The Global Immersive Analytics Market size is expected to reach $13.2 billion by 2030, rising at a market growth of 47.5% CAGR during the forecast period
Media and entertainment industry utilizes immersive technology and analytics in the form of immersive entertainment, which necessarily combines mixed reality, artificial intelligence (AI), augmented reality (AR), and virtual reality (VR).
New York, July 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Immersive Analytics Market Size, Share & Industry Trends Analysis Report By Offering, By End-Use, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06481344/?utm_source=GNW
Hence, the Media and entertainment sector is expected to generate approximately 1/5th share of the market by 2030. The value of the worldwide music industry was estimated by the International Trade Administration (ITA) to be $80.2 billion in 2020. Regarding revenue, the top 5 countries worldwide are the US, Germany, Japan, the UK, and China. Additionally, streaming services continued to be a major force behind the expansion of the music and entertainment industries in 2020. Additionally, recorded music sales revenue globally climbed by 9.0% in 2022, according to the International Federation of the Phonographic Industry (IFPI). Digital revenues have been increasing steadily over the previous few years, and by 2022 streaming will account for 67.0% of all recorded music sales worldwide, up from 66.0% in 2021. At the end of that year, there were 589 million paid subscription accounts worldwide.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In April, 2022, SAP India unveiled Transformation Express, an immersive mobile experience centre. The launch of Transformation Express aims to advance cloud adoption and drive business transformation for the Indian mid-market. Additionally, In June, 2023, Meta Platforms announced the launch of the Quest 3, a next-generation mixed-reality headset. The launched product consists of a new Qualcomm chipset with double the graphics performance.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC (Alphabet Inc.) are the forerunners in the Market. In March, 2021, Microsoft announced the launch of Microsoft Mesh, the app to give users a cross-AR/VR meeting space to communicate with other users and 3D content, managing all of the technical hard parts of shared spatial multi-player experience on the web. This launch aims to deliver their VR Windows Mixed Reality platform and AR HoloLens platform with a shared platform for meetings. Companies such as SAP SE, Meta Platforms, Inc. and Tibco Software, Inc. (Vista Equity Partners) are some of the key innovators in the Market.
Market Growth Factors
Technology advancements and an increase in digitalization
The adoption of immersive technologies across a variety of industries, including healthcare, retail, and industry, has largely been driven by technological advancement and digitalization. Because of continual technological advancements, there has been a change in how people live, interact, commute, and study. Organizations and businesses have been able to reduce manufacturing costs and save time due to technological advancements in order to gain a competitive advantage. In order for smaller businesses to reach their target consumers, 3G and 4G, for instance, have reduced their operational costs. Furthermore, immersion training equips students with the skills necessary to analyze and control outcomes by merging concepts with real-world events in a secure environment. All these elements are expected to fuel market growth in the years to come.
Increased investment in virtual and augmented reality products
In recent years, interest in extended reality (XR) has grown significantly. Major commercial organizations are presently investing in mixed reality, augmented reality, and virtual reality technology. Many companies are looking into the various applications of XR, with many of them employing it in immersive learning, R&D, entertainment, as well as remote support. Extended reality technology will be used by more businesses to greatly expand their clientele within the anticipated time frame. Such elements will also promote the growth of the market.
Restraints Factors
Insufficient analytical expertise in the workforce
Enterprises are still struggling with the broad adoption of futuristic technology and are looking for advice on the best course of action in this disruptive environment. Worldwide, data scientists claim that the workforce’s lack of adequate skill sets prevents the best use of these cutting-edge pervasive technologies, which is a major barrier to embracing immersive technology. Hence, throughout the forecast period, all these factors could negatively affect the market’s ability to expand globally.
Offering Outlook
Based on offering, the market is characterized into hardware, solution, and services. The services segment procured a considerable growth rate in the market in 2022. Managed and professional services are both included in immersive analytics services. In order to help organizations, implement immersive data visualization and analysis technologies successfully, these services offer strategic advice, specialized development, enhanced visualizations, training programs, seamless user experiences, integration with existing systems, as well as ongoing support. To use immersive analytics for improved understanding and decision-making, organizations can select services depending on their unique needs.
