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.
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.
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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.
Immersive Analytics Market by Offering (Hardware, Solutions, Services), End-use Industry (Healthcare, Construction, Automotive & Transportation, Media & Entertainment), Application, and Region - Global Forecast to 2028
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