Immersive Media Industry | Forecast 2030

Immersive Media Industry Data Book – Augmented Reality, Metaverse and Virtual Reality Market

The global AR, VR, and metaverse markets combine to account for USD 86.02 billion in revenue in 2021, which is expected to reach USD 1,363.35 billion by 2030, growing at a cumulative rate of 36.3% over the forecast period. The combination bundle is designed to provide a holistic view of these highly dynamic market spaces.

 

Access the Global Immersive Media Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

 

Immersive Media Industry Data Book Coverage Snapshot

Markets Covered

  • Immersive Media Industry USD 86.02 billion in 2021 36.3% CAGR (2022 – 2030)
  • Augmented Reality Market Size USD 25.33 billion in 2021 40.9% CAGR (2022 – 2030)
  • Virtual Reality Market Size USD 21.83 billion in 2021 15.0% CAGR (2022 – 2030)
  • Metaverse Market Size USD 38.85 billion in 2021 39.4% CAGR (2022 – 2030)

 

Augmented Reality Market Growth & Trends

The global augmented reality market size is expected to reach USD 597.54 billion by 2030, registering a CAGR of 39.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be credited to the increasing adoption of augmented reality (AR) technology across several industry verticals, such as automotive, healthcare, education, construction, and logistics among others. The augmented reality interfaces enhance the work environment as well as optimize operational efficiency while offering significant benefits in terms of efficiency, productivity, and safety.

AR technology has been evolving continuously and getting more accessible and reliable in line with the advances in technology. Several market players are focused on introducing new and more innovative offerings to attract customers and gain a competitive edge in the industry. For instance, in 2023, Google LLC announced the launch of its latest Immersive Stream for XR service for its Google Cloud customers. This new offering is said to eliminate the need for any powerful hardware or a special application to immerse oneself in the augmented reality or 3D world. The users can simply scan a QR code or click a link to get into extended reality (XR).

 

Order your copy of the Free Sample of “Immersive Media Industry Data Book – Stainless Steel, Carbon Steel, Electrical Steel, Weathering Steel and Sintered Steel Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030, published by Grand View Research

 

Metaverse Market Growth & Trends

The global metaverse market size is predicted to attain USD 936.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 41.6% from 2023 to 2030, owing to increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period. The market is also growing due to the steady adoption of XR technologies to enhance user experience on various platforms. The growing demand for metaverse to purchase digital assets using cryptocurrencies is expected to drive the market significantly. The development and distribution of Augmented reality (AR), Virtual Reality (VR), and Mixed Reality (MR) devices are anticipated to spur market growth in years to come.

 

The prefix “meta” is commonly used in Greek to denote “after” or “beyond.” The metaverse is a three-dimensional interactive and immersive environment where several people can interact through avatars. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular around the world. Gaming websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The metaverse is the advent of new online environments in which people’s interactions are more multidimensional and they can engage more deeply with digital content rather than merely reading it.

 

Virtual Reality Market Growth & Trends

The global virtual reality market size is expected to reach USD 435.36 billion by 2030, growing at a CAGR of 27.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing adoption of user immersion technology in industries, such as education, industrial training, and healthcare, among others, is expected to drive market growth. In addition, internet penetration in the form of high-speed 5G networks has positively impacted the adoption of Virtual Reality (VR) technology due to fast and low-latency internet connections. The growing demand for training and research across industries, such as education, aerospace & defense, and automotive, is also driving the growth of the market. For instance, in October 2022, Meta Platforms, Inc. launched the Meta Quest Pro VR headset with the Snapdragon Qualcomm XR2+ chipset.

 

Competitive Insights

The key market players in the Immersive Media industry, such as Meta Platforms, Inc., Tencent Holdings Ltd., NetEase, Inc., Nvidia Corporation, Unity Technologies, Inc., Microsoft Corporation, Samsung, HTC Corporation, Alphabet Inc., Qualcomm Inc., and Vuzix among others continuously seek various initiatives including mergers and acquisitions, strategic alliances, and new development launches. These vendors bear expertise in the Immersive Media industry and have a strategic presence across the globe. This, in turn, has enabled these companies to successfully defend their position in the market.

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