The global immersive technology market size is expected to reach USD 169.24 billion by 2030, expanding at a CAGR of 25.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Over the past few years, these technologies have found extensive applications in various notable sectors, such as gaming, healthcare, education, and construction, among others.
Governments around the world have recognized the potential of immersive technology to boost economic growth, increase productivity, and improve infrastructure. A notable example is the “Digital India” initiative of the Government of India. The developing process of transforming India into a digitally empowered nation has led to a massive adoption of this technology. Government focus on fostering innovation and digitization has led to increased visibility and application of VR & AR solutions in sectors such as education and healthcare.
Governments are incorporating immersive technology solutions in education to transform learning experiences. Projects such as the “EdTech Mission” in Singapore aim to integrate VR and AR solutions in classrooms to provide students with interactive and engaging educational content. This not only increases subject understanding but prepares students for a technology-driven future. Moreover, in manufacturing, the government uses this technology to increase efficiency and safety of operations.
Germany’s “Industry 4.0” initiative encourages the integration of virtual and augmented reality into production processes. This has led to the creation of smart workstations where employees use AR glasses to capture items. Besides this, the establishment of such smart workplaces has also enabled employees to access real-time feedback, thus improving accuracy of processes and reducing errors.
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The hardware component segment exhibited robust demand, driven by an increased popularity and use cases of AR and VR devices. Advancements in headsets, sensors, and haptic feedback systems have enhanced user experiences, attracting both consumers and businesses
The augmented reality technology segment is expected to expand at a substantial CAGR through 2030 in this market
Training and learning emerged as the dominant application segment in 2022. This segment is poised for sustained expansion through 2030, thus shaping the future of training methodologies
Healthcare has experienced positive growth, owing to a steadily increasing adoption of VR and AR technologies across diverse application areas, including surgical training, patient therapy, aids in medical imaging, etc.
North America dominated the market for immersive technology in 2022. This regional growth is aided by increased adoption of immersive technology products in various industries such as gaming, healthcare, education, and enterprise
In July 2023, HCL Technologies became a part of the XR Startup Program, which is an initiative between Meta Inc. and the Indian Ministry of Electronics and Information Technology to discover, develop, and accelerate the progress of extended reality (XR) technology start-ups in India
Grand View Research has segmented the global immersive technology market on the basis of component, technology, application, industry, and region:
Immersive Technology Component Outlook (Revenue, USD Billion, 2018 - 2030)
Hardware
Head-Mounted Display (HMD)
Gesture Tracking Devices (GTD)
Projectors & Display Walls (PDW)
Software
Services
Professional Services
Managed Services
Immersive Technology Outlook (Revenue, USD Billion, 2018 - 2030)
Virtual Reality (VR)
Augmented reality (AR)
Mixed Reality (MR)
Others (360 Films, Haptics, etc.)
Immersive Technology Application Outlook (Revenue, USD Billion, 2018 - 2030)
Training & Learning
Emergency Services
Product Development
Sales & Marketing
Others (Content Creation, Remote Collaboration, etc.)
Immersive Technology Industry Outlook (Revenue, USD Billion, 2018 - 2030)
Aerospace & Defense
Manufacturing
Automotive
Education
Media & Entertainment
Gaming
Healthcare
Retail & E-Commerce
Others (Construction, Energy, etc.)
Immersive Technology Regional Outlook (Revenue, USD Billion, 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Asia Pacific
Japan
China
India
South Korea
Australia
South America
Brazil
Middle East & Africa
UAE
South Africa
List of Key Players in the Immersive Technology Market
Barco NV
EON Reality
Google LLC (Alphabet Inc.)
HTC Corporation
IBM Corporation
Magic Leap
Meta
Microsoft Corporation
Samsung Electronics Co., Ltd.
Sony Corporation
Ultraleap Limited (Leap Motion, Inc.).
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