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Immersive Entertainment Market is expected to reach US$ 519.77 billion by 2030

Immersive entertainment market is projected to grow to US$ 519.77 billion by 2030. Report analyse encompassing growth factors and presents actionable insights

By The Insight Partners

Digital Transformation Across Industries to Provide Opportunities for Immersive Entertainment Market Growth During 2022–2030

According to our latest market study on Immersive Entertainment Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component, Technology, and End User," the market is expected to grow from US$ 87.51 billion in 2022 to US$ 519.77 billion by 2030; it is estimated to record a CAGR of 24.9% from 2022 to 2030.

Organizations struggle to compete in a constantly changing and dynamic market. Hence, with digital transformation, businesses seek to boost their competitive advantage, enhance business performance, and achieve business growth. Digital transformation has become a new model for many organizations to gain competitive advantages in the intense and dynamic market competition. Over the years, business across various sectors has undergone substantial change, with digital technology being a major contributor to this evolution. Digital technology breakthroughs have transformed the way consumers produce and consume entertainment, changing the sector beyond recognition. By providing new and interesting ways to generate, distribute, and consume media material such as movies, TV shows, and music, creative techniques of generating and sharing have completely changed the entertainment sector. Since the days of analog, the entertainment business has advanced significantly. The shift from analog to digital media has revolutionized the approach toward entertainment consumption. The main means of distributing entertainment in the past were analog media, including vinyl records and cassette tapes. However, the industry has changed since the introduction of digital technology, as games, movies, and music are all accessible on digital platforms. With the ability to stream content whenever and wherever, streaming services such as Netflix, Amazon Prime, Spotify, and Hulu have ushered in a new era of accessibility, ease, and immersive entertainment experiences. Additionally, digital technologies have enabled the creation of more sophisticated special effects, allowing filmmakers to create more immersive and visually stunning experiences.

Immersive Entertainment Market — by Geography, 2022 to 2030

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPRE00038939

Source: The Insight Partners Analysis

Microsoft Corporation; Meta Platforms, Inc.; Qualcomm Technologies, Inc.; Google LLC; Sony Corporation; Infosys; HTC Corporation; Samsung Electronics Co., Ltd.; Apple Inc.; and Magic Leap, Inc. are among the key immersive entertainment market players profiled during the report. Several other major immersive entertainment market players were also studied and analyzed during this market research study to get 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 growth.

The North America immersive entertainment market was valued at US$ 33.10 billion in 2022 and is projected to reach US$ 217.76 billion by 2030; it is anticipated to record a CAGR of 26.5% during the forecast period. North America is one of the fastest-growing regions in terms of both technological innovations and the adoption of advanced technologies. The region also has a well-established entertainment and gaming sector. In the past three years, North America has witnessed huge adoption of emerging technologies such as artificial intelligence, AR, VR, MR, and blockchain across all the major industry verticals. With the increasing penetration of digitization in various industries, immersive entertainment has become a vital component of business, especially in the media & entertainment, and gaming sectors. The demand for immersive entertainment solutions in companies is increasing rapidly.

The North America immersive entertainment market is segmented into the US, Canada, and Mexico. The US is expected to have the highest share and expected to record the highest CAGR during the forecast period in the North America immersive entertainment market. The high rate of digitization in various industries in the US fuels the growth of the immersive entertainment market. Factors such as a rise in the adoption of digital tools and high technological spending by government agencies are also expected to fuel the immersive entertainment market in the US during the forecast period. Moreover, the US has a large number of immersive entertainment market players who have been increasingly focusing on developing innovative solutions. A few of the key players in the immersive entertainment market are Microsoft, Meta Platforms, Inc., and Google LLC, among others. Thus, all these factors contribute to the growth of the immersive entertainment market in the region.

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