Due to digitalization and digital transformation, service-based organizations are looking into how to apply innovative digital technology in their models and processes. In the cultural heritage sector, immersive technology is often adopted to enable the digitalization of the museum experience. Applying immersive technology comes with new challenges and opportunities for museums, and it is, therefore, a strategic decision. Current literature focuses on the impact of immersive museum experiences on visitors, leaving a knowledge gap concerning the internal and external strategic stakeholders’ perspectives. The present work presents an explorative qualitative study of the perceived challenges and opportunities by strategic stakeholders of the Swedish cultural heritage sector. The main outcome of this study is a thematization of the challenges and opportunities. The findings on the challenges of immersive technology application are thematized based on innovation management, design value, and organizational model. The identified themes related to the opportunities regard operational efficiency, social sustainability, and experience design. The outcomes of this study can inform the work of researchers and industry professionals with epistemic, experiential, economic, social, and cultural implications.