Immersive Technology in the UK - Industry Market Research Report

Fully immersed: In 2023-24, industry revenue is forecast to rise, aided by government funding

Immersive technologies, or extended reality (XR) - an umbrella term for virtual reality (VR), augmented reality (AR), mixed reality (MR) and haptics - have recorded a boom in popularity over the past decade. In line with greater social acceptance of technology, XR has revolutionised how people interact with data, information and content, becoming a staple in modern business processes and next-generation entertainment. Recognising that XR could become the ‘new norm', the government, research agencies and private equity stakeholders have supported developments through investment funding and business incubation. Operators design and develop immersive visualisation software programs, systems and networks. This includes virtual reality, augmented reality, mixed reality and haptic technologies. Intellectual property is subsequently sold to clients under licence. Operators also undertake bespoke immersive tech software development and content creation projects on behalf of clients. The manufacturing of tangible products on which immersive tech is installed does not fall under this industry. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.