Immersive Technology Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Technology, By Application, By Industry, By Region, And Segment Forecasts, 2023 - 2030

Immersive Technology Market Growth & Trends

The global immersive technology market size is expected to reach USD 169.24 billion by 2030, expanding at a CAGR of 25.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Over the past few years, these technologies have found extensive applications in various notable sectors, such as gaming, healthcare, education, and construction, among others.

Governments around the world have recognized the potential of immersive technology to boost economic growth, increase productivity, and improve infrastructure. A notable example is the “Digital India” initiative of the Government of India. The developing process of transforming India into a digitally empowered nation has led to a massive adoption of this technology. Government focus on fostering innovation and digitization has led to increased visibility and application of VR & AR solutions in sectors such as education and healthcare.

Governments are incorporating immersive technology solutions in education to transform learning experiences. Projects such as the “EdTech Mission” in Singapore aim to integrate VR and AR solutions in classrooms to provide students with interactive and engaging educational content. This not only increases subject understanding but prepares students for a technology-driven future. Moreover, in manufacturing, the government uses this technology to increase efficiency and safety of operations.

Germany’s “Industry 4.0” initiative encourages the integration of virtual and augmented reality into production processes. This has led to the creation of smart workstations where employees use AR glasses to capture items. Besides this, the establishment of such smart workplaces has also enabled employees to access real-time feedback, thus improving accuracy of processes and reducing errors.

Immersive Technology Market Report Highlights

• The hardware component segment exhibited robust demand, driven by an increased popularity and use cases of AR and VR devices. Advancements in headsets, sensors, and haptic feedback systems have enhanced user experiences, attracting both consumers and businesses
• The augmented reality technology segment is expected to expand at a substantial CAGR through 2030 in this market
• Training and learning emerged as the dominant application segment in 2022. This segment is poised for sustained expansion through 2030, thus shaping the future of training methodologies
• Healthcare has experienced positive growth, owing to a steadily increasing adoption of VR and AR technologies across diverse application areas, including surgical training, patient therapy, aids in medical imaging, etc.
• North America dominated the market for immersive technology in 2022. This regional growth is aided by increased adoption of immersive technology products in various industries such as gaming, healthcare, education, and enterprise
• In July 2023, HCL Technologies became a part of the XR Startup Program, which is an initiative between Meta Inc. and the Indian Ministry of Electronics and Information Technology to discover, develop, and accelerate the progress of extended reality (XR) technology start-ups in India

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