The Global Immersive Analytics Market size is expected to reach $13.2 billion by 2030, rising at a market growth of 47.5% CAGR during the forecast period.
Media and entertainment industry utilizes immersive technology and analytics in the form of immersive entertainment, which necessarily combines mixed reality, artificial intelligence (AI), augmented reality (AR), and virtual reality (VR). Hence, the Media and entertainment sector is expected to generate approximately 1/5th share of the market by 2030. The value of the worldwide music industry was estimated by the International Trade Administration (ITA) to be $80.2 billion in 2020. Regarding revenue, the top 5 countries worldwide are the US, Germany, Japan, the UK, and China. Additionally, streaming services continued to be a major force behind the expansion of the music and entertainment industries in 2020. Additionally, recorded music sales revenue globally climbed by 9.0% in 2022, according to the International Federation of the Phonographic Industry (IFPI). Digital revenues have been increasing steadily over the previous few years, and by 2022 streaming will account for 67.0% of all recorded music sales worldwide, up from 66.0% in 2021. At the end of that year, there were 589 million paid subscription accounts worldwide.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In April, 2022, SAP India unveiled Transformation Express, an immersive mobile experience centre. The launch of Transformation Express aims to advance cloud adoption and drive business transformation for the Indian mid-market. Additionally, In June, 2023, Meta Platforms announced the launch of the Quest 3, a next-generation mixed-reality headset. The launched product consists of a new Qualcomm chipset with double the graphics performance.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC (Alphabet Inc.) are the forerunners in the Market. In March, 2021, Microsoft announced the launch of Microsoft Mesh, the app to give users a cross-AR/VR meeting space to communicate with other users and 3D content, managing all of the technical hard parts of shared spatial multi-player experience on the web. This launch aims to deliver their VR Windows Mixed Reality platform and AR HoloLens platform with a shared platform for meetings. Companies such as SAP SE, Meta Platforms, Inc. and Tibco Software, Inc. (Vista Equity Partners) are some of the key innovators in the Market.
The adoption of immersive technologies across a variety of industries, including healthcare, retail, and industry, has largely been driven by technological advancement and digitalization. Because of continual technological advancements, there has been a change in how people live, interact, commute, and study. Organizations and businesses have been able to reduce manufacturing costs and save time due to technological advancements in order to gain a competitive advantage. In order for smaller businesses to reach their target consumers, 3G and 4G, for instance, have reduced their operational costs. Furthermore, immersion training equips students with the skills necessary to analyze and control outcomes by merging concepts with real-world events in a secure environment. All these elements are expected to fuel market growth in the years to come.
In recent years, interest in extended reality (XR) has grown significantly. Major commercial organizations are presently investing in mixed reality, augmented reality, and virtual reality technology. Many companies are looking into the various applications of XR, with many of them employing it in immersive learning, R&D, entertainment, as well as remote support. Extended reality technology will be used by more businesses to greatly expand their clientele within the anticipated time frame. Such elements will also promote the growth of the market.
Enterprises are still struggling with the broad adoption of futuristic technology and are looking for advice on the best course of action in this disruptive environment. Worldwide, data scientists claim that the workforce's lack of adequate skill sets prevents the best use of these cutting-edge pervasive technologies, which is a major barrier to embracing immersive technology. Hence, throughout the forecast period, all these factors could negatively affect the market's ability to expand globally.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
Based on offering, the market is characterized into hardware, solution, and services. The services segment procured a considerable growth rate in the market in 2022. Managed and professional services are both included in immersive analytics services. In order to help organizations, implement immersive data visualization and analysis technologies successfully, these services offer strategic advice, specialized development, enhanced visualizations, training programs, seamless user experiences, integration with existing systems, as well as ongoing support. To use immersive analytics for improved understanding and decision-making, organizations can select services depending on their unique needs.
By end-use, the market is divided into healthcare, government & defense, automotive & transportation, construction, media & entertainment, and others. The healthcare segment witnessed the maximum revenue share in the market in 2022. Immersive analytics are projected to become more popular due to digital transformation in the healthcare sector. The modeling of medical devices, patient monitoring, and patient diagnosis have all been made easier by technological breakthroughs and inventions in the healthcare sector. For the simulation and testing of new treatments, situations, and technologies, immersive analytics systems assist healthcare and life sciences enterprises in effectively managing how patient data is gathered, handled, processed, and presented.
On the basis of hardware type, the market is classified into AR/VR/MR headset, displays, sensors & controllers, and others. The AR/VR/MR headset segment acquired the largest revenue share in the market in 2022. By enabling users to engage with data in a three-dimensional environment, AR/VR/MR headsets enhance the immersive experience. A profound understanding of complicated data sets is made possible by these improved capabilities, which also makes it possible to spot complex trends and patterns that could be difficult to spot with conventional data representations. These headsets enable seamless communication between analysts, data scientists, and stakeholders, improving the efficiency, accuracy, and quality of data analysis and decision-making.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 620.9 Million |
| Market size forecast in 2030 | USD 13.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 47.5% from 2023 to 2030 |
| Number of Pages | 256 |
| Number of Table | 393 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Offering, End-use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the highest revenue share in the market in 2022. The North America market's revenue and profit are mostly driven by the region's expanding technology developments and shifting consumer tastes. The growing demand for head-mounted displays is also spurred by their scarcity and rising favorability in the region's wealthier countries. The demand for interactive virtual innovation is expected to experience rapid revenue growth throughout the forecast period due to the presence of leading industry players in the country, including Zeality Corporation, Unity Development Corporation, Lockheed Martin, HCL Technologies, Google, Wizard Jumping, and Constrained.
Free Valuable Insights: Global Immersive Analytics Market size to reach USD 13.2 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Accenture PLC, Google LLC (Alphabet Inc.), SAP SE, Meta Platforms, Inc., HTC Corporation, HP, Inc., Tibco Software, Inc. (Vista Equity Partners), and Magic Leap, Inc.
By Offering
By End-Use
By Geography
The Market size is projected to reach USD 13.2 billion by 2030.
Technology advancements and an increase in digitalization are driving the Market in coming years, however, Insufficient analytical expertise in the workforce restraints the growth of the Market.
Microsoft Corporation, IBM Corporation, Accenture PLC, Google LLC (Alphabet Inc.), SAP SE, Meta Platforms, Inc., HTC Corporation, HP, Inc., Tibco Software, Inc. (Vista Equity Partners), and Magic Leap, Inc.
The Hardware segment is generating the highest revenue share in the Global Immersive Analytics Market by Offering in 2022, achieving a market value of $6.3 billion by 2030.
The North America market dominated the Global Immersive Analytics Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $5.1 billion by 2030.
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