Immersive Analytics Market by Offering (Hardware, Solutions, Services), End-use Industry (Healthcare, Construction, Automotive & Transportation, Media & Entertainment), Application, and Region - Global Forecast to 2028
[198 Pages Report] The immersive analytics market size is projected to grow from USD 0.8 billion in 2023 to USD 6.7 billion by 2028, at a CAGR of 51.7% during the forecast. The rising demand for analyzing and understanding heterogeneous data with data visualization tools will drive the growth of the immersive analytics market. Analyzing heterogeneous data with immersive analytics tools can also offer advantages as it can provide a more comprehensive understanding of a complex system or issue, leading to better decision-making and insights.
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Immersive Analytics Market Dynamics
Driver: Large amount and complexity of the data available for analysis will increase the demand of the immersive analytics market.
As the volume and complexity of data being produced continue to increase, there is a rising need for sophisticated analytics tools that can provide meaningful insights. Immersive analytics is one such approach that leverages virtual and augmented reality technologies to create an immersive experience for users as they explore and analyze data. Presenting data in a 3D format allows users to gain deeper insights into patterns, trends, and relationships that may not be immediately apparent in a 2D interface, leading to better decision-making.
Restraint: High cost to deploy infrastructure required for immersive analytics
The cost associated with deploying AR, VR, and XR technology for immersive analytics can vary depending on several factors, including the complexity of the analytics, the type of hardware and software used, and the scope of the project. Deploying AR, VR, and XR technologies for immersive analytics can be expensive due to the specialized hardware, software, and content creation required. For example, A manufacturing company's large-scale project requiring real-time monitoring and analysis of complex machinery and equipment could be an example of a high deployment cost for immersive analytics.
Opportunity: Increasing demand of IoT will create huge potential for immersive analytics
The expanding reach of the Internet of Things (IoT) creates an opportunity for immersive analytics to be employed in the visualization and analysis of data generated by sensors and other IoT devices. This has the potential to provide businesses with real-time insights into their operations, which can inform better decision-making based on this data. The fusion of IoT and immersive analytics can revolutionize how businesses and organizations function.
Challenge: Lack of analytical knowledge in the workforce
Enterprises continue to grapple with the widespread adoption of futuristic technologies, seeking guidance on the most viable path forward in this disruptive landscape. According to global data scientists, a key obstacle to embracing immersive technology lies in the insufficient skillsets within the workforce, impeding the optimal utilization of these advanced pervasive technologies.
Immersive Analytics Market Ecosystem
Prominent companies in this market include a well-established, financially stable provider of the immersive analytics market. These companies have been innovating their existing offerings and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include IBM (US), Google (US), Microsoft (US), HTC (Taiwan), and Meta (US).
By Hardware, the AR/VR/MR Headsets segment to hold the largest market size during the forecast period
AR/VR/MR headsets amplify the immersive experience, empowering users to interact with data in a three-dimensional environment. This enhanced capability facilitates a profound comprehension of intricate data sets, enabling the identification of complex patterns and trends that may be elusive with traditional data visualizations. By leveraging these headsets, seamless collaboration among data scientists, analysts, and stakeholders is fostered, resulting in enhanced speed, accuracy, and quality in data analysis and decision-making.
By service, the professional services segment is expected to hold the largest market size during the forecast period
Enterprises need proven professional experts to assist in implementing immersive analytics. Professionals, specialists, and experts offer professional services to support businesses. Professional services comprise design and consulting, training and education, support and maintenance, and installation and integration. Professionals use the latest techniques, comprehensive strategies, and skills to fulfill the organization's security requirements.
Based on the end-use industries segment, the media & entertainment segment is expected to grow with the highest CAGR during the forecast period
The entertainment industry is one of the most enthusiastic applications of immersive technology. This technology is expected to be the future of the entertainment industry. Immersive analytics is a novel method that leverages virtual and augmented reality technologies to enable users to engage with data in a 3D, immersive environment. Although its application in media and entertainment is still in the early stages, it is gaining interest for its potential to revolutionize the way content creators work with data, from planning to post-production analysis.
Based on region Asia Pacific is expected to hold the largest market size during the forecast period.
Companies operating in this region will benefit from flexible economic conditions, the industrialization-and globalization-motivated policies of governments, and the expanding digitalization and technological adoption, all of which are expected to have a huge impact on the business community in the region. The growth of the immersive analytics market is anticipated to be fueled by the surge in urbanization in the region. Asia Pacific has a significant technology adoption rate and is expected to record the highest growth rate in the immersive analytics market over the next few years.
Market Players:
The major players in the immersive analytics market are IBM (US), Microsoft (US), SAP (Germany), Google (US), TIBCO (US), HPE (US), Magic Leap (US), Accenture (Ireland), HTC (Taiwan), Meta (US), Tableau (US), Kognitiv Spark (Canada), Aventior (US), Immersion Analytics (US), BadVR (US), Virtualitics (US), Softcare Studios (Italy), JuJu Immersive (UK), ARSOME Technology (US), Varjo (Finland), Cognitive3D (Canada), SenseGlove (Netherlands), DPVR (China), PICO (US), Reply (Italy). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the immersive analytics market.
