Report : Asia Pacific Immersive Entertainment Market Forecast to 2031 - Regional Analysis - by Component (Hardware and Software & Services), Technology (Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and Others), and End User (Media & Entertainment, Gaming, Design & Architecture, Retail, Education, and Others)
At 23.3% CAGR, Asia Pacific Immersive Entertainment Market is Projected to be Worth US$ 1,09,766.98 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific immersive entertainment market was valued at US$ 20,521.08 million in 2023 and is anticipated to reach US$ 1,09,766.98 million by 2031, registering a CAGR of 23.3% from 2023 to 2031. Increasing adoption of digital transformation model among organizations and growing spending on live events worldwide are among the critical factors attributed to drive the Asia Pacific immersive entertainment market growth.
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 industry. The main means of distributing entertainment in the past were analog media, including vinyl records and cassette tapes. However, the entertainment industry has changed since the introduction of digital technology, as games, movies, and music are all accessible on digital platforms. The shift from analog to digital media has revolutionized the approach toward entertainment consumption. 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 sophisticated special effects, allowing filmmakers to create more immersive and visually stunning experiences.
On the flip side, high cost associated with immersive entertainment solutions hampers the growth of Asia Pacific immersive entertainment market.
Based on component, the Asia Pacific immersive entertainment market is bifurcated into hardware and software & services. The hardware segment held 75.9% market share in 2023, amassing US$ 15,570.70 million. It is projected to garner US$ 84,833.96 million by 2031 to register 23.6% CAGR during 2023-2031.
By technology, the Asia Pacific immersive entertainment market is categorized into virtual reality (VR), augmented reality (AR), mixed reality (MR), and others. The virtual reality (VR) segment held 43.2% share of Asia Pacific immersive entertainment market in 2023, amassing US$ 8,860.00 million. It is projected to garner US$ 46,662.63 million by 2031 to expand at 23.1% CAGR from 2023 to 2031.
In terms of end user, the Asia Pacific immersive entertainment market is categorized into media & entertainment, gaming, design & architecture, retail, education, and others. The media & entertainment segment held 29.3% share of Asia Pacific immersive entertainment market in 2023, amassing US$ 6,012.04 million. It is predicted to garner US$ 32,610.30 million by 2031 to expand at 23.5% CAGR between 2023 and 2031.
Based on country, the Asia Pacific immersive entertainment market is categorized into the China, Japan, India, South Korea, Australia and the Rest of Asia Pacific. Our regional analysis states that the China captured 32.5% share of Asia Pacific immersive entertainment market in 2023. It was assessed at US$ 6,671.45 million in 2023 and is likely to hit US$ 40,314.76 million by 2031, registering a CAGR of 25.2% during 2023-2031.
Key players operating in the Asia Pacific immersive entertainment market are Microsoft Corp, Qualcomm Inc, Google LLC, Sony Group Corp, Infosys Ltd, HTC Corp, Samsung Electronics Co Ltd, Apple Inc, and Salesforce Inc, among others.
- In January 2024, Sony India launched the future of home entertainment with the launch of the BRAVIA Theatre Quad, a groundbreaking audio system that redefines the cinematic experience. Designed to transport viewers into the heart of their favorite movies and TV shows, the BRAVIA Theatre Quad combines cutting-edge technology with elegant design to deliver unparalleled sound quality and immersion.
- In October 2023, HTC announced its participation in the upcoming Augmented Enterprise Summit 2023 (AES), which took place from October 24 to 26, 2023. During the event, HTC gave exclusive, hands-on demos of its virtual workspace solution, VIVERSE for Business. This showcase highlighted a range of productivity features that are currently available on the platform, as well as a glimpse into exciting new developments on the horizon.
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