Immersive Technology Global Market Report 2024

The immersive technology market size has grown exponentially in recent years. It will grow from $108.46 billion in 2023 to $154.94 billion in 2024 at a compound annual growth rate (CAGR) of 42.9%. The growth observed in the historic period can be attributed to advancements in hardware, gaming, and entertainment sectors, an increasing demand for Virtual Reality (VR) head-mounted displays (HMDs), the widespread proliferation of smartphones and Internet of Things (IoT)-connected devices, the emergence of consumer VR, and a growing demand for digitalization across various industries.

The immersive technology market size is expected to see exponential growth in the next few years. It will grow to $638.69 billion in 2028 at a compound annual growth rate (CAGR) of 42.5%. The anticipated growth in the forecast period can be attributed to the increasing adoption of immersive technology in learning and shopping, the global acceptance of multimedia tools, the rising popularity of esports, enhanced accessibility to immersive content, and a growing demand for head-mounted displays. Noteworthy trends in the forecast period encompass ongoing technological development, the emergence of the metaverse and Web 3.0, the promotion of remote collaboration, increased investment in research and development, and a rise in the utilization of immersive technology for virtual events.

The upward trajectory of gaming and entertainment is expected to drive the expansion of the immersive technology market in the coming years. Gaming and entertainment industries leverage technologies such as Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) to craft interactive and captivating experiences for users. Immersive technology, encompassing VR, AR, and MR, has significantly transformed these sectors, providing users with more engaging and realistic experiences. For instance, a report by the European Space Agency in 2023 highlighted a nearly 35% increase in the percentage of parents playing video games with their children in 2021 compared to the previous year, underscoring the growing impact of gaming and entertainment on the immersive technology market.

Prominent entities within the immersive technology market are channeling their efforts towards developing cutting-edge technological solutions, particularly in the realm of immersive interactive technology, to enhance their market position. Immersive interactive technology combines various tools and techniques to create participatory experiences where users actively engage within simulated or augmented environments. In November 2022, Echo Healthcare, Inc., a US-based provider of highly realistic medical simulation training tools, introduced its latest software platform, Immersive Studio, operating on its Immersive Interactive technology. This platform enables content creation and sharing among diverse user groups without the need for goggles or headsets, facilitating group learning environments. The Immersive Studio software features a 360-degree camera for users to easily record and upload local content in a cloud-based environment, providing high-quality projections that immerse learners in realistic environments.

In January 2023, Schneider Electric, a France-based digital automation and energy management company, completed the acquisition of AVEVA, a UK-based provider of immersive technology and training systems, for an undisclosed amount. This acquisition aligns with Schneider's objective to integrate energy and process across the economic cycle, ensuring the generation of customer value. AVEVA's expertise in immersive technology and training systems positions it as a valuable addition to Schneider's portfolio, underscoring the convergence of digital automation and immersive technologies in advancing customer-centric solutions.

Major companies operating in the immersive technology market report are Google LLC, Samsung Group, Sony Corporation, Lockheed Martin Corporation, Honeywell International Inc., HCL Technologies Limited, Carl Zeiss AG, Acer Inc., PTC Inc., AVEVA Group PLC, Unity Software Inc., Barco NV, Magic Leap Inc., HTC Corporation, Immersive Technologies Pty Limited, Varjo Technologies Oy, EON Reality, Inc., FAAC Incorporated, CM Labs Simulations Inc., Oculus (Facebook Technologies, LLC.), VI-grade GmbH, Atheer Inc., NCTech Limited, Blippar Ltd., Zeality Inc.

North America was the largest region in the immersive technology market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the immersive technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the immersive technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The immersive technology market includes revenues earned by entities by providing services such as providing operator risk assessments, consulting and strategy, streamlining processes, and enhancing customer experiences. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The immersive technology market also consists of sales of virtual reality headsets, augmented reality devices, mixed reality devices, haptic devices, 360-degree video systems, and telepresence robots. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Immersive technology encompasses technologies designed to fully engage users in digital or simulated environments, fostering a heightened sense of presence and interaction within those settings. These technologies typically leverage a combination of hardware and software to enrich the user experience, delivering a more captivating and interactive interface.

The primary components of immersive technology comprise hardware, software/platform, and services. The technologies employed in this realm include mixed reality (MR), virtual reality (VR), augmented reality (AR), and 360 film. Hardware refers to the tangible components of a computer or equipment with a specific purpose, and within immersive technology, it includes items such as head-mounted displays, gesture-tracking devices, projectors, and display walls. The application of immersive technology spans various industries, including healthcare, retail and e-commerce, education, construction, media and entertainment, gaming, manufacturing, aerospace and defense, among others, where it is utilized for purposes such as training and learning, product development, emergency services, sales, and marketing.

The immersive technology market research report is one of a series of new reports that provides immersive technology market statistics, including immersive technology global market size, regional shares, competitors with an immersive technology market share, detailed immersive technology market segments, market trends and opportunities, and any further data you may need to thrive in the immersive technology industry. This immersive technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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