The immersive analytics market was valued at US$ 500 million in 2023. The market expected to attain a valuation of US$ 50.5 billion by 2034, increasing at a CAGR of 51.9% between 2024 and 2034. By 2024, the market for immersive analytics is predicted to total US$ 774.5 million.
An important factor propelling the global immersive analytics market is the growing volume and complexity of data being produced by various sectors. There is an increasing need for user-friendly visualization tools that can efficiently convert complicated data into useful insights as enterprises struggle with large datasets. Immersion experiences that promote deeper comprehension and better informed decision-making processes are provided by immersive analytics systems, which provide a compelling alternative.
Companies may use advanced visualization and analysis technologies to obtain a competitive advantage in the immersive analytics sector. Utilizing immersive technology, such as virtual and augmented reality, may help firms make better decisions, streamline processes, and spur innovation across a range of industries by revealing new insights from data.
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Key Takeaways from the Market Analysis
- The global demand for immersive analytics reached US$ 100 million in 2019.
- By offering, immersive analytics hardware demand to flourish at a 51.7% CAGR through 2034.
- Around 51.5% of the global immersive analytics market revenue in 2024 will be generated by use in healthcare.
- Immersive analytics in the United States will advance at a CAGR of 52% by 2034.
- The market in the United Kingdom is anticipated to rise through 2034 at a 53.4% CAGR.
- It is projected that China’s immersive analytics ecosystem will evolve at a 52.7% CAGR between 2024 and 2034.
“The market is being pushed by the need for plausible visualization tools due to the growing complexity of data. Technological developments in virtual and augmented reality improve the quality of immersive experiences. Immersion analytics solutions are in high demand as more sectors adopt data-driven decision-making,” says an FMI analyst.
Competitive Landscape
Leading companies in the global immersive analytics market are experimenting by merging machine learning and artificial intelligence algorithms to provide smart insights and automate data analysis procedures. They are concentrating on developing scalable immersive analytics solutions that meet the needs of certain industries, such as manufacturing, healthcare, and finance.
Developments in gesture recognition and spatial computing are improving user engagement and immersion, which increases the usefulness and efficiency of immersive analytics platforms for a variety of applications.
Startups within the immersive analytics market are developing new applications and technologies, such as immersive data visualization platforms, AI-powered analytics solutions, and virtual collaboration tools. Their primary focus is on catering to specialized market sectors and utilizing innovation to challenge conventional methods of data analysis and decision-making procedures.
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Key Developments
- In 2024, Vodafone and Microsoft Corp. built a 10-year strategic agreement to provide scalable digital platforms to over 300 million enterprises, public sector organizations, and consumers in Europe and Africa.
- Through the partnership, the companies will work together to develop new digital as well as financial services for businesses, particularly SMEs across Europe and Africa, and rethink its global data center cloud strategy. They will also work together to transform Vodafone’s customer experience using Microsoft’s generative AI and hyperscale Vodafone’s leading managed IoT connectivity platform.
Key Segments Profiled in the Immersive Analytics Market
By Offering:
- Hardware
- AR/VR/MR Headset
- Displays
- Sensors & Controllers
- Others
- Solution
- Services
By End Use:
- Healthcare
- Government & Defense
- Automotive & Transportation
- Construction
- Media & Entertainment
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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