IMMERSIVE TECHNOLOGY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In February 2024, PROVEN Solution, an innovative venture studio founded in 2020 and owned by Proven Arabia, revealed its participation in LEAP 2024, a major technology conference taking place in Riyadh, Saudi Arabia, from March 4th to 7th. PROVEN Solution, which specializes in state-of-the-art Artificial Intelligence (AI), robotics, virtual and augmented reality solutions, plans to showcase its cutting-edge products and solutions in AI, Intelligent Process Automation (IPA) technologies, and robotics through its three divisions: PROVEN Consult, PROVEN Robotics, and PROVEN Reality.
• In October 2023, EON Reality, a global leader in virtual and augmented reality solutions focused on enhancing knowledge transfer for education and industry, announced its collaboration with Elixir Traders Limited, a company engaged in the wholesale of household goods. This partnership aims to integrate Extended Reality (XR) technology into various sectors of the U.K. market, enhancing operational procedures and promoting data-driven decision-making along with immersive interactions.
• In June 2023, Meta, the parent company of Facebook and a leader in social media and virtual reality technology, launched the Meta Quest 3, its next-generation virtual and mixed reality headset. This advanced device boasts stronger performance, higher resolution, innovative Meta Reality technology, and a more comfortable design, enhancing the user experience for both gaming and immersive applications.
• In May 2023, Ultraleap Limited, known for its pioneering work in hand-tracking technology, launched the Leap Motion Controller 2, a second-generation hand-tracking camera that enables users to interact with digital information in 3D using their hands. This advanced camera is compatible with various platforms and complementary hardware, including PCs, holographic displays, and both VR and AR systems, facilitating a more intuitive user experience across multiple applications.

*Definition: The Global Immersive Technology Market involves products and services related to augmented reality (AR), virtual reality (VR), and mixed reality (MR) technologies. This growing market includes AR and VR hardware such as head-mounted displays, motion tracking components, and 3D cameras. It also includes software development tools and platforms that enable the creation of immersive applications and experiences across various industries like gaming, enterprise training, and simulation, entertainment, education, marketing, and more. As immersive technologies continue to evolve and their applications expand, the global market size is expected to significantly increase in the coming years.