With the expanded digitalization of manufacturing and product development process, research into the use of immersive technology in smart manufacturing has increased. The use of immersive technology is theorized to increase the productivity of all steps in the product development process, from the start of the concept generation phase to assembling the final product. Many aspects of immersive technology are considered, including techniques for CAD model conversion and rendering, types of VR/AR displays, interaction modalities, as well as its integration with different areas of product development. The purpose of this survey paper is to investigate the potential applications of immersive technology and advantages and potential drawbacks that should be considered when integrating the technology into the workplace. The potential application is broad, and the possibilities are continuing to expand as the technology used becomes more advanced and more affordable for commercial business to implement on a large scale. The technology is currently being utilized in the concept generation and in the design or engineering of new products. Additionally, the immersive technology have great potential to increase the productivity of assembly line workers and of the factory layout/functionality, and could provide a more hands-on form of training, which leads to the conclusion that immersive technology is the step to the future in terms of smart product development strategies to implement for employers.