Immersive Entertainment Market Size, Share & Trends Analysis Report By Technology Type (Virtual Reality, Augmented Reality, Mixed Reality, Others), By Application, By Region, And Segment Forecasts, 2023 - 2030

Immersive Entertainment Market Size, Share & Trends Analysis Report By Technology Type (Virtual Reality, Augmented Reality, Mixed Reality, Others), By Application, By Region, And Segment Forecasts, 2023 - 2030

Immersive Entertainment Market Growth & Trends

The global immersive entertainment market size is expected to reach USD 426.77 billion by 2030, growing at a compound annual growth rate (CAGR) of 23.6% from 2023 to 2030, according to a new study by Grand View Research, Inc. The widespread application of immersive technologies across various entertainment sectors, such as gaming, movies, music, sports, and live events, is the primary factor driving the growth of the market. This broad utilization augments the overall appeal of immersive entertainment, extending its reach to a diverse audience is expected to fuel market growth over the forecast period.

The integration of immersive technologies to enhance live performances and events is becoming a key factor propelling the immersive entertainment industry. This includes virtual concerts, theater experiences, and a diversity of live entertainment events that implement the features of virtual reality (VR) and augmented reality (AR) to create captivating and interactive experiences for the audience, which augment the market.

Several companies operating in the market are focused on expanding their market presence to cater to the larger customer base and to strengthen their foothold in the industry. For instance, in January 2023, Cosm, a global technology company, acquired C360 Technologies, Inc., an immersive video solution company, to boost its industry-leading capacity to drive immersive experiences. Such strategies by key players are anticipated to propel the growth of the market.

Immersive Entertainment Market Report highlights

• Based on the technology type segment, the virtual reality (VR) segment accounted for the largest market share in 2022. This growth in market share is attributed to the ongoing advancements in VR hardware
• Based on the application segment, the gaming application segment accounted for the largest revenue share in 2022. The implementation of innovative technologies like VR, AR, and MR fuels the growth in the segment
• The North America regional market dominated the market in 2022. The substantial market share is primarily attributed to the presence of key market participants

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