Immersive Technologies Market by Offering (Hardware, Software, Services), Technology (Augmented Reality, Virtual Reality, Mixed Reality, Haptic), Application (Training & Learning, Remote Collaboration), Sector, and Geography

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Global Immersive Technologies Market by Offering (Hardware, Software, Services), Technology (Augmented Reality, Virtual Reality, Mixed Reality, Haptics), Application (Training & Learning, Remote Collaboration), Sector, and Geography-Forecast to 2031.

The research report titled, 'Global Immersive Technologies Market by Offering (Hardware, Software, Services), Technology (Augmented Reality, Virtual Reality, Mixed Reality, Haptics), Application (Training & Learning, Remote Collaboration), Sector, and Geography-Forecast to 2031,' provides an in-depth analysis of the immersive technologies market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031. The immersive technologies market is projected to reach $676.1 billion by 2031, at a CAGR of 30.6% from 2024 to 2031.

The growth of this market is attributed to growing investment and rising adoption of immersive technologies in the healthcare sector for training, and the emergence of the metaverse and web 3.0. However, the high cost of hardware is restraining market growth. In addition, the growing demand for 3D graphics and real-time 3D skills, and the rising adoption of immersive technologies in architecture, engineering, and construction are expected to create significant opportunities for this market. A shortage of skilled professionals challenges this market growth.

The global immersive technologies market is segmented based on offering (hardware, software, and services), technology (augmented reality, virtual reality, mixed reality, and haptics), application (training & learning, remote collaboration, visualization, promotion & advertising, product development, remote assistance, content creation, metaverse, and other applications), sector (education, automotive, aerospace & defense, manufacturing, retail & e-commerce, healthcare & medical devices, real estate, construction, media and entertainment, and other sectors), and geography. The study also evaluates industry competitors and analyses the regional & country-level markets.

Based on offering, the global immersive technologies market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of the global immersive technologies market. The large market share of this segment is attributed to factors such as the growing adoption of virtual reality headsets for consumer and commercial applications, and the rising focus of key players on product development & enhancement. For instance, in June 2023, Meta Platforms, Inc. (U.S.) announced the company's next-generation mixed-reality headset. This new headset boasts several upgrades compared to its predecessor. Notably, it features a sleeker design, with its thickness reduced by 40%.

However, the software segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the rising need for software for remote collaboration, product development, and content creation.

Based on technology, the global immersive technologies market is segmented into augmented reality, virtual reality, mixed reality, and haptics. In 2024, the virtual reality segment is expected to account for the largest share of the global immersive technologies market. The large market share of this segment is attributed to the benefits of virtual reality, such as improved learning, flexibility to create various types of environments or experiences, and increasing investments by technology companies.

However, the mixed reality segment is expected to record the highest CAGR during the forecast period. This segment's growth is driven by its ability to create immersive & engaging experiences and extensive use cases in product advertising & marketing, offering consumers a hands-free product experience.

Based on application, the global immersive technologies market is segmented into training & learning, remote collaboration, visualization, promotion & advertising, product development, remote assistance, content creation, metaverse, and other applications. In 2024, the training & learning segment is expected to account for the largest share of the immersive technologies market. The large market share of this segment is attributed to the rising use of immersive technologies by various end-use industries to deliver engaging, simulated, real-world learning experiences. For instance, in 2020, The Johns Hopkins University School of Nursing (U.S.) implemented VR training at all levels, from doctoral to prelicensure nursing, to enable repeatable immersive surgical simulations that bring valuable practice.

However, the promotion & advertising segment is expected to record the highest CAGR during the forecast period. This segment's growth is driven by the growing deployment of immersive technologies in the real estate sector for project demonstration and the rising adoption of immersive technologies by retailers to create immersive experiences for customers.

Based on sector, the global immersive technologies market is segmented into education, automotive, aerospace & defense, manufacturing, retail & e-commerce, healthcare & medical devices, real estate, construction, media & entertainment, and other sectors. In 2024, the media & entertainment segment is expected to account for the largest share of the immersive technologies market. The large market share of this segment is attributed to the growing emergence of AR/VR games, the growing use of haptic technology for gaming, rising use of AR/VR by media & entertainment companies to give an immersive first-hand feel to the viewers. For instance, in June 2023, The Walt Disney Company (U.S.) partnered with Apple Inc. (U.S.) to bring its streaming service Disney+ to Apple's new augmented reality headset.

However, the healthcare segment is expected to record the highest CAGR during the forecast period. The growth in this segment is driven by the growing use of immersive technologies in various activities such as surgery, supporting health conditions, such as dementia or depression, and healthcare training.

Based on geography, the global immersive technologies market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the immersive technologies market. The region's large share is attributed to the growing investment in digital infrastructure and the rising inclination of the region's technology companies toward metaverse and web 3.0.

However, the Asia-Pacific region is expected to record the highest CAGR during the forecast period. The growth of the market is driven by the rising use of immersive technology in real estate & construction, the emergence of new companies in the immersive technologies market, and growing investments in the development of immersive skills.

Key Questions Answered in the Report:

Which are the high growth market segments in offering, technology, application, sector, and geography?
What are the historical market sizes for immersive technologies across the globe?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, opportunities, and challenges in the global immersive technologies market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape for the global immersive technologies market?
What are the recent developments in the global immersive technologies market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high growth countries?
Who are the local emerging players in the global immersive technologies market, and how do they compete with other players?

