Immersive Analytics Market Size & Share, by Offering (Hardware {AR/VR/MR Headset, Displays, Sensors & Controllers}, Solutions, Services {Professional Services, Managed Services}); Application (Education & Training, Sales & Marketing, Design & Visualization, Strategy Planning); End Use (Healthcare, Media & Entertainment, Automotive & Transportation, Construction, Government & Defense) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5983
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Immersive Analytics Market size is expected to reach USD 140 Billion by the end of 2036, growing at a CAGR of 51% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of immersive analytics was over USD 1 Billion. The market for immersive analytics will expand due to the growing need for data visualization tools to analyze and comprehend diverse data. Immersion analytics solutions can be advantageous when analyzing heterogeneous data because they can give a more thorough view of a complex system or problem, which can improve decision-making and insights. An image can be processed by the human brain in 13 milliseconds. 50% of the brain is used for processing images.

In addition to these, the need for increasingly complicated and comprehensible ways to data visualization is fueled by the increasing complexity of data. Traditional 2D charts and graphs can easily get overwhelmed when working with enormous datasets or data that spans multiple dimensions. Immersion analytics provides a solution by enabling users to see and interact with complicated data in ways that were previously unimaginable by building immersive 3D data environments.


Immersive Analytics Market
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Immersive Analytics Sector: Growth Drivers and Challenges

Growth Drivers

  • Improvements in Technology and A Rise in Digitalization- Digitalization and technical innovation have played a major role in the adoption of immersive technology across a range of industries, including industry, retail, and healthcare. People's daily lives, social interactions, commutes, and educational pursuits have changed as a result of ongoing technological improvements. Thanks to technology improvements, organizations and enterprises can now obtain a competitive advantage by saving time and money on manufacturing. For example, 3G and 4G have lowered operating expenses so that smaller enterprises can reach their target clients. Furthermore, by fusing ideas with actual occurrences in a safe setting, immersion training gives students the tools they need to examine and regulate results.
  • More Spending on Products Utilizing Augmented and Virtual Reality- The field of extended reality (XR) has seen a sharp increase in interest in recent years. At the moment, big business is investing in virtual reality, augmented reality, and mixed reality technology. Many businesses are investigating the potential uses of virtual reality (XR), and many of them plan to use it for remote support, immersive learning, R&D, and entertainment. Within the projected time range, more enterprises will leverage extended reality technologies to significantly increase their clientele. Around the world, 171 million people use virtual reality. By 2028, it is anticipated that the percentage of users utilizing virtual reality would have increased to 55.9% from 52.8% in 2024.
  • Due to the Volume and Complexity of Data Accessible for Analysis- The need for advanced analytics solutions that can yield insightful data is growing as the volume and complexity of data being produced keep expanding. One such method is immersive analytics, which makes use of augmented and virtual reality technology to give consumers an immersive experience while they explore and analyze data. Better decision-making is possible when data is presented in a 3D format because users may see patterns, trends, and linkages that would not be immediately obvious in a 2D interface.

Challenges

  • Lack of Analytical Proficiency in The Workforce- Businesses are seeking guidance on the best course of action in this disruptive environment as they continue to struggle with the widespread adoption of futuristic technologies. Data scientists throughout the world assert that a key obstacle to adopting immersive technology is that workers lack the necessary skill sets to make the greatest use of these cutting-edge pervasive technologies. Therefore, all of these issues could have a negative impact on the market's potential to grow internationally throughout the course of the forecast period.
  • Expensive infrastructure deployment needed for immersive analytics in impede the immersive analytics market growth.
  • Data security & privacy issues pose serious obstacles to the market since businesses frequently handle sensitive data that needs to be protected with extreme caution.

Immersive Analytics Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 51%

Base Year Market Size (2023)

 ~ USD 1 Billion

Forecast Year Market Size (2036)

 ~ USD 140 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Immersive Analytics Segmentation

End Use (Healthcare, Media & Entertainment, Automotive & Transportation, Construction, Government & Defense)

Based on end use, the healthcare segment in the immersive analytics market is projected to hold largest revenue share of about 32% during the forecast period. Several studies in the medical & therapeutic realms suggest that immersive technologies have considerable promise, particularly for driving innovation in precision medicine. Global investment on precision medicine treatments was estimated to be around 32 billion dollars in 2022. Moreover, immersion technology is gaining traction in the research community as a means of processing genetic data. The objective of genetic data analytics research is to integrate immersive technologies to generate more comprehensible human-computer interactions that enhance perception and engagement quality. With the ability to make the virtual world appear extraordinarily real to users, virtual reality (VR) and other immersive technologies can improve learning outcomes by reducing performance errors and increasing accuracy.

