Increasing Adoption of Digital Transformation Model Among Organizations to Fuel Immersive Entertainment Market Growth During Forecast Period
According to our latest study, “Immersive Entertainment Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Technology, End User, and Geography," the market was valued at US$ 87.51 billion in 2023 and is expected to reach US$ 519.77 billion by 2031; it is estimated to record a CAGR of 24.9% from 2023 to 2031. The report includes growth prospects owing to the current immersive entertainment market trends and their foreseeable impact during the forecast period.
Organizations struggle to compete in a constantly changing and dynamic market. Hence, with digital transformation, businesses seek to boost their competitive advantage, enhance business performance, and achieve business growth. Digital transformation has become a new model for many organizations to gain competitive advantages in the intense and dynamic market competition. Over the years, business across various sectors has undergone substantial change, with digital technology being a major contributor to this evolution. Digital technology breakthroughs have transformed the way consumers produce and consume entertainment, changing the sector beyond recognition. By providing new and interesting ways to generate, distribute, and consume media material such as movies, TV shows, and music, creative techniques of generating and sharing have completely changed the entertainment industry. The main means of distributing entertainment in the past were analog media, including vinyl records and cassette tapes. However, the entertainment industry has changed since the introduction of digital technology, as games, movies, and music are all accessible on digital platforms. The shift from analog to digital media has revolutionized the approach toward entertainment consumption. With the ability to stream content whenever and wherever, streaming services such as Netflix, Amazon Prime, Spotify, and Hulu have ushered in a new era of accessibility, ease, and immersive entertainment experiences. Additionally, digital technologies have enabled the creation of sophisticated special effects, allowing filmmakers to create more immersive and visually stunning experiences. Thus, the increasing adoption of digital transformation model among organizations is fueling the immersive entertainment market growth.
Immersive Entertainment Market Analysis — by Geography
Immersive Entertainment Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Hardware and Software & Services), Technology (Virtual Reality, Augmented Reality, Mixed Reality, and Others), End User (IT & Telecom, BFSI, Healthcare, Government, Manufacturing, and Others), and Geography
Immersive Entertainment Market Drivers and Opportunities [2021-2031]
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Source: The Insight Partners Analysis
Microsoft Corp; Qualcomm Inc; Google LLC; Sony Group Corp; Infosys Ltd; HTC Corp; Samsung Electronics Co Ltd; Apple Inc; Magic Leap, Inc.; and Salesforce Inc are among the key players profiled in the immersive entertainment market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the immersive entertainment market forecast by component, technology, end user, and region from 2023 to 2031. Based on component, the immersive entertainment market is categorized into hardware and software & services. In terms of revenue, the hardware segment held the largest immersive entertainment market share and is expected to record the highest CAGR during the forecast period.
The scope of the immersive entertainment market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America dominated the market in 2023, followed by Europe and APAC.
The APAC immersive entertainment market is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. In terms of revenue, China held the largest immersive entertainment market share in APAC. China's metaverse development has accelerated recently due to widespread interest and investment from various businesses. The gaming industry is one of the leading forces behind the metaverse in China. China has a huge gaming market. Game makers have been investigating how to include features of the metaverse in their creations. Businesses have been investing in the platforms and technologies associated with the metaverse. Metaverse components have already been added to a few well-known games to increase user engagement and revenue. In China's cultural and tourism sectors, immersive tourism is becoming popular among the Chinese population. In order to provide tourists with an immersive experience, China has embraced digital technologies such as virtual reality (VR), artificial intelligence (AI), and augmented reality (AR). All such factors contribute to the growth of the immersive entertainment market in China.
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