Immersive Technologies Market
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, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Virtual Shopping, Immersive Learning Create Future Revenue Opportunities Post COVID-19 Outbreak
The notion of new normal is predicted to increase reliance on tools such as augmented reality (AR), virtual reality (VR), and mixed reality (MR) in order to fulfill personal and business obligations. Companies in the immersive technologies market are gauging future growth potential in virtual shopping, since the COVID-19 pandemic is snatching the physical shopping experience away from customers. From fashion to furniture, AR and VR have the potential to enable a virtual shopping space.
The try-before-you-buy concept for sunglasses and apparel is storming the immersive technologies market. AR filters are allowing shoppers to superimpose 3D products using smartphones and tablets. The VR is fueling the concept of virtual trial rooms. Another profitable industry is Ed-tech. Immersive learning and education hold untapped opportunities for startups and stakeholders, as the learning process for millions of students has been affected due to the ongoing pandemic.
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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.
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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.
VR Training Programs Help Trainees to Familiarize with Aircraft Crash Site Investigation Techniques
The immersive technologies market is projected to surpass US$ 2.6 Trn by 2031. Even as the aviation industry might be at its all-time operation low due to the ongoing pandemic, AR and VR are expected to create future growth opportunities. Hiverlab - a Singapore-based media technology company dealing with immersive technologies, is being known for its projects in how VR can be used in aircraft crash investigation.
Companies in the immersive technologies market are increasing their R&D muscle in multi-user VR experience that allows for the training of aircraft crash site investigation techniques and safety precautions, where the trainer can monitor the overall progress of the class at aviation academies.
Immersive Technologies Make Emergency Management, Disaster Preparedness Training More Engaging
AR, VR, and MR are gaining prominence in the field of emergency management and disaster preparedness training & education. Companies in the immersive technologies market are mainly focusing on this field to enable school-based activities that include disaster risk reduction, first aid, road safety, and water sanitation, among others. Resilience education activities such as disaster awareness activities, disaster drills/simulations, and training are becoming popular in schools.
Several schools are using immersive technologies for a range of aims, including building empathy, fundraising, and behavior change. Many traditional school based disaster risk reduction (SBDRR) methods of delivery are effective in conveying disaster knowledge among children and students. However, there is a need for conveying knowledge in an engaging and effective manner, which allows for contextualization and dissemination at a wide scale.
AR HUDs Project Real-time Information Help Driver Stay Focused
The automotive industry is one of the largest contributors of investments in the immersive technologies market. Since VR is still in its nascent stage, these technologies are as affordable as never before and present great potential for adoption in the automotive industry. The AR head-up display (HUD) is an advanced driver assistance system projecting real-time information to help a driver stay more focused. The data is displayed on the windshield and usually consists of warning signals, navigation, speed, and engine status.
Though many car manufacturers are implementing AR HUDs in automobiles, the full potential of this technology is yet to be unleashed. Stakeholders in the immersive technologies market are witnessing potential in this sector and increasing their research in AR technologies. Hyundai in cooperation with WayRay has unveiled the world’s first Holographic AR Navigation System.
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With immersive education, immersive entertainment accounts for a large share of the immersive technologies market and gained increased popularity during the COVID-19 pandemic. This is evident since content consumers are on the lookout for newer content formats. The immersive showrooming is also gaining prominence to eliminate the cost of furniture, rent, demo cars, inventory, and salaries. However, VR showrooms are not as effective as conventional ones, since customers want to touch and feel real cars in order to make their purchase decision. Hence, car brands should warm up to customers by setting up VR showrooms in public shopping malls with the possibility to test a real car in a nearby parking lot.
Immersive Technologies Market: Overview
- According to Transparency Market Research’s latest research report on the global immersive technologies market for the historical period of 2018–2020 and the forecast period of 2021–2031, increase in adoption of immersive technologies in industrial training and product development are factors expected to boost the global immersive technologies market during the forecast period
- In terms of revenue, the global immersive technologies market was valued at US$ 81.82 Bn in 2020, and is expected to cross US$ 2.6 Trn by 2031, expanding at a CAGR of ~38% during the forecast period
Rise in Adoption of Immersive Technology in Industrial Training, Product Development: Key Driver of Immersive Technologies Market
- 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.
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$ 720 in 2020 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.
Immersive Technologies Market: Competition Landscape
- Detailed profiles of providers of immersive technologies have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies Key players operating in the global 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.
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.
Immersive Technologies Market – Scope of Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global immersive technologies market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the immersive technologies market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the immersive technologies market will progress during the forecast period of 2021-2031.
The report offers intricate dynamics about the different aspects of the immersive technologies market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the immersive technologies market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the immersive technologies market, and estimate statistics related to the market progress in terms of value (US$ Bn).
The study covers a detailed segmentation of the immersive technologies market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the immersive technologies market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Immersive Technologies Market
The report provides detailed information about the immersive technologies market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the immersive technologies industry, so as to help them make successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of the advantages of immersive technologies?
- What are the various trends in the global immersive technologies market across the world and key market opportunities?
- What will be the revenue share of the global immersive technologies market in terms of industry?
- What will be the Y-o-Y growth of the immersive technologies market between 2021 and 2031?
- What are the competitive strategies of key players operating in the U.S. and the global market?
- Which technology is expected to generate maximum revenue in immersive technologies during the forecast period?
Research Methodology – Immersive Technologies Market
The research methodology adopted by analysts for combining the immersive technologies market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the immersive technologies market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the immersive technologies market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the immersive technologies market.
Immersive Technologies Market – Segmentation
TMR’s research study assesses the immersive technologies market on the basis of component, technology, application, industry, and region. Revenue data is estimated for all the abovementioned segments.