– High penetration of smartphones and IoT-connected devices among a large chunk of the global populace will have a positive impact on the growth of the immersive technologies market
– Transparency Market Research (TMR) estimates the immersive technologies market to expand at a CAGR of ~38 percent across the forecast period of 2021-2031
ALBANY, N.Y., June 17, 2021 /PRNewswire/ — Immersive Technologies Market: Growth Summary
Immersive technologies have made a permanent place among a large chunk of the global populace over the years. The rising popularity of these technologies among many individuals and the changing needs and preferences of modern consumers have expanded their popularity of to a considerable extent. The accelerated adoption of real-time technologies due to their overwhelming popularity will invite fruitful growth.
Transparency Market Research (TMR) has conducted extensive analysis on all aspects related to the growth of the immersive technologies market. The immersive technologies market, according to the TMR experts, is projected to record a whopping ~38 percent CAGR during the assessment period of 2021-2031. The global immersive technologies market was valued at US$ 81.82 bn in 2020 and is extrapolated to surpass US$ 2.6 Trn by 2031, the end year of the forecast period.
Immersive technologies develop or create rich experiences by blending the physical world with simulation. The main types of immersive technologies are virtual reality (VR) and augmented reality (AR). While AR compiles computer-generated information onto the user’s real environment, VR uses the same information to offer full immersion. The growing use of immersive technologies in a large number of applications around the globe will prove to be a prominent growth-contributing factor.
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Immersive technologies are observing considerable traction across many regions. The growing demand for immersive technologies among many end-users will accelerate the growth prospects of the immersive technologies market to a considerable extent. Furthermore, the expanding usage of VR in treating COVID-19 patients will profoundly impact the growth of the immersive technologies market.
Key Findings of the Report
AI-Driven Conversational Interfaces to Bring Good Growth Opportunities
The utilization of AI along with immersive technologies will bring considerable growth. The improving speech-to-text and natural language aspects are helping in the development of advanced conversational interfaces. A humanlike interaction by the chat systems across various businesses with the humans is gaining traction. Thus, all these factors will help in boosting the growth of the immersive technologies market.
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Remote Collaboration to Add Extra Stars of Growth
As the COVID-19 pandemic hit the globe, physical interaction decreased extensively. Remote working and virtual interactions became the new norm. With the change in the culture, many companies responded by leveraging immersive technologies. For instance, Volkswagen launched its first-ever virtual motor show to display new models.
Similarly, Siemens has developed a virtual simulation lab allowing customers and employees to continue collaborating in VR by using a digital twin of their physical lab. Such developments bode well for the growth of the immersive technologies market.
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Immersive Advertising Strategies to Form the Crux of Growth
The advertising industry is observing a phase of a major technological shift in the industry. Immersive ads are becoming commonplace for providing an excellent experience to the targeted consumers and attract maximum revenues. These ads are helping many companies garner extreme popularity. The IKEA virtual kitchen is a classic instance of immersive advertising. It is built on VR and offers a rich experience to the consumers. Such developments will invite exponential growth opportunities for the immersive technologies market.
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The government bodies of numerous countries are also investing in encouraging immersive technologies. UBC’s Okanagan Campus recently received a $1.65 mn federal grant from the Canadian Government to support UBCO’s newly-developed CREATE Immersive Technologies Program. Similar developments will bring good growth prospects.
Explore Transparency Market Research’s award-winning coverage of the Global IT & Telecom Industry:
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Asset Management IT Solution Market – Asset management in information technology (IT) is the process of ensuring a business’ assets are estimated for, deployed, maintained, upgraded, and disposed of when the time comes. It makes sure that the assets in an organization, valuable, tangible, and intangible are tracked and in use.
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