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Report Metrics |
Details |
Market size available for years |
2023-2028 |
Forecast period |
2023–2028 |
Forecast units |
Value (USD) Million/Billion |
Segments covered |
Offering, Applications, and End-Use Industry |
Region covered |
North America, Europe, Asia Pacific, Rest of the World |
Companies covered |
IBM (US), Microsoft (US), SAP (Germany), Google (US), TIBCO (US), HPE (US), Magic Leap (US), Accenture (Ireland), HTC (Taiwan), Meta (US), Tableau (US), Kognitiv Spark (Canada), Aventior (US), Immersion Analytics (US), BadVR (US), Virtualitics (US), Softcare Studios (Italy), JuJu Immersive (UK), ARSOME Technology (US), Varjo (Finland), Cognitive3D (Canada), SenseGlove (Netherlands), DPVR (China), PICO (US), Reply (Italy). |
This research report categorizes the immersive analytics market to forecast revenues and analyze trends in each of the following submarkets:
Based on Offering:
-
Hardware
- AR/VR/MR Headset
- Displays
- Sensors & Controllers
- Other Hardware
- Solutions
-
Services
- Professional Services
- Managed Services
Based on Application:
- Education & Training
- Sales & Marketing
- Design & Visualization
- Strategy Planning
- Other Applications
Based on End-Use Industry:
- Healthcare
- Media & Entertainment
- Automotive & Transportation
- Construction
- Government & Defense
- Other End-Use Industries
By Region:
-
North America
- United States (US)
- Canada
-
Europe
- United Kingdom (UK)
- Germany
- France
- Rest of Europe
-
Asia Pacific
- China
- Japan
- ANZ
- Singapore
- India
- Rest of Asia Pacific
-
Rest of the World
- Middle East & Africa
- Latin America
Recent Developments
- In September 2022, IBM recently unveiled Cognos 11.2.3, the latest addition to the Cognos Analytics with Watson 11.2.x stream. This update introduces several significant improvements that will enable business users to extract more value from their data and navigate it with greater ease. The release includes a complete redesign of the user interface, new integrations, and a range of features that offer exciting data exploration and analysis possibilities. Overall, this latest update represents a substantial step forward in IBM's efforts to enhance the Cognos Analytics platform and empower users to make more informed decisions based on their data.
- In January 2022, Google announced that it will launch a new augmented reality (AR) headset under Project Iris by 2024, which is in the early development stage.
- In February 2021, Microsoft introduced the HoloLens 2 Industrial Edition, an independent mixed-reality tool developed, constructed, and tested to operate in regulated industrial settings. Along with its compliance with industrial standards ratings, the HoloLens 2 Industrial Edition comes with a two-year warranty and a Rapid Replacement Program, which decreases downtime through advanced exchange and accelerated shipping.
- In March 2022, HP recently launched a new software as a service (SaaS) called ExtendXR to manage the increasing number of virtual reality (VR) headsets used in various industries, including manufacturing, industrial design, and medical training. The ExtendXR SaaS is designed to simplify the configuration of VR headsets before providing them to employees, thereby streamlining the deployment process. HP collaborated with ArborXR, an AR and VR device management company, to create the software. With ExtendXR, companies can efficiently manage their VR headsets and ensure they are configured correctly, which can ultimately enhance productivity and improve training outcomes.
- May 2022, HP has partnered with Microsoft and Valve to develop a new virtual reality (VR) headset, called the HP Reverb G2. This headset is an upgraded version of the original HP Reverb and includes several improvements such as a higher-resolution display, better audio quality, and enhanced tracking technology. The HP Reverb G2 is versatile and can be used in various applications, including gaming, industrial design, and healthcare training, and is compatible with a range of VR software and platforms.
Frequently Asked Questions (FAQ):
What is the definition of the immersive analytics market?
Immersive Analytics refers to technologies and techniques that enable users to explore and analyze complex data sets in a more intuitive and interactive way, often through the use of immersive visualization and interaction techniques. Examples of immersive analytics include data visualization tools that use VR or AR, as well as other immersive techniques like spatial computing or haptic feedback. The main goal of immersive analytics is to help users gain deeper insights and understanding from data and to support decision-making processes in a more efficient and effective way.
What is the market size of the immersive analytics market?
The immersive analytics market size is projected to grow from USD 0.8 billion in 2023 to USD 6.7 billion by 2028, at a CAGR of 51.7% during the forecast period.
What are the major drivers in the immersive analytics market?
The advancements in immersive technologies, such as virtual reality and augmented reality, have greatly improved their accessibility and affordability, thereby driving the adoption of immersive analytics solutions. The large amount and complexity of the data available for analysis will increase the demand of the immersive analytics market. The growing adoption of Head Mounted Displays (HMDs) for 3D data visualization is driving the growth of the immersive analytics market.