Hardware Type Outlook
On the basis of hardware type, the market is classified into AR/VR/MR headset, displays, sensors & controllers, and others. The AR/VR/MR headset segment acquired the largest revenue share in the market in 2022. By enabling users to engage with data in a three-dimensional environment, AR/VR/MR headsets enhance the immersive experience. A profound understanding of complicated data sets is made possible by these improved capabilities, which also makes it possible to spot complex trends and patterns that could be difficult to spot with conventional data representations. These headsets enable seamless communication between analysts, data scientists, and stakeholders, improving the efficiency, accuracy, and quality of data analysis and decision-making.
End-use Outlook
By end-use, the market is divided into healthcare, government & defense, automotive & transportation, construction, media & entertainment, and others. The healthcare segment witnessed the maximum revenue share in the market in 2022. Immersive analytics are projected to become more popular due to digital transformation in the healthcare sector. The modeling of medical devices, patient monitoring, and patient diagnosis have all been made easier by technological breakthroughs and inventions in the healthcare sector. For the simulation and testing of new treatments, situations, and technologies, immersive analytics systems assist healthcare and life sciences enterprises in effectively managing how patient data is gathered, handled, processed, and presented.
Regional Outlook
Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the highest revenue share in the market in 2022. The North America market’s revenue and profit are mostly driven by the region’s expanding technology developments and shifting consumer tastes. The growing demand for head-mounted displays is also spurred by their scarcity and rising favorability in the region’s wealthier countries. The demand for interactive virtual innovation is expected to experience rapid revenue growth throughout the forecast period due to the presence of leading industry players in the country, including Zeality Corporation, Unity Development Corporation, Lockheed Martin, HCL Technologies, Google, Wizard Jumping, and Constrained.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Accenture PLC, Google LLC (Alphabet Inc.), SAP SE, Meta Platforms, Inc., HTC Corporation, HP, Inc., Tibco Software, Inc. (Vista Equity Partners), and Magic Leap, Inc.
Recent Strategies Deployed in Immersive Analytics Market
Partnerships, Collaborations and Agreements:
May-2023: Meta teamed up with BMW, a German multinational manufacturer of luxury vehicles and motorcycles. This collaboration aims to bring AR and VR experiences to the automotive industry. Moreover, both companies would work together to transform various aspects of the automotive sector, consisting of design, manufacturing, sales, and customer experiences.
May-2023: SAP joined hands with Accenture, a professional services company. This collaboration aims to build immersive experiences and business models which are created on the SAP Business Technology Platform, that deliver future-ready interfaces contextualized with business data and processes.
May-2023: Google Cloud partnered with beIN, the Qatar-based media group, to advance digital technology. Under this partnership, Google Cloud begins a new journey into beIN’s digital transformation journey, enhancing beIN’s business processes and leading its strategies, and also making sure the global audiences enjoy the advanced experiences.
Oct-2022: HTC came into partnership with e&, The Middle Eastern operator group. The collaboration would aim to unleash people’s imaginations, helping them to get work done, and enjoy new worlds in highly engaging ways.
Oct-2022: Microsoft collaborated with Meta, a company engaged in building technologies. The collaboration would bring Microsoft Teams and other production tools to VR headsets. Additionally, the integration of Mesh for Teams with Meta Quest Pro and Meta Quest 2 devices would allow people to team up and connect as they are together in person.
Aug-2022: HTC VIVE teamed up with MyndVR, the provider of immersive, therapeutic VR experiences designed for the aging population. Under this collaboration, both companies announced the launch of MyndVR 3.0 exclusively integrated with the latest HTC VIVE Flow Immersive Glasses.
May-2022: Magic Leap, Inc. signed a partnership with Globant, LLC, an IT and software development company. Through this partnership, both companies would aim to develop and deploy customized software solutions for enterprise customers.
Apr-2022: IBM came into partnership with Groove Jones, a developer of creative programs for brands through emerging technologies. Through this partnership, both companies would aim to develop an Augmented Reality and WebGL experience by releasing the IBM Power E1080 server, the servers based on the IBM Power10 processor.
Product Launches and Product Expansions:
Jun-2023: Meta Platforms announced the launch of the Quest 3, a next-generation mixed-reality headset. The launched product consists of a new Qualcomm chipset with double the graphics performance.
Mar-2023: TIBCO made enhancements to its TIBCO Spotfire and other scalable analytics solutions, the analytics portfolio delivering immersive, smart, and real-time analytics that supports customers to take action and benefit from faster, smarter insights. This enhancement closes the difference between insight and action, creating available abilities to boost time-to-decision and lower operations costs.
