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Summary
The global virtual, augmented, and mixed reality (XR) market has been experiencing a significant growth since 2020, with increasing applications across various industries beyond gaming, such as healthcare, automotive, and retail. In terms of size, the global AR market was estimated at $38.56 billion in 2022 and the VR market at $59.96 billion, both expected to grow at a compound annual growth rate (CAGR) of 39.8% and 27.5%, respectively, from 2023 to 2030. The MR market, although smaller at $770.3 million in 2022, is projected to expand at a remarkable CAGR of 71.7% reaching $58.3 billion by 2030. The COVID-19 pandemic has accelerated the strategic adoption of these technologies as a response to social distancing and the rise of remote work. Europe, North America, and Asia Pacific are the main regions contributing to the market, with Asia Pacific holding the largest VR market share in 2022, and North America being the leader in AR. The expansion in these regions is fueled by technological innovations and investments from major tech companies, with the industry showing a significant demand for immersive experiences characterized by a strong sense of presence and immersion.
Trends and Dynamics of Immersive Technology
Demand in Italy Immersive technologies, encompassing Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR), have demonstrated a significant presence in the Italian market. With around 90% of Italians familiar with these technologies and about 2% actively engaging with them, it is clear there is a rising trend of both awareness and application in this European country. The demand for these technologies is driven by their ability to provide an immersive experience through a sense of presence and immersion, which set them apart from other types of media. These technologies serve a gamut of sectors, with applications not just in entertainment and gaming but also robustly in training, industrial design, manufacturing, and more, underlining their versatility. A survey by The Innovation Group and Web3 Alliance indicates a strong inclination of around 75% of Italian companies towards Web 3.0 phenomena, which includes AR, VR, and other related technologies. Corporate interest appears strong, with 64% of interested firms currently studying these technologies, and some have moved to pilot projects and implementation. The initiatives span from digital events and branding to the creation of NFTs and virtual worlds.
The main drivers behind this burgeoning demand include the unique immersive experiences offered by these technologies, the reduction of risks, and the enhancement of efficiency in various operations. This is particularly beneficial in industries such as automotive and healthcare, where AR and VR technologies allow for safe testing environments and improved operational efficiency. Despite the growing demand, there are only less than 10% of users that have had direct contact with such technologies, indicating a potential for market expansion. These technologies are utilized for both professional and recreational purposes, the latter especially seen in the 3D gaming environment. On the legislative front, the European Economic and Social Committee has emphasized the importance of revising current legislation to encompass virtual environments, covering aspects such as worker safety, taxation, online misconduct, intellectual property rights, and cybersecurity. In summary, the Italian market for immersive technologies is characterized by high awareness but limited engagement, a wide range of applications across different business sectors, and an urgent need for the development of supporting legislation to foster market growth and user protection.
Key Players Shaping the Immersive Technology Landscape
The immersive technology market, encompassing virtual, augmented, and mixed reality, has been witnessing significant growth and innovation, driven by a handful of trailblazing companies that are shaping the future of this industry. These key players contribute not only through their advanced hardware and software solutions but also through their strategic investments and expansive ecosystems. Here’s a look at the major companies revolutionizing the XR (Extended Reality) landscape:
- Microsoft : A dominant force in the mixed reality field, Microsoft has made significant strides with its HoloLens technology. The HoloLens is a self-contained, holographic computer, enabling users to engage with digital content and interact with holograms in the world around them. Microsoft's endeavors in integrating AI with mixed reality set new industry standards and open innovative avenues for business and developing enterprise solutions.
- Google : Google has been a pioneer in augmented reality with its Google Glass explorer edition—an early attempt at bringing AR to consumers and industry professionals. With advancements in mobile AR through platforms like ARCore, Google enables a multitude of devices to provide immersive AR experiences. Additionally, Google continues to expand the boundaries by integrating AR functionalities into its extensive suite of applications and services.