Who are the key players operating in the immersive analytics market?
The major players in the immersive analytics market are IBM (US), Microsoft (US), SAP (Germany), Google (US), TIBCO (US), HPE (US), Magic Leap (US), Accenture (Ireland), HTC (Taiwan), Meta (US), Tableau (US), Kognitiv Spark (Canada), Aventior (US), Immersion Analytics (US), BadVR (US), Virtualitics (US), Softcare Studios (Italy), JuJu Immersive (UK), ARSOME Technology (US), Varjo (Finland), Cognitive3D (Canada), SenseGlove (Netherlands), DPVR (China), PICO (US), Reply (Italy).
What are the opportunities for new market entrants in the immersive analytics market?
The adoption of immersive analytics will enable firms to provide a more personalized customer experience. The expanding reach of the Internet of Things (IoT) creates an opportunity for immersive analytics to be employed in visualization and analysis. The advancements in technology have had a profound impact on consumer behavior and expectations, resulting in an amplified desire for experiences that are personalized and tailored. Moreover, the trend of immersive analytics, which involves the use of augmented or virtual reality to visualize and interact with data, is gaining traction.
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The immersive analytics market study extensively used secondary sources, directories, and databases, such as D&B Hoovers, Bloomberg Businessweek, and Factiva. Other market-related sources, such as journals and white papers from industry associations, were also considered while conducting the secondary research. Primary sources were mainly industry experts from core and related industries, preferred system developers, service providers, System Integrators (SIs), resellers, partners, and organizations related to the various segments of the industry’s value chain. In-depth interviews were conducted with various primary respondents to obtain and verify critical qualitative and quantitative information and assess the market’s prospects. These respondents included key industry participants, subject matter experts, C-level executives of key market players, and industry consultants.
Secondary Research
In the secondary research process, various secondary sources were referred to for identifying and collecting information for the study. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, certified publications, and articles from recognized associations and government publishing sources. Several journals, such as the Institute of Electrical and Electronics Engineers (IEEE), ScienceDirect, ResearchGate, Academic Journals, and Scientific.Net, were also referred. Secondary research was mainly used to obtain key information about industry insights, the market’s monetary chain, the overall pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both markets and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the immersive analytics market. The primary sources from the demand side included immersive analytics end users, network administrators/consultants/specialists, Chief Information Officers (CIOs), and subject-matter experts from enterprises and government associations.
The Breakup of Primary Research:
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Company Name |
Designation |
BadVR |
Senior Manager |
IBM |
Analytic Expert |
Market Size Estimation
Multiple approaches were adopted to estimate and forecast the market size of the immersive analytics market. The first approach involves the estimation of market size by summing up the revenue generated by companies through the sale of immersive analytics offerings, such as hardware, solutions, and services.
Both top-down and bottom-up approaches were used to estimate and validate the total size of the market. These methods were extensively used to estimate the size of various segments in the market. The research methodology used to estimate the market size includes the following:
- Analyzing the size of the global market by identifying segment and subsegment revenue related to the market
- Estimating ASP of immersive analytics
- Estimating the size of other immersive analytics technology providers
- Estimating immersive analytics market size
Immersive Analytics Market Size: Bottom-Up Approach
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Immersive analytics Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size, the immersive analytics market was divided into several segments and subsegments. A data triangulation procedure was used wherever applicable to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with data triangulation and market breakdown, the market size was validated by the top-down and bottom-up approaches.
Market Definition
Immersive Analytics refers to technologies and techniques that enable users to explore and analyze complex data sets in a more intuitive and interactive way, often through the use of immersive visualization and interaction techniques. Examples of immersive analytics include data visualization tools that use VR or AR, as well as other immersive techniques like spatial computing or haptic feedback. The main goal of immersive analytics is to help users gain deeper insights and understanding from data and to support decision-making processes in a more efficient and effective way.
Key Stakeholders
- Senior Management
- Finance/Procurement Department
- R&D Department
- IT Department
Report Objectives
- To determine, segment, and forecast the global immersive analytics market by offering, application, vertical, and region in terms of value
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, Rest of World (RoW)
- To provide detailed information about the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the market
- To study the complete value chain and related industry segments and perform a value chain analysis of the market landscape
- To strategically analyze the macro and micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To analyze the industry trends, pricing data, patents, and innovations related to the market
- To analyze the opportunities for stakeholders by identifying the high-growth segments of the immersive analytics market
- To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies2
- To track and analyze competitive developments, such as mergers & acquisitions, product launches & developments, partnerships, agreements, collaborations, business expansions, and research & development activities
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Geographic Analysis
- Further breakup of the Asia Pacific market into countries contributing 75% to the regional market size
- Further breakup of the North American market into countries contributing 75% to the regional market size
- Further breakup of the European market into countries contributing 75% to the regional market size
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Immersive Analytics Market