The Immersive Analytics Market size is projected to grow from USD 0.8 billion in 2023 to USD 6.7 billion by 2028, at a CAGR of 51.7% during the forecast period. The increasing accessibility and affordability of immersive technologies like virtual reality and augmented reality have significantly boosted the adoption of immersive analytics solutions. This rise in demand for immersive analytics can be attributed to the growing need to analyze vast amounts of complex data for effective decision-making.
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By offering, the service segment is expected to grow with the highest CAGR during the forecast period
Immersive analytics services encompass professional and managed services. These services aim to assist organizations in effectively implementing immersive data visualization and analysis technologies, providing strategic guidance, custom development, optimized visualizations, seamless user experiences, training programs, integration with existing systems, and ongoing support. Organizations can choose services based on their specific needs to leverage immersive analytics for better insights and decision-making.
By end-use industry, the healthcare segment is expected to have the largest market share during the forecast period
Digital transformation in the healthcare industry is expected to boost the adoption of immersive analytics. The innovations and technological advancements in the healthcare industry have eased the simulation of medical devices and the monitoring and diagnosis of patients. Immersive analytics solutions help healthcare and life sciences organizations efficiently manage how patient data is collected, treated, processed, and presented for the testing and simulation of new treatments, scenarios, and devices. For example, doctors can use VR headsets to visualize a patient’s anatomy and identify potential problems. Nurses can use AR glasses to see real-time data about a patient’s condition, such as their heart rate and blood pressure.
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Various globally established players such as IBM (US), Google (US), Microsoft (US), SAP (Germany), HTC (Taiwan), and Meta (US) are dominating the immersive analytics market. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the immersive analytics market.
IBM Immersive Data is a tool that utilizes AR technology to explore and manipulate data in a 3D format, allowing users to identify patterns, relationships, and outliers more easily and quickly than traditional 2D tools. The tool also enables multiple users to work with the same dataset simultaneously, promoting collaboration and knowledge sharing. IBM Immersive Data is a significant advancement in data science and has the potential to revolutionize how data is analyzed and explored.
In September 2022, IBM unveiled Cognos 11.2.3, the latest addition to Cognos Analytics with Watson 11.2.x stream. This update introduces several significant improvements that will enable business users to extract more value from their data and navigate it with greater ease. The release includes a complete user interface redesign, new integrations, and a range of features offering exciting data exploration and analysis possibilities. Overall, this latest update represents a substantial step forward in IBM’s efforts to enhance the Cognos Analytics platform and empower users to make more informed decisions based on their data.
Another important player in the immersive analytics market is Microsoft. In 2023, Microsoft introduced the Immersive Analytics add-in for Microsoft Power BI, enabling users to generate captivating data visualizations within the Power BI platform. With this add-in, users can create interactive and immersive data visualizations that can be explored in a three-dimensional (3D) environment. By leveraging this functionality, users can better understand intricate data sets, facilitating enhanced comprehension and analysis.
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