- Oculus (Meta) : Acquired by Facebook (now Meta), Oculus has propelled forward the virtual reality sphere with its Oculus Rift and Oculus Quest headsets, which deliver immersive VR experiences to a wide consumer base. Oculus’ platform supports a substantial range of VR content, from gaming to educational and social applications, that reflects its vision of connecting people through VR.
- HTC Vive : HTC Vive stakes its reputation on its high-end virtual reality systems, such as the Vive Pro, aimed largely at gamers and professionals. The company is also making advancements in the enterprise sector by offering VR solutions that promise to transform the way businesses interact with technology and conduct training, simulation, and product design.
- Sony : Sony has contributed significantly to the VR landscape with its PlayStation VR headset, aiming to bring immersive gaming to the living room. The company’s commitment to creating high-quality VR content for its devices continues to expand the ecosystem and engage users with unique and interactive VR experiences.
- Samsung : With innovations like Samsung Gear VR, created in collaboration with Oculus, the company has made virtual reality more accessible through the use of its smartphones. Samsung's foray into creating VR content and experiences has positioned it as an important player in both the consumer and enterprise VR sectors.
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- Last update : 31/10/2023
Summary and extracts
1 Synthèse du marché
1.1 Introduction
The virtual, augmented and mixed reality market in Italy represents a rapidly growing and evolving sector, encompassing a wide range of offerings and products that provide immersive and interactive experiences, both in the virtual and real world, including:
- Virtual reality glasses and viewers: wearable devices that allow users to fully immerse themselves in simulated virtual environments.
- Augmented reality glasses and viewers: devices that superimpose virtual elements onto the real world
- Augmented realityapplications: software that superimposes virtual elements onto the real world through devices such as smartphones or tablets.
Augmented reality has a long history beginning in 1968 with the creation of the first visor by Ivan Sutherland. Over the years, software, hardware and games using this technology have been developed. In Italy, the augmented reality market has experienced significant growth. The introduction of Google Glass in 2013 marked a major turning point in the industry. Augmented reality has found application not only in gaming, but also in advertisement and in sectors such as industry, publishing, medicine and tourism. Since 2019, research has shifted to mixed reality, with the integration of artificial intelligence and augmented reality opening up new perspectives and challenges for the future of the industry.[Pikkart]
Globally, Microsoft, Google, Oculus, HTC Vive, Sony, Samsung, and Magic Leap are among the largest companies in the augmented and virtual reality (AR/VR) industry.[Analyticsinsights]
The global augmented and virtual reality market was estimated at $41.56 billion in 2022 and is projected to reach approximately $859.35 billion by 2030, with a compound annual growthrate (CAGR) of 46.03% over the 2022-2030 forecast period.[Precedentresearch]
This study focuses on the virtual, augmented, and mixed reality market in Italy, analyzing trends, opportunities, and challenges specific to this growing sector. For information on complementary markets, such as artificial intelligence or the Internet of Things, please refer to the specific studies available in the businesscoot catalog.
1.2 The global market
The Extended Reality (***).
The Metaverse
These technologies constitute enablers and gateways to a new new frontier of social interaction and Internet development: the Metaverse. In a nutshell, it is an immersive digital environment where, potentially, any activity could take place. It describes a highly immersive *D virtual worlds experience achieved through ...
1.3 The European and Italian markets
The European XR market has matured over the past few years. One of the main reasons lies in the increasing relevance of XR technology for business applications. This is due to an availability of technologies with superior performance and increasing demand from companies interested in digitizing their processes.
The result is ...
1.4 The main producing countries
The geographical areas most involved in the immersive technology market are:
Asia Pacific North America Europe
In particular, for virtual reality,Asia Pacific accounted for the largest revenue share of more than **% in ****. The growth in the market can be attributed to countries such as China, which is among the leading ...
1.5 The impact of Covid-19
In addition to the huge investments of big tech companies such as Google, Meta and Amazon, a consistent push toward the improvement and spread of immersive technologies has come from the Covid-** epidemic.
