Immersive Technologies Market (Component: Hardware, Software/Platform, and Services; Technology: Virtual Reality [VR], Augmented Reality [AR], and Mixed Reality [MR]; Application: Training & Learning, Emergency Services, Product Development, and Sales & Marketing; and Industry: Healthcare, Education, Retail & eCommerce, Gaming, Construction, Media & Entertainment, Manufacturing, Aerospace & Defense, and Others) - Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Immersive Technologies market size was estimated at USD 82.52 billion in 2021 and is expected to surpass around USD 2.7 Trn by 2030 and poised to grow at a compound annual growth rate (CAGR) of 39% during the forecast period 2022 to 2030.

Immersive technologies in different industries are increasingly adopted for providing virtual training based on AR and VR technologies. Companies are offering industrial training, production process simulation, emergency handling, risk management training, and solutions majorly used in product design and development process. Companies are adopting in-house training programs for employees to increase efficiency and decision-making power during critical industrial emergency conditions.

Immersive technologies offer real-life experiences to employees during training. The 3D visual effect and operational joysticks improve the training experience. Increasing adoption of immersive technologies in the mining industry is meant to provide operating training to handle huge machinery and driving training of mining vehicles. Immersive technologies are cost-effective solutions, and training companies can provide different training modules on the same equipment and system. Rising demand for aviation training simulators is expected to provide a perfect market base to immersive technology solution providers, who are focused on developing advanced solutions with head-mounted gear and 360-degree immersive audio experience solutions to be able to drive demand for immersive technologies during the forecast period.

Immersive technology can help companies improve the product designing and development process by reducing the expenses of producing and testing demo products to improve the functionality. Companies can measure the actual performance of the product in a virtual environment and improve the functionality during the development phase. Hence, increasing adoption of immersive technology in industrial training and product development is expected to increase its demand during the forecast period.

Report Scope of the Immersive Technologies Market

Report Coverage

Details

Market Size by 2030

USD 2.7 Trn Billion

Growth Rate from 2022 to 2030

CAGR of 39% from 2022 to 2030

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

 and Region,

Companies Mentioned

 EON Reality, Inc., HCL Technologies LimitedThe 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., Magic Leap, Inc.

Increase in Adoption of Immersive Technology in Gaming, Healthcare Industries

  • The highest investment in immersive technologies is in gaming and entertainment sectors. Gaming solution providers offer AR, VR-based gaming software, and gaming accessories to enhance the real-life experience of gamers. HTC Corporation and Oculus VR offer one of the best gaming headsets embedded with advanced gaming solutions. Some of the finest VR games such as Beat Saber sold more than 1 million copies of the game in just nine months. Gaming companies are providing interactive AR and VR content to students and individual users to explore new information with gaming experiences.
  • Demand for applied game solutions depends upon the user experience, content offering, and cost to consumers. Gaming companies focus on providing immersive gaming solutions at effective consumer cost to increase their revenue opportunity among individual gamers and professional gamers. Companies are developing virtual gaming solutions with technologies such as extended reality (XR), mixed reality (MR), virtual reality (VR), augmented reality (AR), haptic technology, and simulation technologies to enhance the gaming experience.
  • Game developing companies are also focused on Serious Games (SGs) that are primarily based on education and training rather than entertainment. Solution providers are offering virtual training programs and education courses for medical students. Increasing adoption of immersive technology products such as AR headsets by surgeons pull up patients' physical information during critical operations that improves the performance of the medical system. Hence, increasing demand for immersive technologies in healthcare and gaming sectors is likely to boost market growth during the forecast period.
  • On the other hand, solution providing companies are offering VR/AR headsets with pre-installed customized software and gaming platforms, which increase the cost of the overall VR/AR headset solution. Solution providers offer services such as location-based VR, AR/VR simulation platforms, and industrial VR solutions that increase the cost of a headset and supporting devices. Therefore, the high initial price of a headset and other supporting AR, VR, and mixed reality hardware devices is expected to restrain the growth of the immersive technologies market.
  • For instance, the average price of a VR HMD was approximately US$ 730 in 2021 and AR glasses were priced at US$ 1,550. The price of the chipset and the introduction of new technology is currently driving the high cost of the devices.
  • Small & medium enterprises have budget constraints regarding investing in new technologies for employee training and the product development process. Lack of awareness about benefits of immersive technology training systems among small & medium scale companies is also one of the major factors hindering the growth of the immersive technologies market.
  • Several hardware manufacturing companies sign technological partnerships with software companies to design and develop the virtual simulation software program to deliver the training module according to customer requirements. Companies partner with local service providers to expand their service area and provide the services. However, poor coordination between multiple vendors is expected to restrain the market growth of immersive technological products.