Offering (Hardware {AR/VR/MR Headset, Displays, Sensors & Controllers}, Solutions, Services {Professional Services, Managed Services})

Based on offering, services segment in the immersive analytics market is expected to hold largest revenue share of about 48% during the forecast period. Immersion analytics services cover managed and professional services. To aid organizations in effectively implementing immersive data visualization and analysis technologies, these services provide strategic guidance, specialized development, improved visualizations, training courses, seamless user interfaces, integration with current systems, and continuous assistance. Services can be chosen by businesses based on their specific needs in order to leverage immersive analytics for better understanding and decision-making.

Our in-depth analysis of the global market includes the following segments:

     Offering

  • Hardware
    • AR/VR/MR
    • Headset
    • Displays
    • Sensors & Controllers
  • Solutions
  • Services
    • Professional Services
    • Managed Services

     Application

  • Education & Training
  • Sales & Marketing
  • Design & Visualization
  • Strategy Planning

     End Use

  • Healthcare
  • Media & Entertainment
  • Automotive & Transportation
  • Construction
  • Government & Defense

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Immersive Analytics Industry - Regional Synopsis

North American Market Forecast

Immersive analytics market in North America region is attributed to hold largest revenue share of about 33% during the forecast period. Silicon Valley, Seattle, and Boston are just a few of the well-known centers of technical innovation found in North America, especially the United States. A varied array of tech companies, startups, research organizations, and venture capitalists are fostered by these dynamic ecosystems and are committed to promoting immersive technologies such as virtual reality (VR), augmented reality (AR), and mixed reality (MR). By 2028, the user population is anticipated to grow to 299.0 million users. By 2028, it is anticipated that the 83.5% user penetration rate will have increased to 85.7%. Moreover, continuous innovation in immersive analytics is driven by significant investments in research & development made by top regional universities, research centers, and tech behemoths. The Immersive Analytics Market is growing as a result of these initiatives' ground-breaking developments in data visualization, AI-powered analytics, and human-computer interaction.

APAC Market Statistics

Immersive analytics market in Asia Pacific region is anticipated to hold second largest revenue share of about 27% during the forecast period. The area is vital to the growth of the market because of its substantial investments, innovation hubs, and expanding industrial and consumer acceptance of immersive technologies. Owing to these factors, the majority of the global market shares for immersive analytics are anticipated to be held by the Asia Pacific region. Furthermore, the growth of VR and AR technologies in the region is directly associated with the development of immersive analytics, and both are contributing to the global breakthroughs in immersive data analysis and visualization.

Research Nester
Immersive Analytics Market Size
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Companies Dominating the Immersive Analytics Landscape

top-features-companies
    • Microsoft Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • IBM Corporation
    • Accenture PLC
    • Google LLC
    • SAP SE
    • Meta Platforms, Inc.
    • HTC Corporation
    • Magic Leap, Inc.
    • HP, Inc.
    • TIBCO Software Inc.

In-the-news

In The News

  • With improvements to its TIBCO Spotfire and other scalable analytics solutions, TIBCO is enabling its customers to take action and gain faster, more intelligent insights with its analytics portfolio that offers immersive, intelligent, and real-time analytics. This improvement blurs the line between knowledge and action, opening up opportunities to accelerate decision-making and reduce operating expenses.
  • Magic Leap has launched Magic Leap 2, an advanced augmented reality technology designed for businesses. The Magic Leap 2 is the tiniest and lightest augmented reality gadget designed for businesses to overcome past obstacles that hindered the general adoption of AR technology. It is essential to turning AR into a useful tool for regular use in the retail, healthcare, and defense industries.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5983
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The market for immersive analytics will expand due to the growing need for data visualization tools to analyze and comprehend diverse data are the major factors driving the growth of the immersive analytics market.

The market size of immersive analytics is anticipated to attain a CAGR of 51% over the forecast period, i.e., 2024-2036.

The major players in the market are IBM Corporation, Accenture PLC, Google LLC, SAP SE, Meta Platforms, Inc., HTC Corporation, Magic Leap, Inc., HP, Inc., TIBCO Software Inc., and others.

The healthcare segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Immersive Analytics Market Report Scope
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