Feb-2023: Google Cloud announced the launch of Immersive Stream for XR service, a cloud-hosted graphics rendering service powered by Google Cloud’s graphics processing units. With this launch, the company aims to empower high-quality photorealistic augmented reality experiences for millions of mobile devices.
Feb-2023: Google made enhancements to its Google Maps platform by adding an immersive view capability. The enhancement of Google Maps is part of its strategy to make the navigation app highly immersive and intuitive for users.
Feb-2023: HTC VIVE announced the launch of VIVERSE for business, the simple and intuitive way for companies to create their collaborative virtual spaces. The launch would empower businesses with new advancements and products to get the most out of its immersive technology.
Sep-2022: Magic Leap released Magic Leap 2, its next-generation enterprise augmented reality platform. The Magic Leap 2 is the lightest and smallest augmented reality device created for organizations to address historical barriers which prevented the widespread adoption of AR technology and is key to making AR a valuable tool for everyday usage in retail, healthcare, and defense sectors.
Sep-2022: IBM introduced Cognos 11.2.3, the new update in Cognos Analytics with Watson 11.2.x stream. The launch would be a breakthrough in helping business users simply navigate and extract more value from their data. Moreover, the launch would cover various features that would be from a major user interface service to useful combinations, to a host of latest updates.
Jul-2022: TIBCO Software Inc. launched TIBCO® ModelOps, which allows businesses to position AI models faster, from anywhere to everywhere, safely and at scale. The addition to Tibco’s game-changing analytics suite helps customers easily scale cloud-based analytic model management, deployment, monitoring, and governance.
Apr-2022: SAP India unveiled Transformation Express, an immersive mobile experience center. The launch of Transformation Express aims to advance cloud adoption and drive business transformation for the Indian mid-market.
Mar-2022: HP introduced ExtendXR service for managing augmented reality as well as virtual reality devices simpler for enterprises. The launch of a new software-as-a-service solution would streamline deploying and managing enterprise Virtual Reality at scale.
Acquisitions and Mergers:
Jun-2023: SAP SE took over Taulia, a leading provider of working capital management solutions. This acquisition aimed to expand SAP’s business network and strengthen SAP’s solutions for the CFO office. Under this acquisition, Taulia’s solutions would be closely unified into SAP software and continue to be available standalone.
Jun-2023: Accenture completed the acquisition of Nextira, an Amazon Web Services (AWS) Premier Partner that utilizes AWS to offer cloud-native innovation, predictive analytics, and immersive experiences for its clients. Following this acquisition, the services and solutions would accelerate Accenture Cloud First’s robust set of engineering potentials and help clients take benefit of a complete cycle of cloud capabilities and tools.
Feb-2023: Meta took over Within, the maker of the subscription fitness app Supernatural. This acquisition would add a major fitness platform to Meta’s suite of toolkits.
Sep-2022: Meta acquired Lofelt, a Berlin-based haptics developer. This acquisition allows Meta to benefit from technology that simulates user touch and feel feedback from a controller or glove. Additionally, the acquisition allows Meta to strengthen its commitment to its haptics research.
Aug-2022: HP Inc. acquired Poly, a company engaged in offering workplace collaboration solutions. The acquisition aims to boost HP’s strategy to build highly growth-oriented offerings, strengthen its industry opportunity in hybrid work solutions, and place the integrated enterprise for long-term value creation and sustainable growth.
Jan-2022: Microsoft acquired Activision Blizzard, an American video game holding company. This acquisition strengthens Microsoft’s position in a market that is rapidly transforming and focuses on interoperability and immersion across virtual worlds.
Scope of the Study
Market Segments covered in the Report:
By Offering
• Hardware
o AR/VR/MR Headset
o Displays
o Sensors & Controllers
o Others
• Solution
• Services
By End-Use
• Healthcare
• Government & Defense
• Automotive & Transportation
• Construction
• Media & Entertainment
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Microsoft Corporation
• IBM Corporation
• Accenture PLC
• Google LLC (Alphabet Inc.)
• SAP SE
• Meta Platforms, Inc.
• HTC Corporation
• HP, Inc.
• Tibco Software, Inc. (Vista Equity Partners)
• Magic Leap, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
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