Interactive, Body-based Innovations for Mindfulness Practice Gaining Popularity

Apart from education and retail, companies and startups in the immersive technologies market are unlocking growth opportunities in mindfulness meditation. Since mindfulness is an important factor of an individual’s subjective well-being, startups are increasing their research in human-computer interaction (HCI), which is helping to strengthen mindfulness. However, successful the exploitation of immersive technologies in order to strengthen mindfulness requires a systematic analysis of the potential interrelation, and influencing mechanisms between immersive technologies, its properties, factors, and existing models.

Thus, stakeholders in the immersive technologies market are innovating in design proposals that illustrate the potential of immersive technologies in providing interactive and body-based innovations for mindfulness practice.

Virtual Museum Tours, Field Trips Transforming Education Sector

The immersive technologies market is slated to register an explosive CAGR of ~38% during the forecast period. The immersive technology has the possibility to improve a student’s learning experience, while teaching them to embrace technology. From virtual field trips on the planet Mars to roleplaying as history’s greatest public figures, the use of VR in education is helping to make learning more entertaining, especially with distance education during the ongoing pandemic.

The Unimersiv app and Oculus Rift headset are being highly publicized to help students meet people from any country in the world and learn languages in VR. Virtual museum tours are helping students to be vividly immersed in arts and culture. The lesser known topics such as human chemistry are gaining attention with the InMind2’s scientific VR game, which helps students to learn about human chemistry in a fun and safe environment.

Medical Immersion Gains Importance in Pain Management, Medical Training, Memory Care

As the pandemic continues, healthcare providers are turning toward AR and VR tools to foster a connection with patients and enable a more personalized care approach. Companies in the immersive technologies market are capitalizing on this opportunity to innovate in fully immersive experience (VR) and incorporate sensory elements in a real-world setting via AR.

VR is providing medical immersion for a range of patient needs pertaining to pain management, medical training, and memory care. Such trends are translating into incremental opportunities for stakeholders in the immersive technologies market. Healthcare consumers are being exposed to AR and VR with the help of try on glasses via retailer’s website, which facilitates easy and effective entry point whilst bolstering sales. AR is being publicized as a patient-facing engagement tool for healthcare providers that offer solutions in aesthetic medicine and orthodontia markets.

Immersive Technologies Market: Key Developments

  • Key providers of immersive technologies such as EON Reality, Inc., HCL Technologies Limited, AVEVA Group PLC, and Lockheed Martin Corporation are focusing on advanced technologies and cost-effective immersive technologies to attract more commercial customers. Some other key developments in the global immersive technologies market have been highlighted below:
    • In March 2021, Honeywell International, Inc. acquired majority stake in Fiplex Communication, Inc. This acquisition will help Honeywell International, Inc. to expand its product portfolio in building connectivity and communication solutions.
    • In March 2021, Oculus, Inc. partnered with Konami Digital Entertainment, Ltd. to develop the “Beat Arena” music game where players can relish four different instruments - guitar, bass, drums, and keyboards, as if they are performing live.
    • In February 2021, CM Labs Simulations, Inc. signed a partnership agreement with Tigercat Industry, Inc. to build a simulator and give support to the training and sales team
    • In September 2020, AVEVA Group, Plc. announced a partnership with Maire Tecnimont’s Group, Inc. to enhance industrial digital transformation to the next level
    • In September 2020, HCL Technologies, Ltd announced the acquisition of DWS Limited, an Australian IT solutions company to provide digital transformation services to commercial end users
  • In the global immersive technologies market report, we have discussed individual strategies, followed by company profiles of providers of immersive technologies solution. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global immersive technologies market.

Some of the prominent players in the 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.
  • Magic Leap, Inc. 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Immersive Technologies market

            Component

  • Hardware
    • Head-Mounted Display (HMD)
    • Gesture Tracking Devices (GTD)
    • Projectors & Display Walls (PDW)
  • Software/Platform
  • Services
    • Professional
    • Managed

 Technology       

  • Virtual Reality (VR)
  • Augmented Reality (AR)
  • Mixed Reality (MR)

 Application

  • Training & Learning
  • Emergency Services
  • Product Development
  • Sales & Marketing

Industry

  • Healthcare
  • Education
  • Retail & eCommerce
  • Gaming
  • Construction
  • Media & Entertainment
  • Manufacturing
  • Aerospace & Defense

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Immersive Technologies industry analysis from 2022 to 2030 to identify the prevailing Immersive Technologies industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Immersive Technologies industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Immersive Technologies industry trends, key players, market segments, application areas, and market growth strategies.