Immersive Entertainment Market
Growing Spending on Live Events Worldwide to Fuel Immersive Entertainment Market Growth During Forecast Period
In today’s fast-paced world, consumers and businesses are highly preferring online solutions to smoothen their buying and selling experiences. The world is rapidly converting to B2B software as a service (SaaS), especially in terms of events. According to a report by Sweap Development GmbH published in February 2024, owing to the COVID-19 pandemic-related mandates, around 61% of businesses across the globe switched to virtual events to market their products and services. According to the same source, 60% of business executives believe that live events are the most vital marketing channel for achieving a company’s objectives. Businesses are constantly looking for new and better ways to easily connect to consumers, which increases the number of experiential marketing and branded live events worldwide. According to the Music Business Association, in 2023, ticket sales for live music events were valued at US$ 25 billion for the first time in 2023, with total industry revenues likely to hit a record US$ 31.5 million in the same year. Live event organizers increasingly adopt technologically advanced solutions to enhance the audience’s experiences. AR, VR, interactive video mapping, and 3D simulation technologies are used to develop specialized headsets and sensory devices used in live events, shows, and brand marketing. Thus, the growing number of live events organized across the world and increasing consumer spending for attending live events propel the immersive entertainment market growth.
Immersive Entertainment Market: Industry Overview
The immersive entertainment market is segmented based on component, technology, end user, and geography. Based on component, the immersive entertainment market is categorized into hardware and software & services. Based on technology, the market is segmented into virtual reality, augmented reality, mixed reality, and others. In terms of end user, the market is segmented into media & entertainment, gaming, design & architecture, retail, education, and others. By geography, the immersive entertainment market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
In terms of revenue, North America dominated the immersive entertainment market share, followed by Europe and APAC. The immersive entertainment market in North America is subsegmented into the US, Canada, and Mexico. The US is anticipated to hold the largest immersive entertainment market share by 2031. The high rate of digitization in various industries in the US, rise in the adoption of digital tools, and high technological spending by government agencies fuel the market growth in the US. Moreover, the country has many immersive entertainment market players who are increasing their focus on developing innovative solutions. Microsoft; Meta Platforms, Inc.; and Google LLC are a few of the key market players in the country.
Immersive Entertainment Market: Competitive Landscape and Key Developments
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 leading players profiled in the immersive entertainment market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The immersive entertainment market report provides detailed market insights, which help the key players strategize their market growth. As per the company press releases, below are a few recent key developments:
- In November 2023, Microsoft Corp collaborated with Xbox on the ‘Power Your Dreams experience’. “The dream narration mixed with these powerful visuals really creates an immersive entertainment experience that takes fans into a world of imagination.” The Power Your Dreams immersive audio-visual experience at the Outernet offers a world where imagination meets reality and is curated by dream psychologist, Ian Wallace. Inspired by three Xbox titles — Starfield, Cyberpunk 2077: Phantom Liberty, and the as-yet-unreleased Senua’s Saga: Hellblade 2 — participants are taken on a journey through different worlds and encouraged to use their imagination to dream, explore, and create.
(Source: Microsoft Corp, Press Release)
- In January 2024, Qualcomm Inc announced the Snapdragon XR2+ Gen 2 Platform, a single-chip architecture that unlocks 4.3K spatial computing at 90 frames per second for breathtaking visual clarity across work and play. The Snapdragon XR2+ Gen 2 supports 4.3K per eye resolution and 12 or more concurrent cameras to deliver crisp, immersive mixed reality (MR) and virtual reality (VR) experiences.
(Source: Qualcomm Inc, Press Release)
