Immersive Technologies Market by Offering (Hardware, Software, Services), Technology (Augmented Reality, Virtual Reality, Mixed Reality, Haptic), Application (Training & Learning, Remote Collaboration), Sector, and Geography - Global Forecast to 2030

The Immersive Technologies Market is projected to reach $493.5 billion by 2030, at a CAGR of 29.4% from 2024 to 2030. The growth of this market is attributed to growing investment in immersive technologies, rising adoption of immersive technologies in the healthcare sector for training & learning, and the emergence of metaverse and web 3.0. In addition, the growing demand for 3D graphics and real-time 3D skills and the rising adoption of immersive technologies in architecture, engineering, and construction are expected to create significant opportunities for this market. However, the high cost of hardware restrains market growth.

The global immersive technologies market is segmented based on offering, technology, application, sector, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.

Rising Adoption of Immersive Technologies in the Healthcare Sector for Training and Learning is Expected to Drive Market Growth

Immersive technologies such as virtual reality and augmented reality were limited to the gaming industry. As the world is becoming more digitized, many industries are integrating the technologies of AR and VR in their workings and achieving what seemed a far-fetched reality. One such industry is healthcare. Integrating technologies such as AR and VR in healthcare can pave the way for better health results, providing more precise and accurate solutions.

There is a rise in the use of virtual reality and augmented reality technologies in medical education. Implementing immersive technologies eases the entire process of educating and training. Medical professionals use virtual reality simulations to practice surgical procedures and other complex tasks in a safe and controlled environment, reducing the risk of errors and improving patient outcomes. Augmented reality assists surgeons during operations by overlaying digital images onto the patient’s body, providing real-time guidance, and reducing the need for invasive procedures.

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This has led healthcare solutions providers to integrate immersive technologies for training and learning. For instance, in January 2024, Education Management Solutions, LLC (U.S.), the industry leader in healthcare education solutions, launched its intelligent, immersive reality learning solution at the 2024 International Meeting for Simulation in Healthcare (IMSH). This solution blends traditional instruction with augmented reality to create a fully immersive simulation experience by fusing visual, virtual, wearable, biometric, and haptic feedback devices in medical simulation training to measure in three dimensions.

In addition, in November 2022, Osso VR, Inc. (U.S.), the largest and fastest-growing virtual reality (VR) company in healthcare, collaborated with The American College of Cardiology (U.S.) to develop an immersive, VR-enabled training program for cardiovascular professionals. The rising inclination of the healthcare sector to use immersive technologies for learning and training purposes is expected to support the growth of the immersive technologies market during the forecast years.

Key Findings in the Immersive Technologies Market Study:

Based on Offering, the Software Segment is Projected to Register the Highest CAGR During the Forecast Period

Based on offering, the global immersive technologies market is segmented into hardware, software, and services. The software segment is expected to record the highest CAGR during the forecasted period. The immersive technologies software allows users to create and share content amongst various user groups. The growth of this segment is driven by the rising need for remote collaboration, product development, and software requirement for content creation.

In addition, several players operating in the market are focused on product development and enhancement, which is expected to drive the segment's growth. For instance, in November 2022, Echo Healthcare, Inc (U.S.), a global leader in high-reality simulation and a worldwide leader in immersive spaces and educational software, launched the release of their newest software platform operating their Immersive Interactive technology, Immersive Studio.

Based on Technology, the Mixed Reality Segment is Projected to Register the Highest CAGR During the Forecast Period

Based on technology, the global immersive technologies market is segmented into augmented reality, virtual reality, mixed reality, and haptics. However, the mixed reality segment is expected to record the highest CAGR during the forecast period. This segment's growth is driven by the ability to create immersive and engaging experiences and extensive use cases in product advertisement and marketing, offering a hands-free product experience to consumers.

Based on Application, the Promotion & Advertising Segment is Projected to Register the Highest CAGR During the Forecast Period

Based on application, the global immersive technologies market is segmented into training & learning, remote collaboration, visualization, promotion & advertising, product development, remote assistance, content creation, metaverse, and other applications. However, the promotion & advertising segment is expected to record the highest CAGR during the forecast period.

Immersive technologies impact the customer experience in various ways. Creating a rich customer experience has become a critical need, and as a result, brands are relying on immersive technologies that will bring about disruptive change. Growth of the segment is driven by the growing deployment of immersive technologies in various end-use sectors for promotion & advertisement. For instance, In October 2022, Bharti Airtel Limited (India) unveiled India's first immersive Virtual Reality (VR) advertisement powered by 5G.

North America is Expected to Account for the Largest Share

Based on geography, the global immersive technologies market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the immersive technologies market. The region's large share is attributed to the growing investment in digital infrastructure and the rising inclination of the region’s technology companies toward metaverse and web 3.0.

In addition, several end-use industries in the region are focused on using immersive technologies, which is expected to drive market growth. For instance, In June 2024, Ford Motor Company (U.S.) built a revolutionary VR design studio. With the Ford VR studio, designers, engineers, product developers, and more can enter virtual collaboration spaces from any location, transforming their homes into fully immersive studios rich in features that enhance productivity and operational efficiency. In July 2021, Luxsonic, a Canadian company and pioneer in immersive medicine, announced that SieVRt, an all-in-one Virtual Reality (VR) radiology suite approved by Health Canada as a Class 2 Medical Device for diagnostic radiology.

Key Players

The key players profiled in the global immersive technologies market study include Acer Inc. (Taiwan), AVEVA Group Plc (U.K.), Microsoft Corporation (U.S.), Magic Leap, Inc. (U.S.), Google LLC (U.S.), Sphere Technology Holdings, Inc. (U.S.), JuJu Immersive Limited (U.K.), Vive Business (HTC Corporation) (Taiwan), EON Reality (U.S.), Blippar Group Limited (U.K.), Barco NV (Belgium), Varjo Technologies Oy (Finland), Unity Software Inc. (U.S.), PTC Inc. (U.S.), and Ethar, Inc. (U.S.).

Scope of the Report:

Immersive Technologies Market Assessment, by Offering         

• Hardware
  • Headsets
  • Eyewear
  • Gloves
  • Sensors
  • Displays
  • Other Hardware
• Software
• Services                       

Immersive Technologies Market Assessment, by Technology

• Augmented Reality
• Virtual Reality
• Mixed Reality
• Haptics

Immersive Technologies Market Assessment, by Application

• Training & Learning
• Remote Collaboration
• Visualization
• Promotion & Advertising
• Product Development
• Remote Assistance
• Content Creation
• Metaverse
• Other Applications

Immersive technologies market Assessment, by Sector

• Education
• Automotive
• Aerospace & Defense
• Manufacturing
• Retail & E-commerce
• Healthcare & Medical Devices
• Real Estate
• Construction
• Media & Entertainment
• Other Sectors

Immersive technologies market Assessment, by Geography

• North America           
  • U.S.
  • Canada
• Europe         
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Singapore
  • Rest of Asia-Pacific
• Latin America            
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • Israel
  • UAE
  • Rest of Middle East & Africa

Key Questions Answered in the Report: