Immersive Technology Market to Witness Upsurge in Growth during the Forecast Period by 2032

The Global Immersive Technology Market Continues Robust Growth Across Industries

Immersive technologies like augmented reality (AR), virtual reality (VR), and mixed reality (MR) are disrupting a diverse array of industries. By creating more engaging, interactive experiences, these technologies are being readily adopted for applications ranging from gaming to manufacturing. The global immersive technology market is witnessing exponential growth as costs fall and capabilities advance.

Market Overview

The Immersive Technology market industry is projected to grow from USD 27.2 Billion in 2023 to USD 144.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.20% during the forecast period (2023 – 2032).

North America held the biggest share of the global market in 2022. However, the Asia Pacific region is expected to grow at the fastest compound annual growth rate from 2022 to 2028. The rising tech-savvy population and increasing uptake of smart devices in India and China is spurring adoption in APAC.

Key Market Segments

The immersive technology market is segmented by technology, device type, application, end-user industry, and region.

Based on technology, the market is categorized into AR, VR, and MR. Augmented reality technology contributed the largest market share in 2022. However, mixed reality will register the highest CAGR over the forecast period.

Considering devices, the market is divided into HMDs, gesture control devices, projectors, and others. Head-mounted displays like VR/AR glasses accounted for the biggest device market share. Gesture control will increase rapidly as the technology matures.

The various end-use application areas of immersive technology include gaming, entertainment, healthcare, education, engineering, and retail. Gaming held the largest application share in 2022, but healthcare and retail will see burgeoning growth rates moving forward.

In terms of end-user industries, the market spans gaming and entertainment, healthcare, aerospace, manufacturing, education, and others. Media & entertainment was the largest end-user in 2022, while aerospace and healthcare will exhibit high growth through 2028.

Key Players

Leading companies operating in the immersive technology market include:

• Alphabet Inc.
• Sony
• Microsoft
• HTC
• Facebook
• Samsung
• Magic Leap
• WorldViz
• Marxent Labs
• Unity Technologies

These major technology firms are investing heavily in developing cutting-edge XR hardware and software to capture surging consumer and enterprise demand. Acquisitions and partnerships are allowing rapid innovations.

Market Drivers

Several key factors are propelling the growth of the global immersive technology market:

• Advances in hardware components like sensors, displays, processors, and cameras enable more sophisticated AR/VR capabilities.
• Development of 5G, WiFi 6, and edge computing allow for high-bandwidth and low-latency immersive experiences.
• Demand from consumers for more engaging entertainment and shopping experiences continues rising.
• Businesses want to leverage immersive technologies for employee training, digital workflows, and product design.
• AR, VR and MR are revolutionizing domains like medicine, fitness, education and industrial maintenance.
• The concept of the metaverse is driving fresh investments into XR technologies and infrastructure.
• Lower costs and smaller form factors are improving accessibility.

Given the promise of immersive technology to transform digital experiences across virtually every sector, this market is poised for monumental growth in the coming years as enabling technologies continue maturing.

Browse In-depth Market Research Report (128 Pages, Charts, Tables, Figures) on Immersive Technology Market – 

https://www.marketresearchfuture.com/reports/immersive-technology-market-12127

Industry News

• Apple plans to release its first AR/VR headset by early 2023, with an advanced model expected in 2024, fueling hype.
• Microsoft unveiled a new set of mixed reality collaboration tools in Teams to enable hybrid and remote work.
• Industrial giant Lenovo launched ThinkReality VRX, an enterprise VR headset and software platform.
• Retailer Walmart established VR labs to implement training simulations for employees at dozens of locations.
• The U.S. Army is prototyping augmented reality goggles for soldiers that overlay maps and other tactical data.
• Sports betting firm FanDuel launched an immersive VR experience allowing users to watch live NBA games in a virtual environment.

The applications of immersive technology spanning entertainment, work, medicine, design, and beyond will continue proliferating as the capabilities of XR hardware and software evolve.