SAN FRANCISCO, July 18, 2023 /PRNewswire/ -- The global immersive media industry size was valued at USD 86.02 billion in 2021 and is poised to exhibit a CAGR of 36.3% between 2022 and 2030, according to "Immersive Media Industry Data Book, 2022 - 2030," published by Grand View Research. The havoc wreaked by the COVID-19 pandemic compelled leading companies to adopt state-of-the-art technologies, such as metaverse, augmented reality (AR) and virtual reality. Immersive technologies have forayed into a host of industries, such as education, healthcare, entertainment, manufacturing, logistics and sports. For instance, the volumetric video gained unprecedented traction, creating holograms and enabling viewers to watch from any angle.
Augmented reality (AR) has emerged as a promising technology to imitate or mirror the physical world, providing an impetus across end-use sectors. The healthcare sector, for instance, has witnessed an ever-growing trend for personalized patient experience. The technology has come to the fore (not an exhaustive list) to boost surgery, help manage post-traumatic stress disorder and offer physical therapy. In essence, the surgeons are showered with visualization of data and accessibility of information in "real time" during the surgical procedure.
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The rising footprint of head-mounted displays, wearables and smartphones has redefined the industry vertical. AR has become prevalent in video effects, camera filters and games. Media houses have exhibited notable traction for the technology, with advertisement, social media and short video platforms becoming the major consumers of AR. These dynamics corroborate the valuation of the global augmented reality market size at USD 25.33 billion in 2021 and the forecast of a strong CAGR of 40.9% through 2030.
The rising footfall of AR, VR and blockchain has impelled the next-gen technology—metaverse—as virtual shopping, gaming and social interaction continue to gain momentum. Although the market is nascent, bullish investments could add a fillip to the growth outlook. In January 2022, Microsoft announced the acquisition of Activision Blizzard for USD 68.7 billion to foster gaming business across PC, mobile, cloud and console. It will also offer building blocks for the metaverse platform, propelling interactive entertainment. The global metaverse market will expand at a CAGR of 39.4% through 2030, partly due to soaring demand for digital assets using cryptocurrency.
Trends, opportunities and challenges are expected to underscore the immersive media industry growth. Stakeholders are slated to zero in on the following dynamics:
- Trend for virtual reality will be pronounced in the wake of the evolving media & entertainment industry and technological advancements in smartphones.
- AR and VR are touted to be the go-to technologies to augment virtual prototyping in construction and manufacturing, provide virtual training to employees and offer virtual showroom displays.
- North America will observe investment galore on the back of 5G penetration and the growing footprint of social media apps.
Immersive media technologies in the Asia Pacific have gained ground against the backdrop of flourishing gaming, entertainment and media industries. The tech-savvy Gen Z population will likely be the frontrunner in consuming next-generation technologies. In Q1 2022, Microsoft noted that around 3 billion people actively play games, alluding to the prospect of the entertainment industry. Furthermore, edge computing, cloud and 5G have brought a seismic shift in the regional landscape. Incumbent players will cash on the demand for generative AI, IoT and the rising trend for the metaverse. In February 2022, Infosys rolled out the Infosys metaverse foundry to propel the exploration of the metaverse, such as virtual and augmented environments.
Amidst evolving trends, forward-looking companies could inject funds into organic and inorganic strategies, including innovations, technological advancements, R&D, mergers and acquisitions, collaboration, product offerings and geographical expansions. For instance, in March 2023, MetaversePlus partnered with Aéropostale to launch AeroWorld, designing, developing and augmenting the brand's presence in Web3 through NFTs and exclusive perks and promotions. The roadmap will focus on gaming experience, socializing and shopping experiences.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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