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The adoption rate for immersive technologies, including Virtual Reality (VR) and augmented Reality (AR), has seen significant changes within Entertainment industries. The desire by consumers for immersion combined with interactiveness has been one key driving force toward the increased usage rates adopted by marketers regarding these technologies. Virtual Reality (VR) and Augmented reality(AR), therefore, offer unique ways through which consumers can experience and engage with their favorite content. The gaming sector has played an essential role in the adoption of immersive media devices. Besides helping create a more intense sense of participation among gamers, virtual realities also heighten the emersion, making gaming far more lifelike and interesting. Consequently, the virtual reality (VR) and augmented reality (AR) gaming market is growing rapidly, benefiting from consumer response.
Live events and performances can also be enhanced through immersive technology so that audiences can get the best experience ever. For instance, AR overlays digital objects on live performance, enhancing visual effects and interactivity for the audience. Similarly, the need to experience social connections in a virtual environment has contributed to embracing immersive technology within the entertainment industry. VR platforms allow people to meet online, attend virtual conferences, or enjoy experiences with their friends within a digital realm. In addition, the use of this technology in film and television production enhances storytelling and viewer engagement. With VR experiences built around popular movies or TV shows, fans are able to dive into the storyline as they navigate through it interactively. Consequently, there is now more scope than ever before for individuals who want to build greater relationships with their favorite franchises via extended engagement beyond traditional viewing methods.
Moreover, the rise of location-based entertainment (LBE) experiences is a contributing factor to this. VR arcades, theme park attractions, and immersive theaters offer people a chance to interact with immersive content in a shared social setting. Notably, affordability and accessibility are key determinants in the adoption of immersive technology in the entertainment industry. When VR hardware gets cheaper and more affordable alternatives become accessible to many, a wider range of audiences will have access to immersion. Therefore, it expands the market for content creators and encourages its uptake among consumers for being made available to a larger consumer base through this democratization of immersive technologies. In addition to that, an evolving ecosystem of immersive content and applications is also critical in supporting market growth. Thus far, developers have created diverse types of immersive experiences ranging from educational virtual reality (VR) content to interactive storytelling based on augmented reality (AR). As such, various options within the entertainment industry address different needs and preferences.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Technology, Application, and Region |
Immersive Technology in Entertainment Market Highlights:
Immersive Technology in Entertainment Industry Market Overview
Immersive Technology in Entertainment Industry Market Size was valued at USD 4.24 Billion in 2022. The Immersive Technology in Entertainment Industry market industry is projected to grow from USD 4.91 Billion in 2023 to USD 26.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.5% during the forecast period (2023 - 2032). The increasing demand for more realistic and engaging entertainment experiences, the falling cost of immersive technology hardware and software, the growing popularity of gaming, marketing and branding, film and entertainment, live events, are the key market drivers enhancing the market growth.
Figure 1: Immersive Technology in Entertainment Industry Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Immersive Technology in Entertainment Industry Market Trends
Decreasing cost of immersive technology hardware and software is driving the market growth
The ongoing development of manufacturing and production techniques is one of the main factors contributing to the decreasing cost of immersive technology hardware. Technology businesses have improved their efficiency in mass production as a result of their increased experience in creating VR headsets, AR glasses, and related gadgets. Because of economies of scale brought about by this higher efficiency, production costs have decreased.
The level of hardware manufacturers' rivalry in the market for immersive technologies has increased. A number of businesses are fighting for market share, including HTC, Sony, Oculus (owned by Meta, formerly Facebook), and others. Price wars and the creation of more economical, consumer-friendly solutions are the results of this rivalry. In addition to drawing in more customers, lower prices also encourage innovation as businesses compete to provide greater features and performance for the same price.
The price of developing immersive content and applications has significantly decreased thanks to open-source software and development tools. Without purchasing pricey proprietary software licenses, developers can use a variety of tools, libraries, and resources. As a result, content development becomes more accessible and more developers are enticed to work on immersive technologies.
Users now have access to immersive experiences without the need for high-end, pricey technology thanks to the growth of cloud computing and streaming services. The computing power necessary for these experiences can be transferred to distant servers by cloud-based VR and AR solutions, enabling their use on less powerful hardware. For consumers who might not have access to high-end gaming computers or cellphones, this lowers the pricing barrier.
High-resolution displays, sensors, and processors—all necessary for immersive technology have gotten cheaper over time. The ability to build more affordable gadgets without sacrificing performance has been made possible by advancements in semiconductor manufacturing, which have produced smaller, more cost-effective, and power-efficient components. Thus, driving the Immersive Technology in Entertainment Industry market revenue.
