Immersive Technology Market will grow at highest pace owing to VR adoption in education and training
The immersive technology market allows individuals to experience a simulated virtual environment through technologies such as augmented reality, virtual reality, and mixed reality. Immersive technology solutions are utilized in various industries including healthcare, manufacturing, and retail. The adoption of augmented reality and virtual reality devices has grown significantly in recent years due to their ability to provide hands-on training and experience to users without any safety risks. Immersive technology is capable of replicating real-world scenarios and environments virtually through interactive digital mediums, thereby providing an opportunity for users to learn and train efficiently. Several industries are increasingly implementing immersive technologies to enhance workforce training by simulating hazardous work environments along with complex troubleshooting and repair scenarios.
The Global immersive technology market is estimated to be valued at US$ 28.45 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Immersive Technology Market Companies are Acer Inc., Apple Inc., AVEVA Group Plc, Barco NV, Blippar Group Limited, EON Reality, Inc., Google LLC, HTC Corporation, Magic Leap, Inc., Microsoft Corporation, and NVIDIA Corporation. Key players are strategically focusing on product launches and partnerships to expand their offerings and global presence. For instance, in 2022, Acer launched the ConceptD 7 SpatialLabs Edition, the world's first laptop with built-in stereo cameras to deliver 3D capabilities without glasses.
The growing demand for advanced training simulations across industries such as construction, aviation, automotive, and healthcare is expected to drive the adoption of immersive technology solutions. Immersive technology allows users to practice in a risk-free virtual environment and gain hands-on experience of complex scenarios. This is especially valuable for training professionals in safety-critical domains.
Major industry players are focused on expanding their global footprint by establishing partnerships with system integrators and Value Added Resellers (VARs). For example, in 2021, BARCO partnered with Rize, a leader in mixed reality development platforms, to bring scalable volumetric capture and mixed reality presentation capabilities to a wide range of applications. Such initiatives are expected to facilitate the adoption of immersive technologies across regions.
Market Drivers
The rising need for training simulation across industries is a major driver of the Immersive Technology Market Trend. Immersive technologies provide a risk-free, interactive environment for users to learn complex skills through virtual training simulations. This is especially valuable for skills-based training in high-risk domains such as aviation, defense, manufacturing, and healthcare. Immersive simulations allow professionals to experience scenarios involving hazardous equipment, toxic environments, and emergency response procedures virtually before implementing learned skills in real-world settings. The capability of these technologies to enhance learning outcomes through hands-on experience is expected to significantly drive their demand for training purposes across industry verticals over the forecast period.
The current geopolitical instability across several regions is impacting the growth of the immersive technology market. The ongoing Russia-Ukraine war and rising tensions between major economies have disrupted supply chains and increased costs. Many technology companies have paused or reduced operations in Russia and related sanctions are restricting trade, compounding challenges for the market. Further, heightened military activity and changes in territorial control have raised uncertainties. To sustain growth, market players must diversify manufacturing and partner with local firms across regions to establish alternative sources. They also need to proactively monitor policy changes and invest in non-conflict areas with supportive innovation policies. Streamlining operations and optimizing costs would help boost competitiveness amid a difficult macroeconomic environment. Looking ahead, resolving geopolitical issues and restoring stability would facilitate trade and collaboration, reinvigorating the market's expansion.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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