The Location-Based VR market is estimated at USD 10.9 billion in 2020 and is expected to grow at a CAGR rate of 34% to reach USD 51.6 billion in 2026.
Advances in VR material developed using 3D, 4D, and 5D techniques, resulted in 360-degree VR videos being introduced. In accordance with the popularity and acceptance of location-based VR, the growing popularity of videos at 360° is one of the most important developments in the world market for gaming material. 360° videos will be created with advanced camera systems that simultaneously record the whole 360° perspective of a scene. VR makes significant headway in the entertainment field with the assistance of these techniques, finding its way to different digital arenas and mainstream gaming platforms. As the demand is increasing, the world market for VR gaming is probable to expand.
Virtual Reality based on location is a place where VR devices are deployed so that users can experience VR by interacting physically with the environment in a way that they cannot in their household. Among the experiences LBVR allows are wandering through a haunted house or a warehouse with foam walls that sound like a variety of bricks.
While some LBVR experiences give visitors a VR headset, a VR backpack PC and a custom room, other LBVR experiences offer users a portable, non-tethered VR headset combined with roller coasters, wind tunnels, and other actions.
The Location-Based VR market is still in its beginnings. Realizing the VR experience is a key engine for business acceptance and penetration. Another main driver of the development of the Location-Based VR market is the increased deployment of VR technology, rising investment in VR and the increasing popularity of 360-degree material. In this sector, high-quality content is a key factor, and the market is anticipated to increase as high-quality, more convincing content attracts a broad demographic base.
Market research involves studying market trends, growth patterns, and understanding the influence of variables like macro and microeconomic conditions, geopolitical, and demographic conditions on the market value and market dynamics.
The research methodology used to calculate and forecast the Location-Based VR market began by collecting information on the market key player's sales using multiple sources via secondary research. In order to identify market segmentation, supplier offers have been considered.
Market value and expected growth
The location-based virtual Reality is a set of elements in software and hardware which allow end-users to visualize and experiment with virtual surroundings in real-time. Virtual Reality involves software and hardware necessary to provide a true or imaginary virtual environment and to communicate with it further. The demand for location-based online truth is anticipated to increase worldwide, primarily because of increased apps in end-use industries like health, education, gaming, media, and leisure.
The virtual reality market is rapidly growing, and the location-based VR market is rapidly proceeding. The emergence of fresh techniques such as 3D, 4D, 5D, and sophisticated VR content introduces VR with 360-degree displays and is now one of the major developments on the world's gaming content industry. The entire 360 ° perspective of a picture is recorded at the same time by these camera technologies.
With the aid of these sophisticated techniques, the entertainment sector has seen significant progress. Different digital arenas and mainstream gaming platforms are on the verge of increasing demand for immersive environments. The quality material generated by sophisticated camera technologies is anticipated to increase the popularity and adoption of location-based VR and demonstrate the huge VR business possibilities over the forecast period.
Statistics from YouTube published in early 2019 indicated that around 3.1 million individuals have a subscription to the official YouTube VR channel, which features best 360-degree VR films.
The location-based VR market is anticipated to grow significantly from 2019 to 2024, due to the growing applications in multiple end-use industries such as retail, aerospace, gaming, etc. In addition, the industry is anticipated to grow to the latter part of the forecast period (2022-2024), as parts such as hardware headsets and glasses have been widely used, and software and facilities among end-users have been increased. Value production in the business industry is anticipated in 2019 for the place centered VR industry.
Market Drivers Limitations
The Location-Based VR market size is exponentially expanding owing to the following:
Restraints of Location-Based VR market can be:
Location Based Virtual Reality (VR) Market - By Type
Location Based Virtual Reality (VR) Market - By Application
As the amount of 4D movies, amusement parks and thematic sights in these areas increases as the youthful population in these areas grows, there is an ever-growing demand to locate VR in Europe and the Asia Pacific. In Europe, businesses deploy sophisticated client assistance approaches for ongoing communication and review, such as chatbots and social media platforms. The development of Asian Pacific manufacturing sectors is also boosting the use of VR in the car industry in the region.
Location Based Virtual Reality (VR) Market - By Region
Key players in the market:
Some of the main competitors present in the current industry include:
Key highlights of the research report
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.4 Y-o-Y Growth Analysis, By Type
5.1.5 Market Attractiveness Analysis, By Type
5.1.6 Market Share Analysis, By Type
5.3.2 VR Arcades
5.3.3 VR Theme Parks
5.3.4 VR Cinemas
5.3.5 Y-o-Y Growth Analysis, By Application
5.3.6 Market Attractiveness Analysis, By Application
5.3.7 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Type
126.96.36.199 By Application
6.1.4 Market Attractiveness Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Type
220.127.116.11 By Application
6.1.5 Market Share Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Type
126.96.36.199 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 The Void
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Tyffon inc.
8.3 Exit Realty Corporation
8.7 Zero Latency PVT LTD
8.8 Oculus VR
8.9 HTC Vive Tech Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures