Technological innovation is central to societal progress, influencing every aspect of human life—from communication and work to entertainment and information access. Advances in technology have transformed how we access information and services, providing unprecedented convenience. This progress not only enhances individual experiences but also drives global economic growth through digital platforms. These platforms have created new business opportunities, revolutionised industries, and spurred innovation, leading to a significant boost in the global economy.
Today, technology is more than just a tool; it acts as a catalyst for economic and social development. Forrester’s Global Digital Economy Forecast predicts that by 2025, the global digital economy could reach $16.5 trillion, driven by advancements in AI, 5G, and IoT, capturing 17 per cent of global GDP. These developments present new opportunities for businesses, which are using these technologies to enhance customer experiences, streamline processes, and develop new products and services.
Immersive media: The new frontier
Among these technologies, immersive media stands out as a transformative force with the potential to redefine digital experiences in the coming years. Immersive media, including AR, VR, and MR, offers unique, interactive experiences that traditional media cannot match, providing a level of presence and immersion that other formats cannot replicate.
The immersive media market is growing rapidly, with markets projecting that the AR and VR market will reach $96.32 billion by 2029, growing at a compound annual growth rate (CAGR) of 34.2 per cent. This growth is fuelled by increasing demand in sectors like gaming, entertainment, education, and healthcare. Platforms such as SAP Commerce Cloud and CCV2 are helping companies integrate immersive experiences into their e-commerce strategies, enhancing the customer journey.
AI is crucial in shaping the future of immersive media. Its integration with AR and VR technologies is becoming a key trend, driving future growth and adoption. Generative AI models are improving AR and VR applications with more realistic experiences, while AI-powered AR apps offer contextual information by recognizing real-world objects. Similarly, AI-driven VR creates personalized environments based on user preferences. Platforms like SAP Composable Storefront (CSF) and Omni Commerce Connect (OCC) are enabling businesses to build digital storefronts that adapt to these emerging immersive technologies, integrating them into their offerings.
However, AI and 5G alone are not enough to create immersive media. Companies are investing heavily in R&D to develop devices and platforms that offer improved performance, comfort, and affordability. Modern VR headsets now feature higher-resolution displays, advanced tracking technologies, and ergonomic designs, making them more accessible to a broader audience.
As technology continues to advance, immersive media is poised to play a crucial role in shaping the future. It has the potential to transform digital environments, drive customer engagement, boost productivity, and foster entrepreneurship. Immersive media promises to revolutionize industries and open new opportunities, potentially becoming a defining feature of our digital landscape in the years ahead.
The article has been authored by Clavrit Digital Solutions CEO & founder Amarjeet Dangi.
