Immersive Technology in Mining Sector Market Projected to Hit USD 2.63 Billion at a 14.5% CAGR by 2032 – Report by Market Research Future (MRFR)

The market size for immersive technology in the mining sector was estimated at USD 0.71 billion in 2022. During the projection period (2023 – 2032), the Immersive Technology in Mining Sector market industry is expected to develop at a compound yearly growth rate (CAGR) of 14.5%, from USD 2.63 billion in 2023 to USD 2.63 billion by 2032. Because mining is a hazardous industry, safety is of utmost importance. The key factors driving market growth are environmental compliance, cost reduction, equipment maintenance and repair, remote operations, training and skill development, data visualisation and analysis, and equipment maintenance and repair.

Traditional mining education frequently includes on-site training sessions, yet they can be costly and time-consuming. Immersion training solutions can significantly reduce these expenses by doing away with the need for physical infrastructure and training tools. Furthermore, the capacity to hold training sessions virtually or in a controlled environment lowers travel costs and downtime, making training more affordable for mining companies.

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Immersive Technology in Mining Sector Market Key Players –

Key Companies in the Immersive Technology in Mining Sector market include:

• 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.

One challenge facing the mining industry is finding fresh personnel. Immersion technology, with its resemblance to contemporary gadgets and video games, is especially appealing to younger employees. By putting these technologies into practise, mining companies may be able to draw in more technologically competent employees, closing the generational divide and ensuring the industry’s labour pool for the future. driving the income of the mining sector’s immersive technology.

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Segment Insights

Based on component, the market segmentation of the immersive technology in mining sector consists of the following: software/platform, services (professional and managed), hardware (Head-Mounted Display (HMD), Gesture Tracking Devices (GTD), Projectors & Display Walls (PDW), and hardware.

Based on technology, the market segmentation for immersive technology in the mining sector comprises 360-degree film, augmented reality (AR), virtual reality (VR), and mixed reality (MR). In 2022, the augmented reality (AR) market dominated.

Based on application, the market segmentation for immersive technology in the mining sector comprises product development, emergency services, sales & marketing, and training & learning.

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The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. In 2022, the North American Immersive Technology in Mining Sector Market held a 45.80% market share. Strict safety regulations are enforced by the US Mine Safety and Health Administration (MSHA) on mining companies. Immersion-based technological solutions, like as VR-based emergency response training simulations, are being used to ensure compliance with MSHA regulations. To reduce real-world dangers, companies such as Immersive Technologies provide virtual reality (VR) training programmes that let miners rehearse emergency response and evacuation procedures in a simulated mine setting. In addition, the market for immersive technology in the mining sector in the United States had the most market share, while the market in Canada had the highest rate of growth in the North American continent.

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