The global Immersive Analytics Market size is projected to grow from USD 0.8 billion in 2023 to USD 6.7 billion by 2028, at a CAGR of 51.7% during the forecast period, according to report published by MarketsandMarkets.
The primary factor driving the growth of the immersive analytics market is the growing popularity of data visualization tools. The self-service BI movement has revolutionized the field of data visualization. Organizations must make quick and well-informed decisions in today's rapidly evolving and intricate business landscape. Data visualization tools play a crucial role in this process by enabling businesses to identify significant trends, patterns, and outliers within their data.
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By offering, the service segment is expected to grow with the highest CAGR during the forecast period
Immersive analytics services encompass professional and managed services. These services aim to assist organizations in effectively implementing immersive data visualization and analysis technologies, providing strategic guidance, custom development, optimized visualizations, seamless user experiences, training programs, integration with existing systems, and ongoing support. Organizations can choose services based on their specific needs to leverage immersive analytics for better insights and decision-making.
By end-use industry, the healthcare segment is expected to have the largest market share during the forecast period
Digital transformation in the healthcare industry is expected to boost the adoption of immersive analytics. The innovations and technological advancements in the healthcare industry have eased the simulation of medical devices and the monitoring and diagnosis of patients. Immersive analytics solutions help healthcare and life sciences organizations efficiently manage how patient data is collected, treated, processed, and presented for the testing and simulation of new treatments, scenarios, and devices. For example, doctors can use VR headsets to visualize a patient's anatomy and identify potential problems. Nurses can use AR glasses to see real-time data about a patient's condition, such as their heart rate and blood pressure.
Asia Pacific is expected to have the highest growth rate during the forecast period
The Asia Pacific has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. A dense population, growing per capita income, large-scale industrialization, and urbanization are a few of the major factors driving the growth of the immersive analytics market in Asia Pacific. The strong government support for innovation in the Asia Pacific region is helping to create a favorable environment for the growth of immersive analytics. This is leading to the development of new and innovative applications of immersive analytics, which positively impact businesses and society. Governments are investing in R&D for immersive analytics because they believe this technology can create jobs, boost economic growth, and improve the quality of life. Governments are helping to accelerate the development of this promising technology by providing financial support to businesses.
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Market Players
The major players in the immersive analytics market are IBM (US), Microsoft (US), SAP (Germany), Google (US), TIBCO (US), HPE (US), Magic Leap (US), Accenture (Ireland), HTC (Taiwan), Meta (US), Tableau (US), Kognitiv Spark (Canada), Aventior (US), Immersion Analytics (US), BadVR (US), Virtualitics (US), Softcare Studios (Italy), JuJu Immersive (UK), ARSOME Technology (US), Varjo (Finland), Cognitive3D (Canada), SenseGlove (Netherlands), DPVR (China), PICO (US), Reply (Italy). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the immersive analytics market.
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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