Global Location-Based VR Market Size (2024 – 2030)

Global Location-Based VR Market is valued at USD 5.06 Billion in 2023 and is projected to reach a market size of USD 35.33 Billion by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 32%

Industry Overview:

Virtual reality with a location is a collection of hardware and software components that allows users to perceive and experience a virtual environment in real-time. Virtual reality refers to the gear and software needed to create a virtual environment for a real or fictional subject and interact with it. Global demand for location-based virtual reality is predicted to increase, owing to increased applications in end-use industries like healthcare, education, gaming, and media and entertainment.

The virtual reality market is quickly growing and has a significant impact on today's culture. Virtual reality has had and continues to have a significant impact on the gaming business, as well as other industries such as automotive and retail. Virtual reality that is based on location has a lot of potentials. Users can physically engage with the surroundings in a way that would not be feasible otherwise with location-based virtual reality.

Virtual reality that is based on location offers a fully immersive, sociable, and engaging experience. The immersive experience of virtual reality equipment is combined with the physical area and personal monitoring required to situate players on the augmented field of play in location-based virtual reality gaming arenas. With more and more products being offered around the world, location-based experiences are gaining appeal.

COVID-19 Impact on Location-Based VR Market:

The COVID-19 epidemic has caused an immediate need for a significant number of healthcare institutions to handle an exponentially expanding number of infected individuals all across the world. The majority of the world's economies are currently focusing on developing their healthcare facilities. For example, to treat COVID-19 patients in Wuhan, China erected an emergency hospital with nearly 1,000 beds in just ten days. Such initiatives are projected to significantly raise demand for better and more modern medical gadgets.

Coronavirus has caused an unprecedented worldwide recession, forcing various companies around the world to implement stringent measures such as salary reductions, layoffs, and other measures. Several small enterprises have closed their doors, and production processes have come to a halt. Given the current global circumstances, the global location-based VR market is likely to suffer a setback in the coming months.

The impact of this opportunity is determined by hospital plans for infrastructure growth, whether through new construction or renovating existing facilities. Furthermore, a lot of market participants believe that the expansion of COVID-19 will boost demand for their Location-Based VR in the healthcare sector.

Market Drivers:

Penetration of Location-Based VR in the gaming and entertainment sector post-COVID-19 has boosted the market growth

Location-Based VR has been widely used in the gaming and entertainment industries. The game industry has undergone a technical change with the arrival of VR and 3D technology. Location-Based VR has aided in achieving an immersive experience for consumers, elevating the gaming experience to new heights. Users have had a fresh and enhanced experience thanks to the seamless transition made possible by the use of VR HMDs. HMDs have a high adoption rate in the video game sector. HMDs are preferred by video game players for an enhanced experience and amusement. HMDs, display digital visuals in three dimensions, enhancing the user experience. As a result, the booming gaming industry will boost the market for Location-Based VR.

The market's major players are concentrating their efforts on growing product sales. Sony, for example, has some of the world's largest movie, music, and gaming studios because of its Location-Based VR technology. During the lockdown and, eventually, after COVID-19, the business plans to alter entertainment distribution. To keep people entertained, the business plans to push virtual reality concerts and other VR entertainment alternatives. Such activities are likely to give the Location-Based VR industry a new dimension and stimulate market growth

The use of VR technology in the healthcare sector has propelled the growth of the Location-Based VR Market

Medical workers are increasingly using VR for education and training purposes. Because VR-based learning modules include anatomical imagery and simulation, they provide a more comprehensive learning experience for medical professionals. These learning modules are also used to educate patients and help them better comprehend the therapy process and care management. During difficult procedures, VR-based picture viewing supports surgeons by improving their accuracy and precision.

Market Restraints:

Display latency and energy consumption affect the overall performance of VR devices thus stifling the growth of the Location-Based VR Market

The primary purpose of virtual reality devices is to generate visuals from a dynamic or static source. Any time discrepancy between the actual or perceived reaction time and the specified response time is referred to as latency. Latency in VR applications can be caused by several circumstances, including a discrepancy in data processing speeds between the microprocessor and the input or output devices. Users judge the device's quality based on the image quality it shows. The overall quality of VR-enabled devices suffers when the projection is delayed.

