Report : Europe 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 25.1% CAGR, Europe Immersive Entertainment Market is Projected to be Worth US$ 1,51,526.13 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Europe immersive entertainment market was valued at US$ 25,309.33 million in 2023 and is anticipated to reach US$ 1,51,526.13 million by 2031, registering a CAGR of 25.1% from 2023 to 2031. Advancements in entertainment industry and growing spending on live events worldwide are among the critical factors attributed to drive the Europe immersive entertainment market growth.
An increase in disposable income surged the consumption of entertainment and leisure. Rising popularity of entertainment industries such as radio, sports, and film is attributed to the increasing high-income population that are significantly investing in entertainment services. Audiences of all demographics consume media through various platforms, including digital advertising, events, radio, television, movies, out-of-home (OOH), music, games, and animation and visual effects (VFX). In the media & entertainment industry, augmented and virtual reality technologies improve the bonds between viewers and content producers. Today's consumers live in a world where the lines separating the digital and physical domains are increasingly blurred. Artists who canceled live entertainment events due to social distancing during the pandemic utilized VR entertainment content to entertain their audiences. AI is one of the newest innovations in the media sector, affecting radio, TV, visual effects, and so forth. AI tools can be used to organize and analyze the vast amounts of unstructured digital data that entertainment firms own. AI, ML, and natural language processing (NLP) can be used to anticipate user engagement with content. Thus, advancements in the entertainment industry are expected to provide lucrative opportunities for immersive entertainment market growth during the forecast period.
On the flip side, high cost associated with immersive entertainment solutions hampers the growth of Europe immersive entertainment market.
Based on component, the Europe immersive entertainment market is bifurcated into hardware and software & services. The hardware segment held 74.6% market share in 2023, amassing US$ 18,884.77 million. It is projected to garner US$ 1,15,363.14 million by 2031 to register 25.4% CAGR during 2023-2031.
By technology, the Europe immersive entertainment market is categorized into virtual reality (VR), augmented reality (AR), mixed reality (MR), and others. The virtual reality (VR) segment held 42.7% share of Europe immersive entertainment market in 2023, amassing US$ 10,797.12 million. It is projected to garner US$ 64,080.58 million by 2031 to expand at 24.9% CAGR from 2023 to 2031.
In terms of end user, the Europe immersive entertainment market is categorized into media & entertainment, gaming, design & architecture, retail, education, and others. The media & entertainment segment held 24.8% share of Europe immersive entertainment market in 2023, amassing US$ 6,277.59 million. It is predicted to garner US$ 36,592.36 million by 2031 to expand at 24.7% CAGR between 2023 and 2031.
Based on country, the Europe immersive entertainment market is categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 30.6% share of Europe immersive entertainment market in 2023. It was assessed at US$ 7,610.52 million in 2023 and is likely to hit US$ 50,948.63 million by 2031, registering a CAGR of 26.8% during 2023-2031.
Key players operating in the Europe 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 April 2022, Google LLC introduced Media CDN-the modern extensible platform for delivering immersive experiences. Media CDN builds on the success of the existing Cloud CDN portfolio for web and API acceleration and complements it by enabling the delivery of immersive media experiences. In addition to running on planet-scale infrastructure, Media CDN tailors delivery protocols to individual users and network conditions. Media CDN includes out-of-the-box support for QUIC (HTTP/3), TLS 1.3, and BBR, optimizing for last-mile delivery.
- In January 2024, Sony Corporation announced the development of an immersive spatial content creation system, which includes an XR head-mounted display equipped with high-quality 4K OLED Microdisplays and video see-through function and a pair of controllers optimized for intuitive interaction with 3D objects and precise pointing. The system is aimed at supporting creators in sophisticated 3D content creation.
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