Forced distancing and the spread of smart working have forced companies to rapidly digitize and use online channels ...
2 Analyse de la demande
2.1 Demand characteristics
According to a survey conducted by The Innovation Grourp and Web* Alliance, **% of the Italian companies involved say they are interested in the phenomenon of Web *.*, a new frontier of the Internet that includes Augmented Reality, Virtual Reality, NFT (***), Blockchain, Artificial Intelligence and thus, generally speaking the Metaverse.
Specifically, ** percent of ...
2.2 Demand drivers
Immersion and sense of presence
These are the elements that best characterize extended reality (***)
Variety of application areas
Although initially the use of such technologies was associated with the world of gaming, currently such instrumentation is increasingly gaining a key role within various sectors, with even very different applications, due to ...
2.3 Demand trends
More affordable hardware devices
To work effectively, immersive experiences require powerful and expensive hardware. Not all users can afford high-end devices, which is also why large-scale adoption is currently limited. Solutions such as Oculus Quest * are making VR more accessible, but hardware limitation remains a significant obstacle. (***)
Motion sickness
"Motion ...
3 Structure du marché
3.1 The main market players
Several projects related to XR technology can be found in Italy, the most promising companies in this landscape are listed below in descending order of turnover.
Hevolus s.r.l: is an innovative digital company specialized in creating phygital customer experiences. Founded in **** in Molfetta (***), it has become among the leaders ...
3.2 The value chain
The value chain related to immersive technologies reflects the complexity of these innovations, which are closely connected to and enabled by other technologies, which are shown in the following graphic.
In particular, with regard to hardware devices , which constitute the human interface, two examples are given: HTC Vive (***), with related ...
3.3 Distribution
The Milan Polytechnic Observatory identified and analyzed *** XR projects in the B*C sphere and *** in the B*B sphere, active in Italy as of **** [***]
The sectors with the highest number of consumer-facing projects are Art&Tourism (***). In the Tourism&Art sphere, the opportunity is given to virtually visit museums, such ...
3.4 International market leader
The following are the major players in Extended Reality internationally.
Meta: Reality Labs is the division of the company responsible for the development of immersive technologies, with the ultimate goal of building a metaverse in its fullest definition. Among the products and services provided are virtual reality hardware dispositions and platforms ...
4 Analyse de l'offre
4.1 Supply analysis
The generic term of"Extended Reality" or in abbreviated form"XR" describes an existing set of immersive technologies that enable us to "extend" reality and our senses through the addition of digital elements or by creating virtual worlds. The "X" denotes any possibility offered by technologies also known as Spatial Computing, ...
4.1 Main devices and prices
Immersive experiences are made possible by hardware systems, thus by devices that enable the different types of extended reality.
Augmented Reality - it is essential to have a display to view the output video stream. In addition to computer monitors and screens for portable devices, there are more specific tools, namely ...
4.3 New supply trends
The field of immersive technologies is constantly evolving; the following are the main development trends in the offering of such innovations with their applications.
Evolution of the retail sector through immersive technology
The Retail sector has been experiencing a continuous and constant digital transformation for years, driven by the growing demand ...
5 Règlementation
5.1 Legislation
There is no specific, uniform legislation for immersive technologies globally. However, such innovations may raise legal and ethical issues in different areas, so many nations are considering the development of ad hoc legislation and regulations. With regard to Italy and, more generally, Europe, it is necessary to understand what existing laws ...
5.2 The incentives
The national Transition *.* plan provides a series of incentives to support the digital transformation of enterprises. The enabling technologies of the Industry *.* paradigm include immersive technologies.
The plan comes about by providing tax credits that incentivize:
purchase of simple tangible and intangible capital goods purchase of tangible and intangible capital goods ...
6 Positionnement des acteurs
6.1 Segmentation
- Hevolus s.r.l
- Over holding s.r.l
- Invrsion s.r.l
- Pikkart s.r.l
- Impersive s.r.l
- Coderblock s.r.l
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