Location Based Virtual Reality Market Size Forecast to Reach $1.6 Billion by 2026

(IT-NEWSWIRE.COM, February 25, 2022 ) Location Based Virtual Reality Market Size is forecast to reach $1.6 billion by 2026, at a CAGR of 30.9% during 2021-2026. Location-based virtual reality allows users to physically interact with the environment in a way that would not be possible otherwise and provides a truly immersive, social, and engaging experience. The location-based VR entertainment provides an improved VR experience and entertainment as compared to traditional VR due to which it is having a large impact on the gaming industry, and is also branching out to other applications such as automotive and retail. In addition, Location-based VR provider offers VR headsets, VR backpack PC, Head up Display, and customed designed space to users, thus it is widely used in places such as shopping malls, and movie theatres. The major factors driving the growth of the market are the increasing adoption of VR devices for entertainment and implementation of VR technology in VR devices such as motion controllers for gaming applications. The advancement in VR and 360-degree content, and development in VR technology such as 3D, 4D, and 5D is further propelling the market growth.

Location-Based Virtual Reality Market Segment Analysis - By Product

The hardware segment held a significant market share of 78.2% in 2020, owing to the surge in technological advancements such as cathode ray tubes (CRT), liquid crystal on silicon (LCos), liquid-crystal displays (LCDs), or organic light-emitting diodes (OLED). The head-up displays are widely adopted and implemented in these multipurpose vehicles nowadays and provide all the information needed while driving in the driver's windshield. This information provided by the HUDs further reduces the risk of accidents while carrying heavy cargo or passengers as this information is used by the drivers without moving the concentration from the screen. In addition, it provides maps and route navigation, that is capable of accessing messaging, calls, and phone media for the head-up displays owing to which these are widely implemented in the new models of multipurpose vehicles (MPVs). 3 D gaming is done by the use of HMD technology. The optical head-mounted display used for gaming purposes as it reflects projected images and allows the user to see through it. It is a wearable display technology. The surge in adoption of this technology in emerging economies such as China and India will enhance regional growth in the forecast period 2021-2026.

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Location-Based Virtual Reality Market Segment Analysis - By Application

VR Arcade segment is expected to witness the highest CAGR of 35.1% during the forecast period owing to the high adoption of advanced VR technology in the VR arcade game due to the lack of high-fidelity immersive content while using VR headsets at home. The head-mounted mixed reality projection display allows to see and explore a digital environment during a motion capture shoot. Virtual reality gaming gets attached straight to the user's head and presents visuals directly to the user's eyes and the peripheral vision as well. Technological advancements in the hardware and software segments have greatly transformed the gaming industry. Increasing user expectations to see and feel the product in a real context has led to the development of VR arcade technology that gives a strong illusion of real-life experience. Voxon added a whole new dimension to gaming by launching the 3D Holographic Arcade Machine the Z3D in 2019. Moreover, several companies are planning to invest heavily in advancements in gaming. Hence these factors are analyzed to drive the Location-Based Virtual Reality Market Size in the forecast period 2021-2026.

Location-Based Virtual Reality Market Segment Analysis - By Geography

APAC region is dominating Location-Based Virtual Reality Market growth. This region held a significant market share of 37.5% in 2020. Asia-Pacific is one of the most significant regions for the Location-Based Virtual Reality market, mainly due to the growth of the gaming industry along with the automotive sector. Location-based virtual reality is foreseen to witness expansion owing to the soaring gaming industry and 3D infrastructure growth. Several companies have been investing heavily in the development of this holographic display technology for an enhanced experience in gaming. In 2019, Reliance Jio announced the launch of Jio Glass providing virtual reality services and give an immersive virtual reality experience for the users in India. Moreover, this product will prove highly beneficial for the education sector by conducting holographic 3D classes along with sharing presentations, design discussions and many others. Such developments can further help in boosting the market growth of location-based virtual reality across Indian markets.

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Location-Based Virtual Reality Market Drivers

Advancement in Technologies:

Due to the advancement in technology many companies are heavily investing in VR technology. This is expected to change the way of using displays as this technology helps in displaying or transferring information without the help of a screen. Many companies are investing in huge amount in R&D activities of location-based VR technology. For instance, Google is in process of developing a compact video camera that films everything the viewer sees, and glasses that would show information that viewer wants without a screen or projector. Similarly, Adobe systems are developing cross-platform of various applications that can be viewed with an immersive experience. Japanese scientists invented intelligent glasses that remember the place where people saw their keys, mobiles, and other things for the last time. Moreover, the emergence of virtual reality devices compatible with smartphones supplements the growth of this market in the forecast period 2021-2026.

Surge in 360 degree content:

The entertainment sector has witnessed prominent advances with the help of advanced technologies such as 3D, 4D, 5D, and advanced VR content, 360-degree videos have been introduced in VR and have become one of the notable trends in the global gaming content market due to which Various digital arenas and mainstream platforms of gaming are poised to grow with the rising demand for immersive environments. In July 2021, XRSpace unveiled 5G VR mobile headset which uses hand tracking as the primary control method and it comes with 5G, 4G, or Wi-Fi connectivity and a sensor tracker as well to facilitate social engagement which is a new virtual reality platform. Hence these capacity expansions are analyzed to drive the location-based virtual reality industry outlook in the forecast period 2021-2026.

Location-Based Virtual Reality Market Challenges

High Capital investment is required for the development of location-based VR:

Although location based virtual reality market is analyzed to grow at a significant rate, the high initial investments required for the R&D of this technology is set to hamper the growth of the market. The competitive display technology segment, new functionalities will increase the cost of development of the products related to this technology. On the other hand most of the technologies required for the outward of virtual reality are in the development stage only. The high initial investments and slow development process will hinder the market in the forecast period.

Location-Based Virtual Reality Market Landscape

Product launches, acquisitions, Partnerships, and R&D activities are key strategies adopted by players in the Optocouplers Market. Top players operative in Location-Based Virtual Reality Market are Neurogaming Ltd., Tyffon, Inc., HTC Corporation, Oculus VR LLC, Zero Latency PTY Ltd., Hologate GmbH, Survios, Inc., SpaceVR, Inc., Springboard VR, EXIT VR among others.

Acquisitions/Product Launches

In June 2021, Zero Latency launched a free-roaming virtual reality experience named Far Cry VR, in 33 locations across the globe in partnership with Ubisoft.

In February 2021, a prominent VR venue management software provider named Springboard VR was acquired by Vertigo Games to support the resources of vertigo team and software platform to continue on springboard brand.

Key Takeaways

Asia-Pacific is one of the most significant regions for the location-based virtual reality market, rapid advancements towards consumer electronic devices such as headsets, projectors and many others with smart connectivity are expected to further boost the market demands towards advanced technologies.

Hardware segment is expected to witness the highest CAGR of 32.1% the forecast period, the soaring gaming industry and 3D infrastructure growth due to which several companies have been investing heavily for the development of this holographic display technology for an enhanced experience in gaming.

Location-based virtual reality market are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities of the gaming sector along with a vision to come up with solutions to cater to the changing requirements of customers.

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Location Based Virtual Reality Market Size Forecast to Reach $1.6 Billion by 2026