Fort Collins, Colorado, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Immersive Analytics Market size was valued at USD 0.8 Billion in 2022 and is expected to reach a market size of USD 45.9 Billion by 2032 with a CAGR of 50.7%.
In today's rapidly evolving business landscape, making informed decisions is paramount. Immersive analytics empowers decision-makers by providing a holistic view of data, which can aid in identifying hidden insights that might be missed with conventional methods. This technology allows users to ‘step into’ data visualizations, facilitating a more thorough evaluation of various scenarios and options, ultimately leading to well-informed and impactful decisions.
As the volume and complexity of data continue to increase, traditional analytics tools face limitations in effectively processing and presenting information. Immersive analytics tackles this challenge by leveraging VR and AR to create interactive and dynamic data representations. This enables users to navigate through vast datasets more efficiently, extract meaningful information, and comprehend intricate relationships, thereby addressing the challenges of big data.
Another primary driver behind immersive analytics market share growth is its ability to enhance data understanding and exploration. Traditional two-dimensional charts and graphs often fail to convey complex data relationships effectively.
On the other hand, immersive analytics immerses users in three-dimensional environments where they can interact with data, enabling deeper insights and a more intuitive understanding of trends, patterns, and anomalies. Immersive analytics fosters a more engaging and collaborative analytical experience. Users can collaborate in shared virtual spaces, allowing teams to collectively analyze data regardless of their physical locations. This capability enhances communication, accelerates decision-making, and encourages interdisciplinary collaboration, which is particularly valuable in today's remote and globally distributed work environments.
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Segmentation Overview:
The global immersive analytics market has been segmented into offering, application, end-use, and region. By offering, hardware accounts for a significant share. Hardware components are integral to the immersive analytics experience, providing the means to interact with data in virtual or augmented spaces. The hardware segment comprises AR/VR/MR headsets, displays, sensors & controllers, and others.
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Immersive Analytics Market Report Highlights:
- The global immersive analytics market growth is anticipated at a CAGR of 50.7% by 2032.
- Growing inclination towards virtualization and automation is expected to create more demand for immersive analytics market in the forthcoming years.
- The education and training segment is at the forefront of the immersive analytics market. The education sector benefits from immersive analytics by creating more engaging learning experiences.
- The AR/VR/MR headsets segment holds a significant share of the market growth. VR headsets are high-quality headsets that immerse users in virtual environments, enabling them to interact with data in three dimensions.
- Some prominent players in the immersive analytics market report include IBM, Microsoft, SAP, Google, TIBCO, HPE, Magic Leap, Accenture, HTC, Meta, Tableau, Kognitiv Spark, Aventior, Immersion Analytics, BadVR, Virtualitics, Softcare Studios, JuJu Immersive, ARSOME Technology, Vario, Cognitive3D, SenseGlove, DPVR, and PICO among others.
Industry Trends and Insights:
- In 2023, Presight, India’s leading big data analytics organization powered by Generative AI will be premiering at the GITEX Global to showcase its expertise on complex problem solving and the capacity to leverage AI and data to perceive things in a unique way.
- In 2023, a recent study in the tech industry claims that ChatGPT may help doctors to detect depression. Based on its quick, unbiased, and data-driven insights, it can accelerate the diagnostic procedure with a standard confidentiality.
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Immersive Analytics Market Segmentation:
- By Offering: Hardware, software, services
- By Application: Education & training, sales & marketing, design & visualization, strategy planning, other appliances
- By End-use: Healthcare, media & entertainment, automotive & transportation, construction, government & defense, others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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