At 20.9% CAGR, South & Central America Immersive Entertainment Market is Projected to be Worth US$ 15,117.26 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America immersive entertainment market was valued at US$ 3,301.69 million in 2023 and is anticipated to reach US$ 15,117.26 million by 2031, registering a CAGR of 20.9% from 2023 to 2031. Increasing adoption of artificial intelligence technology and advancements in entertainment industry are among the critical factors attributed to drive the South & Central America immersive entertainment market growth. 

Over the past few years, technological advancements have brought closer to completely realistic and immersive experiences in VR and immersive entertainment. The application of AI to improve VR and immersive entertainment capabilities has been one of the main forces behind this advancement. AI is the process of educating robots to analyze and interpret data to make predictions and judgments. It can take many different forms in the context of VR and immersive entertainment such as improving the realism of virtual settings or producing lifelike interactions between users and virtual items. The power of AI to create realistic and dynamic landscapes is one of the most significant ways technologies transform VR and immersive entertainment. This is particularly crucial in the gaming industry, as players anticipate realistic and captivating settings that react to their choices and actions. AI can also improve the realism of virtual characters in VR and immersive entertainment by combining ML and computer vision, which teaches computers to make virtual figures move and animate realistically. The creation and use of VR and immersive entertainment are already significantly impacted by AI, and in the years to come, this influence will more likely increase. AI is contributing to developing more immersive and captivating user experiences by increasing the realism of virtual environments, facilitating better interactions between users and virtual objects, and automating content creation.

Increasing adoption of cutting-edge technologies such as AL and ML supports businesses to access real-time customer engagement. In March 2023, Infinite Reality announced the launch of an AI feature set offering customized recommendations for immersive events, entertainment, and retail experiences. The new capabilities in all Infinite Reality experiences and products will enable users to access real-time engagement with an avatar salesperson who can be quickly and intuitively trained on a brand's products and services and a consumer's preferences. Thus, the rising adoption of AI technologies is expected to emerge as a key trend in the immersive entertainment market during the forecast period.

On the flip side, high cost associated with immersive entertainment solutions hampers the growth of South & Central America immersive entertainment market.

Based on component, the South & Central America immersive entertainment market is bifurcated into hardware and software & services. The hardware segment held 79.8% market share in 2023, amassing US$ 2,634.19 million. It is projected to garner US$ 12,246.40 million by 2031 to register 21.2% CAGR during 2023-2031.

By technology, the South & Central America immersive entertainment market is categorized into virtual reality (VR), augmented reality (AR), mixed reality (MR), and others. The virtual reality (VR) segment held 48.0% share of South & Central America immersive entertainment market in 2023, amassing US$ 1,583.79 million. It is projected to garner US$ 7,160.46 million by 2031 to expand at 20.8% CAGR from 2023 to 2031.

In terms of end user, the South & Central America immersive entertainment market is categorized into media & entertainment, gaming, design & architecture, retail, education, and others. The gaming segment held 35.4% share of South & Central America immersive entertainment market in 2023, amassing US$ 1,148.18 million. It is predicted to garner US$ 6,020.32 million by 2031 to expand at 23.0% CAGR between 2023 and 2031.

Based on country, the South & Central America immersive entertainment market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 69.4% share of South & Central America immersive entertainment market in 2023. It was assessed at US$ 2,291.54 million in 2023 and is likely to hit US$ 10,948.35 million by 2031, registering a CAGR of 21.6% during 2023-2031.

Key players operating in the South & Central America 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 January 2024, Apple announced a series of entertainment experiences that will be available on Apple Vision Pro. With more pixels than a 4K TV for each eye, combined with an advanced Spatial Audio system, Vision Pro enables users to watch new shows and films from top streaming services, including Apple Originals from Apple TV+, transport themselves to stunning landscapes with Environments, and enjoy all-new spatial experiences.
• In October 2023, HTC announced its participation in the upcoming Augmented Enterprise Summit 2023 (AES), which took place from October 24 to 26, 2023. During the event, HTC gave exclusive, hands-on demos of its virtual workspace solution, VIVERSE for Business. This showcase highlighted a range of productivity features that are currently available on the platform, as well as a glimpse into exciting new developments on the horizon.

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