Expanding monetization avenues are anticipated to provide opportunities for the global immersive technology market
Immersive technology is an advanced technology that immerses the user into a new or augmented reality thereby enhancing everyday life. The growing momentum of immersive technology’s use in almost all the sectors from surgical training to simulated Mars rover repairs is leading to sporadic growth of the global immersive technology market. As a result, the global immersive technology market has witnessed impressive growth.
In the future, the global immersive technology market is projected to gather approximately USD 22.4 billion by 2028 with and annual growth rate of approximately 26% by from 2018 to 2028. Virtual reality or augmented reality that replaces the user’s physical environment can be classed under immersive technology. Immersive technology is usually triggered to create immersive experiences. 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
The current industry trends show that immersive technology is poised to become a bigger part of everyday life of people and businesses around the world. Thus, there are immense opportunities for the new as well as established market players. The key influencing factors such as increasing applicability of immersive technologies like sports, video games, entertainment, healthcare, education is boosting the global immersive technology market.
Additionally, in the Covid-19 pandemic era with remote working becoming common immersive technologies are leading to opportunities in business driving market growth. However, funding, ethical issues, lack of established market are likely to hamper the global immersive technology market. Furthermore, 5G technology coupled with immersive technologies, growing adoption of AR and VR in businesses are anticipated to be an opportunity to the global immersive technology market.
The Adroit Market Research report gives a detailed study how the immersive technology market is progressing and how the market players intend to monetize the immersive technology products and services. To evaluate the strengths, weaknesses, and opportunities across the sectors Porter’s Five Forces Analysis and SWOT analysis has been incorporated by the research analysts. The market dynamics with base year 2020, historic years 2018-2020, and forecast years 2021-2028 are considered in the study. The immersive technology applications across the variety of sectors are studied in detail.
Moreover, recent global events related to immersive technology that are contributing to the growth of market are highlighted in the report. The report crafts intrinsically about the competitive arena and the high profile players guarding their competitive stance. Company profiles, geographic footprint, new immersive technology products and services launched in the market, financial information of the players, and other crucial aspects are detailed in the report.
The immersive technology products and service providers are doing investments at a large scale along with strategic initiatives like partnerships and acquisitions. The technology players to boost operations, enhance efficiency, and improve outcome of business are providing powerful immersive technologies.
Depending upon various approaches the market is classified into technology segments namely Fully Immersive and Semi Immersive. Fully immersed technology is providing artificial, digitally created content and environments to the users giving them experience real life scenarios. It is helping the users learn new skills and techniques and get more perfection.
Depending upon various approaches the market is classified into devices segments namely Head-Mounted Display, Gesture Tracking Devices, and Projectors & Display Wall. The Head-Mounted Display gathered maximum market share in global immersive technology market. The key reasons including the ability to investigate performance of real world tasks which is further reducing costs and refined control over experiment factors are driving the market growth.
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 accounted for maximum share in the market and are expected to see a stable growth in the forecasted years. Capability of immersive technology for providing better training and education and efficient design and prototyping, cost reduction are some key reasons driving growth of these segments in the market.
North America is at the forefront of the global immersive technology market, incurring tremendous revenue returns. Increasing use of hardware and software, use of impactful applications in several areas, and the ubiquity of mobile devices are contributing to the boost of global immersive technologies market in North America. Also, APAC is the major contributor of growth in immersive technology market.
The prominent market players in the 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 immersive technology market in 2020.
Key Segments of the Global Immersive Technology Market
Technology Overview, 2018-2028 (USD Trillion)
- Fully Immersive
- Semi Immersive
Device Overview, 2018-2028 (USD Trillion)
- Head-Mounted Display
- Gesture Tracking Devices
- Projectors & Display Wall
Application Overview, 2018-2028 (USD Trillion)
- Telecomm & IT
Regional Overview, 2018-2028 (USD Trillion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa