Given the high spectral efficiency, holographic multiple-input multiple-output (MIMO) technology holds promise for enhancing both sensing and communication capabilities. However, accurately characterizing its performance poses a challenge due to the spatial correlation induced by densely spaced antennas. In this paper, a holographic MIMO (HMIMO) based integrated sensing and communications (ISAC) framework is proposed for both downlink and uplink scenarios. The spacial correlation is incorporated in the communication channel modeling, while an accurate spherical wave-based model is utilized to characterize sensing link. By considering both instantaneous channel state information (CSI) and statistical CSI, closed-form expressions are derived for sensing rates (SRs), communication rates (CRs), and outage probabilities under different ISAC designs to investigate the theoretical performance limits of the proposed HISAC framework. Further insights are gained by examining high signal-to-noise ratio slopes and diversity orders. Specifically, i) for the downlink case, a sensing-centric (S-C) design and a communications-centric (C-C) design are investigated based on different beamforming strategies, and a Pareto optimal design is proposed to characterize the attainable SR-CR region; ii) for the uplink case, the S-C design and the C-C design are distinguished by the interference cancellation order of the communication signal and the sensing signal, and the rate region is obtained through a time-sharing strategy. Numerical results reveal that HMIMO based ISAC (HISAC) systems outperform both conventional MIMO based ISAC systems and HMIMO based frequency-division sensing and communications systems, underscoring the superior performance of HISAC.
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