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Immersive Technology Market Trends

Report ID: GMI8645
Published Date: Mar 2024
Report Format: PDF

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Immersive Technology Market Trends

Extended Reality (XR) Collaboration to facilitate remote collaboration and communication will notably shape the immersive technology industry outlook. With the rise of remote work and distributed teams, XR collaboration tools offer a way for individuals to interact and collaborate in virtual environments regardless of their physical location. These tools enable users to share and manipulate 3D models, conduct virtual meetings, and collaborate on projects in real time, enhancing productivity and fostering creativity.

As organizations continue to embrace remote work and seek more effective ways to collaborate, XR collaboration is expected to gain traction as a key trend in the immersive technology market. For instance, in January 2024, at the World Economic Forum Annual Meeting 2024, the Global Collaboration Village united leaders to address real-world challenges using the collaborative power of virtual reality.

This innovative initiative highlighted how XR technologies can foster profound participant involvement, surpassing the limitations of traditional video conferencing. The Village represents a refreshed approach to public-private collaboration, echoing the Forum's commitment to advancing global well-being through innovative cooperation.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of immersive technology reached USD 33.2 billion in 2023 and is set to witness 24.5% CAGR between 2024 and 2032, owing to the diverse application scope of immersive technologies across various industries, including innovative solutions in training, simulation, visualization, marketing, design, and customer engagement.

Hardware segment accounted for a market share of over 50% in 2023 and is expected to cross USD 80 Billion by 2032, propelled by technological upgrades that continually drive the need for more powerful and efficient hardware.

North America market held a revenue share of over 40% in 2023, driven by a robust ecosystem of tech companies, research institutions, and venture capital firms in the region.

EON Reality, Google LLC, Honeywell International Inc., HTC Corporation, Magic Leap, Inc., Meta Platforms Inc., Microsoft Corporation, Samsung Electronics Co., Ltd., Sony Corporation are some of the major industry contenders.