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The enterprise market is undergoing a transformative shift with the integration of immersive technologies, such as virtual reality (VR) and augmented reality (AR). Several market factors contribute to the growing adoption and influence of immersive technology within the enterprise sector.
One key factor is the increasing demand for enhanced training and development programs. Immersive technologies offer a unique and effective way to train employees, allowing them to simulate real-world scenarios and gain hands-on experience in a risk-free environment. This not only improves the learning curve but also enhances retention and application of knowledge. As enterprises recognize the value of immersive training, they are more inclined to invest in these technologies to upskill their workforce.
Cost efficiency is also a driving factor in the adoption of immersive technology. As the cost of hardware and software for VR and AR decreases, more enterprises find these technologies economically viable. The long-term benefits, such as improved productivity, reduced training costs, and enhanced customer satisfaction, outweigh the initial investment. This makes immersive technology an attractive option for businesses looking to optimize their operations and stay competitive in the market.
Furthermore, the growing ecosystem of immersive technology solutions and services contributes to market expansion. A diverse range of applications, from virtual meetings to architectural visualization, allows enterprises to find tailored solutions that meet their specific needs. This diversity fosters a dynamic market where businesses can choose from a variety of immersive technology offerings, driving innovation and competition among solution providers.
The regulatory landscape also plays a role in shaping the market for immersive technology in the enterprise sector. As regulations evolve to accommodate these technologies, businesses gain confidence in adopting immersive solutions. Clear guidelines and standards help enterprises navigate legal and compliance issues, reducing barriers to entry and fostering a conducive environment for the growth of immersive technology in the enterprise market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Technology, Application, and Region |
Immersive Technology in Enterprise Market Highlights:
Immersive Technology in Enterprise Market Overview
Immersive Technology in Enterprise Market Size was valued at USD 6.35 Billion in 2022. The immersive technology in enterprise market is projected to grow from USD 7.37 Billion in 2023 to USD 42.54 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.5% during the forecast period (2023 - 2032).
Figure 1: Immersive Technology in Enterprise Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Immersive Technology in Enterprise Market Trends
Rising demand for training and simulation is driving the market growth
A convergence of multiple causes is causing an increase in demand for training and simulation, which has made it a crucial component of contemporary education, workforce development, and a variety of sectors. Particularly noticeable examples of this desire are found in the healthcare, aviation, military, manufacturing, and even the entertainment industries. Here, we'll examine the major factors that are fueling the increase in demand for training and simulation.
Real-world training environments can be costly and logistically difficult to set up. Technologies for training and simulation provide affordable options. Without using tangible equipment or resources from the real world, organizations can simulate a variety of situations, such as piloting an airplane or running large machinery. Particularly tempting are these cost savings for smaller businesses or those working with tighter budgets. Geographical boundaries can be removed with the use of virtual training environments. Organizations with spread workforces or those trying to address a worldwide audience will benefit greatly from this accessibility. Additionally, it makes it possible for training programs to be scaled, which facilitates training huge numbers of people at once.
The capacity to quickly upskill or reskill is crucial in today's fast-paced world. Individuals can learn new skills more quickly via simulation training. This is especially important in fields where technology is developing and experts frequently need to adjust to new tools and methods. Technology for modern simulations has advanced to a level of realism that was before unthinkable. The lifelike simulations that VR and AR technology provide accurately reflect real-world situations. This degree of realism improves the learning experience and makes sure that students are properly equipped for real-world scenarios.
Solutions for training and simulation can be customized for certain professions, work functions, or even personal learning preferences. This degree of personalization makes sure that training is applicable and efficient. Medical experts can practice procedures unique to their fields, for instance, while military people might train for specific missions. In today's knowledge-driven economy, lifelong learning has become crucial. By enabling professionals to update their knowledge of the latest industry trends or refresh their existing skills, simulation training encourages continual learning. Within organizations, it encourages a culture of constant development. Thus, driving the Immersive Technology in Enterprise market revenue.
Immersive Technology in Enterprise Market Segment Insights
Immersive Technology in Enterprise Component Insights
The Immersive Technology in Enterprise market segmentation, based on Component, includes Hardware (Head-Mounted Display (HMD), Gesture Tracking Devices (GTD), Projectors & Display Walls (PDW)), Software/Platform, Services (Professional and Managed). The Hardware segment dominated the market in 2022. The capabilities of VR and AR systems have seen tremendous developments from hardware makers. Higher resolution displays, quicker CPUs, better tracking sensors, and more immersive audio are some of these advancements. With more powerful hardware, immersive experiences can become more realistic and compelling, attracting the interest of businesses for training, design, and customer interaction.
Immersive Technology in Enterprise Technology Insights
The Immersive Technology in Enterprise market segmentation, based on Technology, includes Mixed Reality (MR), Virtual Reality (VR), Augmented Reality (AR) and 360 Film. The Virtual Reality (VR) segment dominated the market in 2022. VR offers a training environment that is incredibly realistic and engaging, making it the perfect tool for staff growth. Virtual reality (VR) enables workers to practice and learn in a risk-free, regulated, and engaging environment for everything from medical simulations to flying training and industrial machinery operation.
Immersive Technology in Enterprise Application Insights
The Immersive Technology in Enterprise market segmentation, based on Application, includes Training & Learning, Emergency Services, Product Development and Sales & Marketing. The Training & Learning category generated the most income in 2022. Immersive technology offers students a fun, dynamic learning environment. It makes use of 3D settings and simulations to enhance learning and make it more fun. Increased retention of information and improved comprehension of difficult concepts are the results of this interaction.
