Immersion is the result of blending the physical world with the digital world to produce innovative environments and visualizations where physical and digital objects co-exist. Immersive technology has tremendous impact in the media and entertainment industry and has given players a platform allowing them to be a part of the virtual world with a realistic experience without actually being present at any specific location or open field.
With personal mobile devices capable of producing interesting virtual reality environments, the vast potential of immersive solutions has raised demand for collaboration of digital and virtual worlds. Thus, increasing proliferation of smartphones is providing companies an opportunity to reach many untapped markets. For example, Mighty Kingdom which is a mobile app developer, in collaboration with Microsoft on Xbox, iOS, and Android, supports all the major VR and AR headsets in the market. Technological innovation in lightweight wearable technology is also expected to generate high growth prospects for the immersive media solutions market. The popularity of video gaming and advancement in 3D imaging is expected to fuel the growth.
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The global immersive media solutions market is segmented on the basis of deployment type, end user, applications, and region. By deployment type, the market is segmented into on-premise and cloud. The cloud based deployment segment is projected to grow at a significant pace. This is mainly due to the increase in adoption of cloud-based solutions along with increasing scalability offered by immersive media solutions. Based on end user, the market can be segmented into large size enterprises and small and middle size enterprises (SME’s). Large size enterprises are projected to have a major share in the immersive media solutions market due to their rising awareness with respect to quality of the processes and cost cutting. Based on applications, the market is segmented into website development, mobile app development, social media management, ad placement, digital campaigna, virtual reality, augmented reality, production, etc.
Region wise, the global immersive media solutions market is segmented into North America, South America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). North America is estimated to dominate the immersive media solutions market followed by Europe. North America is expected to witness major growth and hold the major market share during the forecast period. The U.S and Canada are projected to drive the growth of the market in this region due to rising investments in R&D of companies and technological advancements in the media industry. However, among all the regions, Asia Pacific is expected to create significant market opportunity for key players operating in the immersive media solutions market due to growth in industrialization in this region during the forecast period. In APAC, countries such as Japan, South Korea, India, China, Singapore, etc. are contributing to the growth of the immersive media solutions market. This is mainly due to the initiatives taken by the governments in these countries to support the growth of small and medium scale enterprises.
The market is in its nascent stage and companies are profoundly investing in R&D operations and setting up facilities to analyze and develop innovative technologies. Several companies are still working on developing explicit hardware for immersive media solutions. Key players in the global immersive media solutions market include Immersive Media., VORTEX, eyeSphere, Zeality Inc., and NCTech Limited. Explosive growth in the number of immersive media solution providers coupled with extensive developments in virtual reality technology are expected to take place in the coming few years owing to the enormous market potential offered by immersive media solutions. Key players in the immersive media solutions market are prominently focusing on introduction of advanced services and solutions in order to strengthen their position and improve their customer base in the market.
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