Scope of the report:

Immersive technologies market Assessment-by Offering

Hardware
- Headsets
- Eyewear
- Gloves
- Sensors
- Displays
- Other Hardware
Software
Services

Immersive technologies market Assessment-by Technology

Augmented Reality
Virtual Reality
Mixed Reality
Haptics

Immersive technologies market Assessment-by Application

Training & Learning
Remote Collaboration
Visualization
Promotion & Advertising
Product Development
Remote Assistance
Content Creation
Metaverse
Other Applications

Immersive technologies market Assessment-by Sector

Education
Automotive
Aerospace & Defense
Manufacturing
Retail & E-commerce
Healthcare & Medical Devices
Real Estate
Construction
Media & Entertainment
Other Sectors

Immersive technologies market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- Israel
- UAE
- Rest of Middle East & Africa

Product Code: MRICT - 104880

1. Introduction

1.1 Market Definition & Scope
1.2 Market Ecosystem
1.3 Currency & Limitations
1.4 Key Stakeholders

2. Research Methodology

2.1 Research Approach
2.2 Process of Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3 Market Sizing and Forecast
- 2.3.1 Market Size Estimation Approach
  - 2.3.1.1 Bottom-up Approach
  - 2.3.1.2 Top-down Approach
- 2.3.2 Growth Forecast Approach
2.4 Assumption for the Study

3. Executive Summary

3.1 Market Overview
3.2 Market Analysis, by Offering
3.3 Market Analysis, by Technology
3.4 Market Analysis, by Application
3.5 Market Analysis, by Sector
3.6 Market Analysis, by Geography
3.7 Competitive Analysis

4. Market Insights

4.1 Overview
4.2 Factors Affecting Market Growth
- 4.2.1 Drivers
  - 4.2.1.1 Growing Investment in Immersive Technologies
  - 4.2.1.2 Rising Adoption of Immersive Technologies in Healthcare Sector for Training and Learning
  - 4.2.1.3 Emergence of Metaverse and Web 3.0
- 4.2.2 Restraints
  - 4.2.2.1 High Cost of Hardware
- 4.2.3 Opportunities
  - 4.2.3.1 Growing Demand for 3D Graphics and Real-time 3D Skills
  - 4.2.3.2 Rising Adoption of Immersive Technology in Architecture, Engineering, and Construction
- 4.2.4 Challenges
  - 4.2.4.1 Shortage of Skilled Professionals
4.3 Case Studies

5. Immersive Technologies Market Assessment-by Offering

5.1 Overview
5.2 Hardware
- 5.2.1 Headsets
- 5.2.2 Eyewear
- 5.2.3 Gloves
- 5.2.4 Sensors
- 5.2.5 Displays
- 5.2.6 Other Hardware
5.3 Software
5.4 Services

6. Immersive Technologies Market Assessment-by Technology

6.1 Overview
6.2 Augmented Reality
6.3 Virtual Reality
6.4 Mixed Reality
6.5 Haptics

7. Immersive Technologies Market Assessment-by Application

7.1 Overview
7.2 Training & Learning
7.3 Remote Collaboration
7.4 Visualization
7.5 Promotion & Advertising
7.6 Product Development
7.7 Remote Assistance
7.8 Content Creation
7.9 Metaverse
7.10 Other Applications

8. Immersive Technologies Market Assessment-by Sector

8.1 Overview
8.2 Education
8.3 Automotive
8.4 Aerospace & Defense
8.5 Manufacturing
8.6 Retail & E-commerce
8.7 Healthcare & Medical Devices
8.8 Real Estate
8.9 Construction
8.10 Media & Entertainment
8.11 Other Sectors

9. Immersive Technologies Market Assessment-by Geography

9.1 Overview
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 Germany
- 9.3.2 U.K.
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Netherlands
- 9.3.7 Rest of Europe
9.4 Asia-Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 South Korea
- 9.4.5 Singapore
- 9.4.6 Rest of Asia-Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Rest of Latin America
9.6 Middle East & Africa
- 9.6.1 Israel
- 9.6.2 UAE
- 9.6.3 Rest of Middle East & Africa

10. Global Immersive Technologies Market - Competitive Analysis

10.1 Overview
10.2 Key Growth Strategies
- 10.2.1 Market Differentiators
- 10.2.2 Synergy Analysis: Major Deals & Strategic Alliances
10.3 Competitive Dashboard
- 10.3.1 Industry Leaders
- 10.3.2 Market differentiators
- 10.3.3 Vanguards
- 10.3.4 Contemporary Stalwarts
10.4 Vendor Market Positioning
10.5 Market Share Analysis

11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments, and SWOT Analysis of Top 5 Companies)

11.1 Acer Inc.
11.2 AVEVA Group Plc
11.3 Microsoft Corporation
11.4 Magic Leap, Inc.
11.5 Google LLC
11.6 Sphere Technology Holdings, Inc.
11.7 JuJu Immersive Limited
11.8 Vive Business
11.9 EON Reality
11.10 Blippar Group Limited
11.11 Barco NV
11.12 Varjo Technologies Oy
11.13 Unity Software Inc.
11.14 PTC Inc.
11.15 Ethar, Inc.

12. Appendix

12.1 Related Reports
12.2 Available Customization