Figure 2: Immersive Technology in Enterprise Market, by Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Immersive Technology in Enterprise Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Immersive Technology in Enterprise Market dominated this market in 2022 (45.80%). North America, particularly the United States, is a technology hub. Silicon Valley and other tech centers in the region have a strong influence on the development and adoption of emerging technologies, including immersive technology. The presence of tech giants like Facebook (Meta), Microsoft, and Google fosters innovation and drives adoption. Further, the U.S. Immersive Technology in Enterprise market held the largest market share, and the Canada Immersive Technology in Enterprise market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: IMMERSIVE TECHNOLOGY IN ENTERPRISE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Immersive Technology in Enterprise market accounts for the second-largest market share. Europe places a lot of emphasis on research and education, which helps the continent's industries adopt immersive technology. To create immersive solutions, businesses frequently work with European universities and research institutions. Further, the German Immersive Technology in Enterprise market held the largest market share, and the UK Immersive Technology in Enterprise market was the fastest growing market in the European region.
The Asia-Pacific Immersive Technology in Enterprise Market is expected to grow at the fastest CAGR from 2023 to 2032. Immersive technology helps to improve online buying experiences, and the Asia-Pacific e-commerce business is expanding. Virtual try-ons, interactive product displays, and tailored purchasing recommendations are all made possible by AR and VR. Moreover, China’s Immersive Technology in Enterprise market held the largest market share, and the Indian Immersive Technology in Enterprise market was the fastest growing market in the Asia-Pacific region.
Immersive Technology in Enterprise Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Immersive Technology in Enterprise market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Immersive Technology in Enterprise industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Immersive Technology in Enterprise industry to benefit clients and increase the market sector. In recent years, the Immersive Technology in Enterprise industry has offered some of the most significant advantages to medicine. Major players in the Immersive Technology in Enterprise market, including Acer Inc., Atheer, Inc., AVEVA Group PLC, Barco NV, Blippar Ltd., Carl Zeiss AG, CM Labs Simulations Inc., EON Reality, Inc., FAAC Incorporated, Google, LLC, HCL Technologies Limited, Honeywell International, Inc., HTC Corporation, Immersive Media Company, Immersive Technologies Pty Limited, Lockheed Martin Corporation, Magic Leap, Inc., NCTech Limited, Oculus (Facebook Technologies, LLC.), Samsung Group, Sony Corporation, Unity Software Inc., Varjo Technologies Oy, VI-grade GmbH, Zeality Inc. and others, are attempting to increase market demand by investing in research and development operations.
Samsung Electronics Co Ltd (Samsung), a division of the Samsung Group, manufactures consumer electronics, information technology, mobile communications, and device solutions. The company's product line includes printers, monitors, computers, network systems, digital cameras, televisions, refrigerators, washing machines, air conditioners, medical devices, and more. It also manufactures LCD and LED panels, mobile phones, tablets, smartphones, and other accessories. The government, healthcare, financial, educational, retail, hotel, and transportation industries can all profit from Samsung's solutions. The Asia-Pacific region, the Americas, Europe, Africa, and the Middle East are all locations where the organization conducts business. Samsung's headquarters are in Seoul, South Korea.
Technology firm Magic Leap Inc. (Magic Leap) creates software and user interfaces for computers. For virtual animations and virtual reality experiences, the business develops light field display technology. The magic leap one creator edition headset is offered. A cutting-edge computing platform called Magic Leap makes it possible to experience both the real world and the virtual one. It enables game creation and play, as well as spatial browsing and content extraction, for web developers. It works along with universities, tech companies, and companies that produce movies and television programs. The American retail, sports, healthcare, and entertainment industries. The US city of Plantation, Florida, is where Magic Leap is based.
Key Companies in the Immersive Technology in Enterprise market include
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Acer Inc.
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Atheer, Inc.
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AVEVA Group PLC
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Barco NV
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Blippar Ltd.
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Carl Zeiss AG
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CM Labs Simulations Inc.
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EON Reality, Inc.
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FAAC Incorporated
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Google, LLC
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HCL Technologies Limited
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Honeywell International, Inc.
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HTC Corporation
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Immersive Media Company
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Immersive Technologies Pty Limited
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Lockheed Martin Corporation
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Magic Leap, Inc.
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NCTech Limited
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Oculus (Facebook Technologies, LLC.)
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Samsung Group
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Sony Corporation
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Unity Software Inc.
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Varjo Technologies Oy
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VI-grade GmbH
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Zeality Inc.
Immersive Technology in Enterprise Industry Developments
May 2022: The Magic Leap, Inc. announced a new strategic partnership with Globant, LLC to develop and deploy tailored software solutions for enterprise customers.
Immersive Technology in Enterprise Market Segmentation
Immersive Technology in Enterprise Component Outlook
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Hardware
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Head-Mounted Display (HMD)
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Gesture Tracking Devices (GTD)
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Projectors & Display Walls (PDW)
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Software/Platform
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Services
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Professional
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Managed
Immersive Technology in Enterprise Technology Outlook
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Mixed Reality (MR)
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Virtual Reality (VR)
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Augmented Reality (AR)
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360 Film
Immersive Technology in Enterprise Application Outlook
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Training & Learning
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Emergency Services
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Product Development
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Sales & Marketing
Immersive Technology in Enterprise Regional Outlook
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North America
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U.S.
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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