Location Based Virtual Reality Market Analysis (2023 - 2030)
Location Based Virtual Reality Market size was valued at $ 3.83 Billion in 2021 and is anticipated to reach $ 20.36 Billion by 2027, growing at a CAGR of 32 % from 2022 to 2027.
Virtual reality that is based on location allows users to physically interact with the environment in ways that would otherwise be impossible, resulting in a genuinely immersive, social, and engaging experience. Because location-based VR entertainment provides a better VR experience and entertainment than standard VR, it has had a significant impact on the gaming sector and is now spreading to other industries such as automotive and retail. Furthermore, location-based VR providers give customers VR headsets, VR backpack PCs, Head-up Displays, and custom-designed spaces, making it popular in locations like shopping malls and movie theatres.
Most VR tech businesses were impacted by the COVID-19 crisis. Several virtual reality gaming venues were forced to close during the early months of the epidemic due to stay-at-home instructions. Sandbox, for example, had ten VR centers throughout North America and Asia, allowing groups of consumers to visit virtual worlds. Apart from Sandbox, numerous VR and arcade operators, such as The Void, Zero Latency, Dreamscape, and Spaces, were forced to close their retail outlets due to the pandemic. They are now confronted with significant financial and logistical difficulties.
Because it provides a significantly more immersive experience than traditional virtual reality, location-based virtual reality is poised to become one of the largest sales boosters. As a result, this technological trend is projected to migrate to the commercial side in the future. However, most virtual reality technology is now quite pricey and out of reach for the typical consumer, which is estimated to be one of the market's primary limitations during the projected period.
Key Market Insights:
- During the forecast period, the hardware segment is predicted to lead the global location-based virtual reality market by type. A head-mounted display, a head-up display, eyewear, a sensor, and a camera are all part of the hardware sector. One of the most important components of virtual reality headsets is the head-mounted display. Cathode ray tubes (CRTs), liquid crystal on silicon (LCos), liquid-crystal displays (LCDs), or organic light-emitting diodes (OLEDs) may be used in the head-mounted display (OLED). The head-mounted display also has speakers or headphones, allowing it to offer both video and audio, enhancing the consumer experience.Because it is used to translate movement into a virtual environment and enable us to measure motion and direction in space, the virtual reality sensor segment is projected to rise at a faster CAGR in the coming years. We can achieve six degrees of freedom with the virtual reality sensor, which comprises three translation movements up/down, forward/back, right/left, and three rotation motions pitch, yaw, and roll.
- The location-based VR market has been divided into entertainment, media, training/ simulation, navigation, sales, and medical applications. The market has been divided into three categories based on technology: two-dimensional (2D), three-dimensional (3D), and cloud merging reality (CMR). The adoption of 3D and cloud-integrated reality technologies is projected to be quite high, as new advancements are introduced regularly in the market, and data stored in the cloud is easier to access, regardless of location or time. As a result, CMR technology is being more widely adopted in all locations. Furthermore, because of the high number of automotive sectors in Europe, the use of location-based VR in the automobile industry is expanding.
- Owing to the widespread use of location-based VR in the region, as well as increasing customer awareness of technology and technological breakthroughs, North America occupies a significant part of the worldwide location-based VR market. Moreover, the market is anticipated to grow throughout the forecast period as the use of location-based VR expands across applications such as gaming, media, and entertainment. Because of the surge in the young population in these regions, demand for location-based VR is expanding throughout Europe and the Asia Pacific. This is attributed to an increase in the number of 4D films, amusement parks, and themed attractions in these regions. For ongoing contact and reviews, organizations in Europe are deploying modern customer care systems, such as chatbots and social media platforms.
- XRSpace introduced a new virtual reality platform for social engagement in July 2021, as well as the world's first 5G VR mobile headset. It has 5G, 4G, or Wi-Fi connectivity, as well as a sensor tracker and a robust optical system on the front, and it's designed to be used with hand tracking as the primary control method. The market is projected to rise as a result of developments like these.
Market Segmentation:
By Type
• Hardware
- Head Mount Display
- Sensors
- Head up Display
- Camera
- Others
• Software
By Technology Type
- 2 Dimensional (2d)
- 3 Dimensional (3d)
- Cloud Merged Reality (CMR)
By Application
- Entertainment & Media
- Training/simulation
- Navigation
- Sales
- Medical
By End-User
- Amusement Park
- Themed Attraction
- Automotive
- Retail & Transport
- Healthcare
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
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