Mordor IntelligenceThe market for Location-based Virtual Reality is still in a nascent stage. Making the VR experience more real serves as a critical driver for market adoption and penetration. Increasing implementation of VR technology, increasing investment in VR technology, and the growing popularity of 360-degree content are some other major factors influencing the growth of the LBVR market.Location-based Virtual Reality (VR) Market- Key Focal Points
- The Global Location-Based Virtual Reality (LBVR) is expected to register a CAGR of 32.8% over the forecasted period (2022 - 2027).
- The market for virtual reality is expanding at a rapid pace, and the location-based VR market is quickly following suit. With the development of new technologies like 3D, 4D, 5D, and advanced VR content, 360-degree videos have been introduced in VR.
- According to a survey conducted by the University of Toronto Oise in September 2021, 360-degree experiences are used in VR where users view 360-degree content within a VR headset. VR utilizes sensors to track the user's head movements to create an illusion that they are in an alternate world with no visibility of the real world.
- Furthermore, consumer brands such as Emirates and Etihad provide 360 VR experiences. Jumeirah VR app allows guests to enjoy an AR/VR tour of its facilities using Google Cardboard goggles and smartphones.
- Also, in July 2021, XRSpace unveiled a new virtual reality platform to facilitate social engagement and the world's first 5G VR mobile headset. It's made to be used with hand tracking as the primary control method, and it comes with 5G, 4G, or Wi-Fi connectivity, a sensor tracker, and a strong optical system on the front.
Download a free sample here – Location-based Virtual Reality (VR) Market
Asia-Pacific to Lead the Global Virtual Reality Market
- Asia-Pacific is expected to hold the major share, owing to the presence of several large emerging economies and the rising acceptance of virtual reality devices in the region. This is, in turn, expected to encourage industry players to invest in the region.
- China is expected to account for a major share in the region, owing to the rising adoption of VR technology. Many startups about virtual reality are on the rise in the country. The expected wide-scale adoption of ultra-fast 5G networks in China is anticipated to boost VR development further and foster growth in areas such as education and training.
- Rapid advancements in retail technology are transforming consumer behaviors and transactions in key global markets. Virtual Reality (VR) films created in Taiwan have become frequent at international film festivals. Also, in June 2022, a Taiwanese virtual reality (VR) film won an award at an extended reality (XR) art festival in Paris. According to industry proponents, this development confirms Taiwan's status as a leading player in extended reality (XR) content, including Virtual Reality (VR) and other types of computer-altered reality.
Competitive Outlook of the Location-based Virtual Reality (VR) Market
The Global Location-based VR Market is moderately competitive with a considerable number of regional and global players. With increasing innovations in technology, the major players in the market are focusing on expanding their customer base across foreign countries by leveraging on strategic collaborative initiatives to increase their market share and their profitability.
In February 2021 - Vertigo Games, the multi-platform VR publisher, acquired SpringboardVR, a prominent VR venue management software provider.
Check our other latest research on –
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Recent Snippets From 2022 In the Virtual Reality (VR) Market
- In June 2022 - In association with Ghost Corps, Sony Pictures Virtual Reality (SPVR) announced Ghostbusters VR Academy, a new, fully immersive training simulator broken up into two different games set in the world of Ghostbusters. Published by SPVR and developed by HOLOGATE, one of the leaders in compact location-based virtual reality entertainment, Ghostbusters VR Academy will be available globally for HOLOGATE’s ARENA and BLITZ platforms in 400 locations by the end of 2022.
- In March 2022 - HTC VIVE Unveils VIVERSE, Improvements in 5G and Location Based Entertainment, and holoride in-car VR at Mobile World Congress 2022.
Related Research and Links
- Augmented Reality & Mixed Reality Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
- Augmented Reality Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
List of Key Players in the Location-based Virtual Reality (VR) Market
- EXIT VR
- Springboard VR (Vertigo Games)
- SpaceVR Inc.
- Survios Inc.
- Hologate GmbH
- Zero Latency PTY Ltd.
- Oculus VR LLC (Facebook Inc.)
- HTC Vine (HTC Corporation)
- Tyffon Inc.
- Neurogaming Ltd
Mordor Intelligence has segmented the Location-based Virtual Reality (VR) Market based on product type, application, and geography:
- Product Type (Market Size & Forecast, 2020-2027)
- Hardware
- Head Mounted Display
- Head-up Displays
- Glasses
- Sensor
- Camera
- Software
- Application (Market Size & Forecast, 2020-2027)
- VR Arcades
- VR Theme Parks
- VR Cinemas
- Geography (Market Size & Forecast, 2020-2027)
- North America
- Europe
- Asia Pacific
- Rest of the World
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