Transparency Market Research delivers key insights into the global immersive technologies market. In terms of revenue, the global immersive technologies market was valued at US$ 81.82 Bn in 2020. It is expected to cross US$ 2.6 Trn by 2031, expanding at a CAGR of ~38% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global immersive technologies market.
The market is broadly affected by several factors, including increasing awareness about immersive technologies in commercial and residential sectors. Thus, the rising adoption of immersive technologies in different sectors is propelling the global market for immersive technologies.
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Immersive Technologies Market: Dynamics
Mixed reality is a combination of virtual and augmented reality that allows end-users to experience a part of the virtual character/life in a real environment. This is expected to increase the market application of augmented reality solutions in the upcoming years across end-use sectors, such as gaming, construction, healthcare, automotive, and education. Most of the revenue from mixed reality would be included in the AR software and services segment in the near future. Microsoft Corporation has launched Hololens, specifically designed to provide an augmented reality experience to its end users. Many players in the market are currently selling their products as mixed reality products that is an enhanced version of VR and AR, due to the lack of definition for mixed reality. Thus, TMR believes that there exists an opportunity in mixed reality for players and it needs to be explored in the upcoming years. On the other hand, game designing companies are also transforming the gaming platform into a virtual reality platform to enhance the gaming experience. Increasing demand for virtual platforms for training and product development is expected to drive the adoption of immersive technologies in different industry verticals.
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Artificial intelligence involves the use of algorithms to analyze datasets and come up with real-time solutions for complex problems. VR and AR produce a large number of datasets in the background while creating a virtual environment for the end-user. Thus, by combining artificial intelligence-based image recognition and deep learning technology, developers would be able to draw insights into user thinking perspective and manipulate the virtual environment as per the user requirement. This would help the user to be better involved/connect and experience the virtual environment. The application of both technologies is expected to increase in the education, manufacturing, automotive, and aerospace sectors over the near future.
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Immersive Technologies Market: Prominent Regions
The immersive technologies market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and a rise in consumer spending in immersive technologies such as AR/VR and MR/XR in the region. The market in Europe is projected to expand during the forecast period, due to a significant rise in commercial investment in immersive technologies and an increasing number of immersive technology providers in major countries such as the U.K. and Germany. The market in the Asia Pacific is estimated to expand at a rapid pace during the forecast period, owing to the presence of a large number of players in the immersive technologies sector and an increase in the adoption of immersive technologies among commercial spaces.
Immersive Technologies Market: Key Players
Key players operating in the global immersive technologies market include EON Reality, Inc., HCL Technologies Limited, The Samsung Group, Zeality Inc., Oculus (Facebook Technologies, LLC.), Immersive Technologies Pty Limited, AVEVA Group PLC, CM Labs Simulations Inc., VI-grade GmbH, Lockheed Martin Corporation, FAAC Incorporated, Unity Software Inc., Varjo Technologies Oy, Acer Inc., Atheer, Inc., Barco NV, Blippar Ltd., Google, LLC, Honeywell International, Inc., and Magic Leap, Inc.
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