Market Analysis

Immersive technologies comprising augmented reality (AR) and virtual reality (VR) are used to create distinctive experiences by blending the physical (real) world with an artificial environment. Augmented reality merges computer-generated information/images into the user’s physical environment, while virtual reality uses computer-generated information/ images, offering a full sense of immersion. 

Immersive Technology in Healthcare Market

Immersive technologies hold significant potential to revolutionize various industries, including gaming, media & entertainment, manufacturing education, and healthcare. Therefore, these technologies are witnessing vast market demand. Besides, technological advances and improvements in hardware are key drivers enhancing the market growth. It is interesting to look at the industries impacted by immersive technologies.

Healthcare is one of the major areas where immersive technologies are expected to bring a sea change. Immersive real-life simulations in a safe environment can deliver realistic psychological and physical experiences. These technologies offer endless possibilities in health, medicine, and smart medical devices, enabling a more interactive, engaging, and efficient execution of operational tasks.

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Immersive Technology in Healthcare Market Key Players –

• 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.

Today, immersive technologies are used in healthcare for various tasks, including depression, diagnosing & treating dementia, PTSD, phobias and other disorders & pathologies. These technologies also enable faster and more effective remote diagnostics & surgery and medical training. Immersive technologies are becoming crucial in healthcare settings to perceive visual cues in virtual human simulation. 

The global immersive technology in healthcare market demonstrates significant growth potential. The growing use of AR, VR, and mixed reality to improve patient engagement, medical training, pain management, surgical planning & navigation, and telemedicine & remote consultations drives the market. Besides, the increasing demand for easily accessible solutions enabling remote & safe patient care and outcomes boosts the market size. 

The healthcare industry requires a swift technological infusion to continue moving forward. The industry also needs advanced connectivity that is quick, efficient, and flexible in connecting devices and systems. Market Research Future (MRFR) expects the global immersive technology in healthcare market to escalate from USD 1.06 BN in 2022 to USD 5.47 BN by 2032, growing at an 18.5% CAGR throughout the review period (2023-2032). 

The deeply immersive nature and the ability that immersive technologies possess to raise online & remote medical education to unprecedented heights create enormous market opportunities. Moreover, with the ever-growing use of smartphone usage and expanding the reach of the internet, the market is likely to witness an astonishing surge in immersive technology in healthcare market.

Undoubtedly, the healthcare domain stands as a prominent beneficiary of immersive technologies. The emergence of innovative startups that are insistently pushing boundaries and transformative virtual revolution ushering in the healthcare industry boosts immersive technology in healthcare market revenues. 

On the other hand, inadequate healthcare infrastructures and shortages of trained healthcare professionals are major factors hampering the market growth. However, the potential these immersive technologies hold to enhance patient care and outcomes significantly would support the market growth. The potential impact of immersive technologies on the broader healthcare landscape is significant, reshaping patient care and outcomes. 

Immersive Technology in Mining

The global immersive technology in mining sector will likely demonstrate steady revenue growth. The increasing adoption of immersive technologies would drive the market growth. MRFR confirms that the global immersive technology in mining sector market is poised to escalate from USD 0.71 BN in 2022 to USD 2.63 BN by 2032, growing at a 14.5% CAGR during the assessment period (2023-2032).

Immersive technologies are proving to be a game changer for the mining industry. The mining industry helps bring various crucial raw materials like steel, copper, and many rare earth metals & minerals, meeting the manufacturing demands. Like many heavy industries, mining is undergoing significant changes and facing challenges & constraints that can be addressed using a key Industry 4.0 technology known as Virtual Reality.

Industry 4.0, or the Fourth Industrial Revolution, will be a game changer, enabling manufacturing operations smart. Implementing immersive technologies in the mining industry helps improve many mining activities, including remote operations, equipment maintenance & repair, data visualization & analysis, training & skill development, environmental compliance, and cost reduction. 

Due to its hazardous nature, safety becomes paramount for the mining industry. The contractors and employees need to be trained and equipped with the necessary skills and competencies to deliver efficiencies and competitive advantages to the market. Immersive technologies can replicate real-life hazardous scenarios in a safe environment to provide an in-depth learning experience. 

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The advantages of extended reality (XR) platforms in training include video-based (self-paced) training and certifications without depending on a trainer or a certifier’s involvement. Other benefits include comprehensive knowledge retention, improved decision-making through an engaging learning experience, and training repeatability. 

