classed under immersive technology.
The immersive technology space is rapidly evolving with market players adopting various strategies to attract the users, strengthen their position, and keep pace with rapidly evolving industry trends. The market players are implementing immersive technologies in several ways such as in exploration of physical locations, immersive advertising, experiential marketing, immersive web apps, ecommerce, etc to innovate user experience. This is providing immense growth opportunities for their growth and the overall market.
The key players in the global immersive technology market are Sensics, Samsung Electronics, Microsoft, HTC, Facebook, CyberGlove, Barco, and Sixense Enterprises among all other start-ups and well-established firms. The companies have come up with a range of products into the global immersive technology market in the historical years. These tech giants have done large investments and acquisitions which suggest that immersive technology will become increasingly integrated with today’s platforms.
Immersive Technology Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 22.4 billion|
|Growth Rate||CAGR of 26% during 2021-2028|
|Segment Covered||Technology, Device, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Samsung Electronics, Microsoft, HTC, Facebook, CyberGlove, Barco, and Sixense Enterprises among all other start-ups and well-established firms.|
Key Segments of the Global Immersive Technology Market
Technology Overview, 2018-2028 (USD Billion)
- Fully Immersive
- Semi Immersive
Device Overview, 2018-2028 (USD Billion)
- Head-Mounted Display
- Gesture Tracking Devices
- Projectors & Display Wall
Application Overview, 2018-2028 (USD Billion)
- Telecomm & IT
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa
Reasons for the study
- The global immersive technology market report is a document to help you understand the competitive intensity and how the competition will shape the market space in future.
- To ensure you remain competitive as well as understand the key factors drivers or restraints impacting your business of the overall market.
- An elaborate trend assessment is also included in the study to equip readers with optimum cues on consumer preferences and technology milestones gaining prominence.
What does the report include?
- Study of segments that are experiencing strongest demand for immersive technology and highlights of the opportunities, strengths, weaknesses, constraints in the segments.
- Entry point barrier knowledge as well as untapped new opportunities for emerging players and the regulatory framework for implementing immersive technology in certain segment like healthcare and BFSI.
- Market size estimates and current market size of the aforementioned segments and regions.
- An illustrative coverage of the multifarious developments in the global immersive technology market.
- Market scenario analysis, current trends shaping the market, drivers, and impact analysis.
- In-depth study of regions, countries, and segments that are dominating the global immersive technology market.
Who should buy this report?
- The report is a valuable source of information to all the entities involved in the value chain including technology innovators, designers, executives, investors, business owners, and stakeholders, etc.
- The interested public like professionals and researchers in the field of immersive technology, R&D experts, etc seeking the latest global data on the market progression.
Frequently Asked Questions (FAQ) :
Immersive technology is a powerful technology that is allowing users to replace real life with perception of virtual life thereby artificially stimulating senses and deceiving body into accepting a different version of reality. For example, in the context of education it is allowing students to enhance their classroom experiences and discover different opportunities of learning.
AR or VR are becoming the promising technologies in ed-tech space transforming the field of education. Similarly it has transformed many fields. These are some key reasons that have accelerated the global immersive technologies market. Immersive technologies are enhancing user performance.
As a result the technologies are thrusting three times return on investment. Increasing number of small and medium sized firms in several sectors including education, marketing, business, and healthcare are adopting immersive technologies owing to the positive consequences associated with immersive technology use.
Fully immersive and semi-immersive categories are the broad segments based on technology. The fully immersive technology is making online shopping experience more seamless and interactive and allows brands to reach to customers every stage of purchasing journey. These factors are systematically orchestrating segment growth and expansion.
Head-mounted display, gesture tracking devices, and projectors & display wall are the prominent device-based segments. The key influencers such as cost reductions, refined control over experiment factors, and largely benefiting healthcare sector such as in conducting efficient microsurgeries are driving the growth of head-mounted display devices in the global immersive technology market.
Depending upon various approaches the market is classified into application segments namely BFSI, Healthcare, Telecomm & IT, Government, Manufacturing, and Others. The healthcare and manufacturing segments gathered the largest share in the global immersive technology market in 2020 and are expected to dominate the market in the forecasted years.
The North America leads in global immersive technology market. This is because the AR and VR technologies are attracting more revenue, market penetration, and consumer adoption in the regions. The key reason for this growing use of mobile devices that can be easily used for AR and VR applications.
Also, APAC has gathered maximum market share in global immersive technologies market. Smart city development leading to adoption of AR, VR, cloud computing technologies, market readiness, and adoption of immersive technologies by businesses and consumers are the key factors majorly influencing global immersive technology market in APAC.