Immersive Technology in Entertainment Industry Market Segment Insights
Immersive Technology in Entertainment Industry Component Insights
The Immersive Technology in Entertainment Industry 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 category generated the most income in 2022. There have been notable improvements in the performance and quality of screens used in VR headsets and AR eyewear. Improvements in refresh rates and field of view (FOV), together with high-resolution OLED and AMOLED displays, have greatly improved the visual immersion and realism of immersive experiences.
Immersive Technology in Entertainment Industry Technology Insights
The Immersive Technology in Entertainment Industry market segmentation, based on Technology, includes Mixed Reality (MR), Virtual Reality (VR), Augmented Reality (AR) and 360 Film. The Virtual Reality (VR) category generated the most income in 2022. VR offers unparalleled immersion and engagement, allowing users to step into virtual worlds and interact with content in ways that were previously impossible. This level of immersion is particularly attractive in the entertainment industry, where it enhances storytelling, gaming, and overall user experience.
Immersive Technology in Entertainment Industry Application Insights
The Immersive Technology in Entertainment Industry 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 training simulations allow learners to practice and refine their skills in a risk-free environment. This is particularly valuable in industries like aviation, healthcare, and manufacturing, where hands-on training is crucial but can be costly or risky in real-world settings.
Figure 2: Immersive Technology in Entertainment Industry Market, by application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Immersive Technology in Entertainment Industry 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 Entertainment Industry Market dominated this market in 2022 (45.80%). Due to the relatively high amount of disposable money in North America, customers may purchase hardware and content for immersive technologies. Due to this, virtual reality (VR) and augmented reality (AR) gadgets are increasingly being used for entertainment and other purposes. Further, the U.S. Immersive Technology in Entertainment Industry market held the largest market share, and the Canada Immersive Technology in Entertainment Industry 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 ENTERTAINMENT INDUSTRY MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Immersive Technology in Entertainment Industry market accounts for the second-largest market share. The gaming industry is growing in Europe, and gamers are among the first users of immersive technology. The rise of the immersive technology market in the area has been facilitated by the popularity of VR gaming and eSports competitions. Further, the German Immersive Technology in Entertainment Industry market held the largest market share, and the UK Immersive Technology in Entertainment Industry market was the fastest growing market in the European region.
The Asia-Pacific Immersive Technology in Entertainment Industry Market is expected to grow at the fastest CAGR from 2023 to 2032. China and South Korea in particular have emerged as major producers and developers of immersive technology gear in the Asia-Pacific region. For instance, Taiwan-based businesses like HTC and Pimax are well known for creating top-notch VR headsets. Moreover, China’s Immersive Technology in Entertainment Industry market held the largest market share, and the Indian Immersive Technology in Entertainment Industry market was the fastest growing market in the Asia-Pacific region.
Immersive Technology in Entertainment Industry 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 Entertainment Industry 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 Entertainment Industry 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 Entertainment Industry industry to benefit clients and increase the market sector. In recent years, the Immersive Technology in Entertainment Industry industry has offered some of the most significant advantages to medicine. Major players in the Immersive Technology in Entertainment Industry 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.
Sony Group Corp. (Sony) manufactures a variety of products, including devices, tools, medical equipment, semiconductors, and electronics. The company's products include batteries, software, televisions, cell phones, cameras, music systems, game consoles, and other electrical equipment. Sony produces, buys, and distributes motion films, television programs, and recorded music in addition to operating television and digital networks. Through distributors, sales divisions, and online direct sales, the company promotes its products. Under the names Airpeak, Sony, PlayStation, Walkman, Blu-ray, Cyber-shot, Bravia, Exmor, and Experia, it offers products for sale. Africa, the Middle East, Asia-Pacific, and the Americas are all where the company has activities. Sony's corporate headquarters are in Minato-Ku, Tokyo, Japan.
A technological business called Unity Software Inc. (Unity Technologies) creates software platforms. The business offers the (RT3D) development platform, which gives programmers the means to make complex, interactive 2D, 3D, VR, and AR experiences. The product lines offered by Unity Technologies include, among others, Unity Plus, Unity Enterprise, Unity MARS, Unity Build Server, Pixyz, Optimization Accelerator, and multiplayer games. In addition, the business offers RT3D in a variety of industries, including architecture, games, movies, and engineering and construction. San Francisco, California, in the United States, serves as the home base for Unity Technologies.
Key Companies in the Immersive Technology in Entertainment Industry market include
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Acer Inc.
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Atheer, Inc.
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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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Varjo Technologies Oy
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VI-grade GmbH
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Immersive Technology in Entertainment Industry Market Segmentation
Immersive Technology in Entertainment Industry 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
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Immersive Technology in Entertainment Industry 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 Entertainment Industry 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 Entertainment Industry 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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