The next area of VR intervention in mining is the designing and constructing of essential facilities for production, maintenance and other support services. VR technology in mining allows various design teams from different locations to collaborate, review, and approve designs. 

This enables speedy design processing by 3D virtual models, reducing review durations and facilitating packages to be issued for construction (IFC). Virtual reality demonstrates immense potential in mining applications. Immersive technology has become ubiquitous in the mining sector, ensuring sustainable and profitable operations. 

Also, the hardware and applications have become affordable, making an even stronger base for its rapid VR deployment. In addition to VR, Augmented Reality (AR) applications are expected to increase in similar areas of the mining industry in the future. The growth of VR in many areas of human endeavor, mainly in other industries, is helping its adoption in the mining industry. 

Immersive Technology in Manufacturing

Immersive technologies are expected to play a key role in enhancing supply chains and manufacturing, which requires investment in automation and intelligent software. Due to its capacity to improve operational efficiency, the industrial metaverse represents a greater opportunity for revenue generation and quick ROI than the consumer and enterprise metaverses. 

Immersive technology has become crucial in manufacturing to increase productivity, quality assurance & inspection, maintenance & equipment optimization, and improve training & skill development. According to MRFR, the global immersive technology in manufacturing market is poised to escalate from USD 0.71 BN in 2022 to USD 2.87 BN by 2032, growing at a 15.5% CAGR throughout the assessment period (2023-2032).

Immersive technologies show tremendous promise in industrial applications, catalyzing automation, connectivity, and the metaverse. These technologies can transform the designing & testing of manufacturing systems, product sourcing, collaboration of global teams, and more. 

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When COVID-19 disrupted the supply chains, major economies, and businesses worldwide, manufacturers started to reconsider their global manufacturing strategies and investments in domestic solutions. Instead, they decided to increase their digital investment.

In addition, the Fourth Industrial Revolution, or Industry 4.0, which was already boosting the digitalization of manufacturing, set the stage for these capital projects. Consequently, the industrial metaverse became imperative to enable automation, connectivity, and virtual modeling. 

Among the technologies required to catalyze the growth of the industrial metaverse, digital twins positioned at the convergence of AI and VR served as a conduit between the physical and digital environments. Also, enhancements and expansions of networking infrastructure, such as implementing low latency 5G networks, helped boost immersive technology applications.

The early adoption of the metaverse and immersive technologies can lead to the greatest potential for manufacturing, engineering services, construction, and transportation design, collectively grouped as the industrial metaverse. The development and adoption of immersive technology in industrial functions to accelerate automation attract investors who are readily capturing this opportunity.  

Immersive Technology in Entertainment

Using immersive technology in the entertainment space provides developers and content creators with novel tools for developing storylines, delivering content, and making the content more impactful. Immersive tools place performers and talent in virtual environments, enabling them to interact with digital content to create a more realistic narrative.  

Content built with immersive technology is more impactful and provides more useful information to interact with. The global immersive technology in entertainment market demonstrates major revenue growth. The growing focus on enabling more realistic and engaging entertainment experiences boosts the market size. Besides, dropping costs of immersive technology and hardware and software positively impact the market growth. 

The growing popularity of gaming, film & entertainment, and live events are the key growth drivers for the market. MRFR confirms that the global immersive technology in entertainment market is poised to escalate from USD 4.24 BN in 2022 to USD 26.32 BN by 2032, growing at a 20.5% CAGR throughout the assessment period (2023-2032). 

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The rapid growth in gaming & entertainment substantiates the immersive technology in entertainment market size. Immersive technologies are also increasingly used for medical training, therapy & remote surgery, health & wellness, insurance, automotive, and marketing & advertising. Also, rapid economic growth across the globe increases the adoption of immersive technology. 

However, factors such as the lack of consumer demand & expertise, slow adoption rate, untested technology and high competition hamper market growth. Also, legal implications and privacy & data security concerns impede the market growth. Privacy concerns include possibilities of mass surveillance, fake identities, etc. Moreover, difficulty in technology licensing and IP & potential infringement of third-party-owned IP restrict the adoption of immersive technology.  

The extended reality landscape is changing the way content is consumed, as well as experiences are developed and built for a modern audience. Immersive technology has drastically impacted business applications, providing a faster return on investment (ROI) than consumer applications. However, advances in 5G will bring a new wave of immersive technologies, making it as ubiquitous as mobile devices.

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