Immersive Analytics Market

[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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Scope of the Report

Immersive Analytics Market Highlights

This research report categorizes the Immersive Analytics Market to forecast revenues and analyze trends in each of the following submarkets:

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.

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