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Immersive Technology Market is Anticipated to Witness High Growth Owing to Rising Demand for Virtual Reality Based Applications
The immersive technology market includes virtual reality
(VR), augmented reality (AR) and mixed reality (MR) solutions that provide an
immersive digital experience to users. Immersive technologies allow users to
interact with digital objects and experiences through VR/AR/MR headsets,
glasses or mobile devices. The technologies are changing the way users interact
with digital content across various industries like gaming, entertainment,
education, retail, healthcare and more. Immersive technologies offer enhanced
user experiences, more engaging visualizations and productivity gains. For
example, VR/AR programs provide immersive training simulations that improve
learning while reducing costs. Immersive solutions are also enabling remote
assistance, telepresence and digital twins. The rising need for improved
training, visualization and productivity is driving demand for immersive
technology solutions globally. The Global
immersive technology market is estimated to be valued at US$ 28.45 Bn in 2024
and is expected to exhibit a CAGR of 24.% over the forecast period 2024 to
2031.
Key Takeaways
Key players operating in the Immersive
Technology Market Companies are Acer Inc., Apple Inc., AVEVA Group Plc,
Barco NV, Blippar Group Limited, EON Reality, Inc., Google LLC, HTC
Corporation, Magic Leap, Inc., Microsoft Corporation, and NVIDIA Corporation.
These companies are focusing on developing more advanced and affordable
immersive technology solutions.
One of the key opportunities for market players is the growing adoption of
VR/AR/MR technologies across industrial sectors for training, design, and
manufacturing. Immersive technologies are enabling remote collaboration and
assisting industries in moving to smart, digital transformation.
The market is also witnessing increasing global expansion as major players look
to tap into high growth regional markets. Strategic partnerships with local
players to offer customized solutions and invest in content and infrastructure
development will drive further market growth.
Market drivers: Growing technology adoption across industries for improved
productivity and remote working is a key driver. Immersive technologies are
enabling more efficient remote collaboration, design, training and decision making.
Market restrain: High costs of equipment, limited high-quality content and
dependency on network connectivity are major restraints. Affordability issues
may restrict broader consumer adoption in the near-term. Lack of infrastructure
readiness is also a challenge in some markets.
Segment Analysis
Hardware (headsets, sensors etc.) dominates the Immersive
Technology Market Demand as the core hardware component enables the
desired immersive experience. Within hardware, the VR headset segment holds a
major share currently due to growing uptake of VR tech across gaming and
entertainment applications. As VR/AR technologies continue to rapidly evolve,
the corresponding hardware will drive further segment growth over the forecast
period through continuous upgrades and new product introductions from major
players.
Global Analysis:
North America region holds the leading share in the overall immersive
technology market currently owing to sizable investments and early adoption
across industries like manufacturing, healthcare, education etc. Asia Pacific
region is anticipated to grow at the fastest pace during the forecast years.
Countries like China, India, Japan are expected to offer immense opportunities
in immersive tech driven by factors such as rising digitalization initiatives,
massive customer base and government support for new technologies.
Additionally, growing application scope across various application sectors is
likely to propel the regional market.Get more insights on Immersive
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Author:Ravina
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