Europe Immersive Technology Market Size, Share & Trends Analysis Report By Component (Hardware, Software/Platform, Services), By Technology, By Application, By Industry, By Country, And Segment Forecasts, 2024 - 2030

Europe Immersive Technology Market Size, Share & Trends Analysis Report By Component (Hardware, Software/Platform, Services), By Technology, By Application, By Industry, By Country, And Segment Forecasts, 2024 - 2030

Europe Immersive Technology Market Growth & Trends

The Europe immersive technology market size is anticipated to reach USD 40.97 billion by 2030 and is projected to grow at a CAGR of 28.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. Multiple industries in Europe, such as automotive, healthcare, education, entertainment, real estate, retail, and manufacturing, are increasingly adopting immersive technologies for training simulations, product design, and virtual prototyping for marketing campaigns, customer engagement, and virtual events.

Immersive technologies play a key role in the digital transformation strategies of businesses across Europe. Companies prioritize digitalization, innovation, and customer experience enhancement by integrating immersive solutions into their workflows, products, and services. Immersive technologies enable businesses to differentiate themselves, engage audiences, and stay ahead in rapidly evolving markets.

Europe Immersive Technology Market Report Highlights

• Based on components, the hardware segment led the market with the largest revenue share of 48.5% in 2023. Increased interest in immersive experiences across gaming, education, healthcare, military and defense, manufacturing, and other industries is driving the sales of advanced immersive technology hardware products.
• Based on technology, the VR segment led the market with the largest revenue share of 46.1% in 2023. The demand for VR is driven by the increasing adoption of VR technology in diverse sectors, including media & entertainment, healthcare, automotive, architecture, and education
• Based on applications, the training & learning segment led the market with the largest revenue share of 40.0% in 2023 and is expected to maintain its dominance throughout the forecast period. The demand for effective corporate training solutions is driving the demand for training and learning applications
• Based on industry, the healthcare segment is expected to grow at the fastest CAGR during the forecast period. Regulatory support and government initiatives are fostering the adoption of immersive technology solutions in healthcare across Europe. Regulatory bodies such as the European Medicines Agency (EMA) and national health authorities are increasingly recognizing the potential benefits of immersive technologies in improving healthcare delivery and patient outcomes
• The UK accounted the market for the largest revenue share of 29.2% in 2023, due to strong adoption and investment in AR and VR technology. The UK's focus on digital transformation across industries drives the adoption of immersive technologies
• In May 2023, Magic Leap announced USD 500 million in funding to develop its upcoming AR glasses. This significant financial investment is expected to drive Magic Leap's advancements in augmented reality technology. It is anticipated that it will enable the company to innovate and enhance its AR glasses to meet evolving market demands and push the boundaries of immersive experiences for its worldwide users

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