If there is a problem with the measurement of the viewpoint, there will be a divergence from the exact position. As a result, the VR system requires a low latency to keep the virtual entity in place. Because it creates variations in the position of objects, the virtual object should not wait more than 15 milliseconds while responding to a new circumstance.

GLOBAL LOCATION-BASED VR MARKET REPORT COVERAGE:

Market Segments:

This research report on the global Location-Based VR Market has been segmented based on type, technology type, application, end-user, and regions.

Global Location-Based VR Market- By Type

      •  Hardware

      • Head Mount Display

      • Sensors

      • Head up Display

      • Camera

      • Others

      •  Software

The market is divided into two types: hardware and software. The Global Location-Based Virtual Reality Market for Hardware is anticipated to have the largest market share since the hardware component of location-based VR systems is so vital in establishing the ambiance that distinguishes a current VR experience from a location-based VR experience.

A VR's hardware generates sensations that override the user's senses based on human emotions. This is performed by the use of sensors that track user actions such as button pushes, controller movements, eye movements, and other body part movements. During the projection period, however, the software market is predicted to grow at the quickest rate.

Global Location-Based VR Market- By Technology Type

• 2 Dimensional (2d)

• 3 Dimensional (3d)

• Cloud Merged Reality (CMR)

The market has been divided into three categories based on technology type: 2D, 3D, and cloud merging reality (CMR). According to the study, adoption of 3D and cloud-integrated reality technologies is projected to be quite high, since innovations are introduced regularly, 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.

Global Location-Based VR Market- By Application

• Entertainment & Media

• Training/simulation

• Navigation

• Sales

• Medical

The market is divided into Entertainment & Media, Training / Simulation, Navigation, Sales, and Medical based on application. The market for entertainment and media is estimated to have the biggest market share, followed by virtual reality theme parks. When it comes to premium experiences like location-based VR, the user's house just isn't the greatest or most natural place to store all of the essential equipment and peripherals. As a result, during the projected period, this category is estimated to have the biggest market share. During the projected period, medical is poised to grow at the fastest rate.

Global Location-Based VR Market- By End-User

• Amusement Park

• Themed Attraction

• Automotive

• Retail & Transport

• Healthcare

Because of the huge number of automotive businesses in Europe, the use of location-based VR in the automobile industry is expanding. Patients are being recommended to play VR games to decrease anxiety, which is growing the use of location-based VR in the healthcare industry.

Global Location-Based VR Market- By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

Because of the widespread use of location-based VR in the region, and increasing customer awareness of technology and technical breakthroughs, North America owns a significant part of the worldwide location-based VR market. Additionally, the market is estimated 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 feedback, organizations in Europe are employing modern customer support systems such as chatbots and social media platforms. In addition, the rise of manufacturing industries in the Asia Pacific is expanding the use of location-based VR in the region's automobile industry.

Major Key Players in the Market

1. EXIT VR

2. SpaceVR Inc.

3. Survios Inc.

4. Hologate GmbH

5. Zero Latency PTY Ltd.

6. Oculus VR LLC (Facebook Inc.)

7. HTC Vine (HTC Corporation)

8. Tyffon Inc.

9. Neurogaming Ltd

10. Springboard VR (Vertigo Games)

Market Insights and Developments

• AmazeVR, a virtual reality entertainment distribution company located in Los Angeles, expanded into location-based virtual reality experiences in 2020 with an installation in Seoul's Incheon International Airport. A USD 2.5 million commitment was also obtained, bringing the company's total capital to almost USD 9 million.

• In June 2021, Daimler India Commercial Vehicles (DICV) opened its first Virtual Reality Centre (VRC) in Chennai. Operators will be able to perform realistic serviceability and accessibility tests at the virtual reality center using a digital model accessed via 3D goggles and navigational joysticks.

• In June 2021, zero-latency launched Far Cry VR, a free-roaming virtual reality experience, in 33 places across the world in collaboration with Ubisoft. The launch was made possible via long-term cooperation with Ubisoft, which began in 2020.

• Vertigo Games, a multi-platform VR publisher, bought SpringboardVR, a leading VR venue management software vendor, in February 2021. Although the SpringboardVR brand and software platform will stay unchanged, the Vertigo Games team will provide support and resources.