The Immersive Reality for Defence Market Size is valued at USD 2.14 Bn in 2022 and is predicted to reach USD 8.92 Bn by the year 2031 at a 17.32% CAGR during the forecast period for 2023-2031.
Immersive Reality for Defense refers to using VR/AR/MR technologies in defense-related fields to improve their capacity for simulation, training, and actual operations. Training, simulation, and operational efficiency are just areas where virtual reality technology revolutionizes defence applications. This state-of-the-art technology is crucial to modern military operations because of its advantages in terms of efficiency, realism, and versatility. Training and simulation are two of the key defence applications of V.R. technology. In a controlled and safe setting, soldiers can practice their abilities and learn new tactics in realistic combat scenarios using virtual reality (V.R.) and augmented reality (A.R.) technology. Furthermore, Drone piloting and remote work both benefit greatly from the use of virtual reality. When pilots don V.R. goggles, they may pilot drones and other uncrewed vehicles as if they were physically present.
However, the market growth is hampered by the strict regulatory criteria for the safety and health of immersive reality for the defence market. The product's inability to prevent fog in environments with dramatic temperature fluctuations or high humidity immersive reality and widespread adoption of immersive reality solutions is hindered by cybersickness, a syndrome similar to motion sickness caused by perceptual incongruity in virtual settings. Defence personnel may experience discomfort, confusion, and decreased operational effectiveness due to sensory conflicts between visual and vestibular inputs caused by the realistic character of these settings.
Cybersickness prevention must take into account both hardware and software improvements as well as user adaption techniques. Several prominent virtual reality (V.R.) incidents of the COVID-19 incident impacted immersive technology firms. Stay-at-home orders led to the closure of virtual reality gaming centres in the early months of the pandemic. In contrast, the consumer V.R. market has seen widespread expansion. During the lockdown, the majority of people spent money on virtual reality games to push the boundaries of gaming.
Competitive Landscape
Some Major Key Players In The Immersive Reality for Defence Market:
- Bohemia Interactive Simulations
- CAE, Inc.
- HTX Labs
- Indra Sistemas, SA.
- Lockheed Martin
- Red Six Aerospace, Inc.
- SimX
- Thales Group
- VRgineers, Inc.
- Varjo
- Acer Inc.,
- Atheer, Inc.,
- AVEVA Group PLC,
- Barco NV,
- Blippar Ltd.,
- Carl Zeiss AG,
- CM Labs Simulations Inc.,
- EON Reality, Inc.,
- FAAC Incorporated,
- Google, LLC,
- HCL Technologies Limited,
- Honeywell International, Inc.,
- HTC Corporation,
- Immersive Media Company,
- Immersive Technologies Pty Limited,
- Lockheed Martin Corporation,
- Magic Leap, Inc.,
- NCTech Limited,
- Oculus (Facebook Technologies, LLC.),
- Samsung Group,
- Sony Corporation,
- Unity Software Inc.,
- VI-grade GmbH,
- Zeality Inc.
- Others
Market Segmentation:
The immersive reality for the defence market is segmented based on application, type, component, and device. As per the application, the market is categorized into 3D Modeling, simulation and training, maintenance and monitoring, and situational awareness. By type, the market is segmented into augmented reality (A.R.), virtual reality (V.R.), mixed, and reality (M.R.). As per the component, the market is segmented into Sensors, Cameras, Processors, Modules, Memory, Display, and Others. By device, the market is segmented into Hardware and Software.
Based On The Component, The Sensor's Immersive Reality For The Defence Market Segment Is A Major Contributor To The Immersive Reality For The Defence Market.
The Sensor's immersive reality for the defence market is expected to record a major global market share in 2022. Sensors are crucial to every industrial process because of the information they provide regarding the state of the machinery. Keeping a process running smoothly requires constantly monitoring data in real-time and adjusting as needed.
Software Segment To Witness Growth At A Rapid Rate.
The software industry makes up the bulk of immersive reality for the defence market because software is quite helpful for the user, especially in a corporate setting. It assists in compiling any necessary records and files for a business, as well as group communication and establishing a streamlined safety and security system, especially in countries like the US, Germany, the UK, China, and India.
The North American Immersive Reality For The Defence Market Leads To A Significant Revenue Share In The Region.
The North American immersive reality for the defence market is expected to record the maximum market share in revenue in the near future. This can be attributed to the fact that there are already major companies and new start-ups in the immersive virtual reality space, which bodes well for the market's future expansion. North America is ahead of other parts of the world because it has been an early adopter of advancements. In addition, Asia Pacific is estimated to grow rapidly in the global immersive reality for the defence market because Increased use of virtual reality (V.R.) technology in industries such as aerospace and defence and architecture and planning could present a significant opportunity for the expansion of this market.
Recent Developments:
- In August 2023, HTX Labs and Vinci VR joined to create and distribute immersive training solutions on the EMPACT platform. The EMPACT platform provides an end-to-end answer for safe, centralized content management, user-generated courseware development, and device-agnostic distribution.
- In June 2022, Bohemia Interactive Simulations (BISim) was granted a 7.2 million pound ($8.7 million) contract by the UK Ministry of Defence to provide the Defense Virtual Simulation 2 (DVS2) solution. By utilizing the DVS2 solution, military personnel were able to simulate the operation of diverse equipment across an extensive array of terrains
Immersive Reality for Defence Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 2.14 Bn |
|
Revenue Forecast In 2031 |
USD 8.92 Bn |
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Growth Rate CAGR |
CAGR of 17.32% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Application, Type, Component, Device |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Bohemia Interactive Simulations, CAE, Inc., HTX Labs, Indra, Sistemas, S.A., Lockheed Martin, Red Six Aerospace, Inc., SimX, Thales Group, VRgineers, Inc., Acer Inc., Atheer, Inc., AVEVA Group PLC, Barco NV, Blippar Ltd., Carl Zeiss AG, CM Labs Simulations Inc., EON Reality, Inc., FAAC Incorporated, Google, LLC, HCL Technologies Limited, Honeywell International, Inc., HTC Corporation, Immersive Media Company, Immersive Technologies Pty Limited, Lockheed Martin Corporation, Magic Leap, Inc., NCTech Limited, Oculus (Facebook Technologies, LLC.), Samsung Group, Sony Corporation, Unity Software Inc., Varjo Technologies Oy, VI-grade GmbH, Zeality Inc. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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