Explosive growth predicted for immersive analytics market, projected to reach $6.7 billion by 2028

The immersive analytics market is projected to grow from $0.8 billion in 2023 to $6.7 billion by 2028 at a compound annual growth rate (CAGR) of 51.7%. The market’s growth is driven by businesses across various industries’ increasing adoption of immersive technologies, such as virtual reality (VR) and augmented reality (AR).

Immersive analytics is a new approach to data visualization that uses immersive technologies to create a more engaging and interactive experience for users. By immersing users in data, the technology can help them to understand complex data sets better and make more informed decisions.

The healthcare industry is one of the leading adopters of immersive analytics. It is used in healthcare to improve patient care, training, and research. For example, VR is used to train surgeons on complex procedures, and AR is used to provide real-time information to doctors and nurses.

According to a report, the Asia Pacific region is expected to be the fastest-growing market. The region is home to a large and growing population, and a strong government focuses on innovation. This creates a favorable environment for the region’s immersive analytics growth.

Immersive analytics key drivers and trends

Adoption of immersive technologies: The increasing adoption of immersive technologies, such as VR and AR, is one of the critical drivers. Immersive technologies are used in various industries, including healthcare, manufacturing, and retail.

Growing demand for data-driven decision-making: Businesses increasingly use data to make decisions. It can help businesses to understand data better and make more informed decisions.

Rise of the self-service BI market: The rise of the self-service BI market is another key driver of the market. Self-service BI tools allow businesses to access and analyze data without IT support. This is making it easier for companies to adopt the technology.

Key challenges

High cost of immersive technologies: The high cost of immersive technologies is one of the critical challenges facing the market. The cost of VR headsets and AR glasses is still relatively high, limiting the adoption of these technologies.

Lack of skilled resources: There is a lack of professional help in the immersive analytics market. This limits the market’s growth, as businesses need skilled resources to develop and deploy analytics solutions.

Privacy and security concerns: Privacy and security concerns are key challenges facing the immersive analytics market. Businesses need to address these concerns before they can widely adopt immersive analytics.

Market segmentation

The immersive analytics market is segmented by offering, end-use industry, and region.

By offering: The market is segmented into hardware, software, and services. The hardware segment is expected to be the largest segment during the forecast period. The increasing adoption of VR headsets and AR glasses drives the growth of this segment.

By end-use industry: The market is segmented into healthcare, manufacturing, retail, automotive, and others. The healthcare industry is expected to be the largest end-use industry during the forecast period. The growth of this segment is driven by the increasing use of immersive analytics to improve patient care, training, and research.

By region: The market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is expected to be the fastest-growing region during the forecast period. The growth of this region is driven by the increasing adoption of immersive technologies and the growing focus on innovation.

Immersive analytics key players

Microsoft
Google
IBM
Oracle
SAP
Tableau Software
Qlik Technologies
SAS Institute
Microstrategy

The immersive analytics market is set to experience substantial growth in the coming years, driven by technological advancements, increasing data complexity, and the demand for robust data visualization tools. With its potential to transform data exploration and decision-making processes, immersive analytics offers a bright future for businesses across various industries.

WRITTEN BY

Team Eela

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