Immersive Media Market Trends

The global AR, VR, and metaverse markets combine to account for USD 86.02 billion in revenue in 2021

Immersive Media Industry | Forecast 2030

Grand View Research’s immersive media industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

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

Augmented Reality Market Insights

The global augmented reality market size was valued at USD 57.26 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 39.8% from 2023 to 2030. The surge of interest among leading market players such as Google LLC, Microsoft Corporation, Apple, Inc., and others in employing augmented reality (AR) in numerous applications is creating new opportunities. Additionally, the market in media and entertainment is increasing, such as with the rising use of augmented reality in the gaming sector to give participants a view with highly effective video, graphics, and sound, which is anticipated to be a major growth factor.

Augmented reality provides interactive experiences through various sensory modalities, such as somatosensory, visual, auditory, haptic, and others. This technology has numerous applications in education, training, and entertainment. Furthermore, it is increasingly being used in industries such as logistics, healthcare, and manufacturing for monitoring, assistance, maintenance, and training.

Order your copy of Free Sample of “Immersive Media Industry Data Book – Augmented Reality, Metaverse and Virtual Reality Market Size, Share, Trends Analysis, And Segment Forecasts, 2022 – 2030” Data Book, published by Grand View Research

Metaverse Market Insights

The global metaverse market size was estimated at USD 65.5 billion in 2022. It is expected to grow at a compound annual growth rate (CAGR) of 41.6% from 2023 to 2030. Major factors expected to drive the revenue growth include a growing focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR), and the outbreak of COVID-19, as well as the situation’s subsequent developments and outcomes.

The metaverse is a term used to describe a highly immersive 3D virtual world experience obtained through the use of a mixture of technologies such as AR, VR, and MR. The metaverse platform elevates the internet experience by establishing a virtual world in which users can engage in immersive gaming, conduct business, socialize, buy and sell virtual real estate, and enjoy immersive entertainment, among other things.

Virtual Reality (VR) Market Insights

The global virtual reality (VR) market size was estimated at USD 59.96 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 27.5% from 2023 to 2030. Virtual reality enables users to experience a three-dimensional environment in the real world. This immersive experience for consumers is created by VR technology through gadgets, such as VR headsets, glasses or gloves, and bodysuits. VR technology has also transformed the gaming and entertainment sectors by enabling users to engage themselves in a highly simulated environment. Furthermore, the increasing use of virtual reality (VR) in instructional training, such as for field workers, engineers, mechanics, pilots, defense personnel, and technicians in various industrial sectors, is propelling the market’s growth.

In addition, VR is widely used in various industries, such as automotive and healthcare, due to its operational benefits. For instance, virtual reality allows engineers to test a vehicle’s design and construction at an early stage before beginning costly production in the automobile industry. For instance, BMW uses mixed reality (augmented & virtual reality) in development and vehicle engineering processes. Moreover, the advent of VR exposure therapy is expected to increase the trend for using advanced technologies for treating people with mental health issues. Furthermore, travel companies use VR technology to enable potential tourists to take a virtual tour of monuments, iconic destinations, parks, and more. During the COVID-19 outbreak, various industries were shut down briefly, and lockdowns were imposed to reduce the spread of the virus, which, in turn, impacted business operations across regions.