Location-based virtual reality market is valued at USD 2.21 Billion in 2018 and expected to reach USD 18.57 Billion by 2025 with the CAGR of 35.5% over the forecast period.
This Location-based virtual reality Market report also covers the impact of COVID-19 on the global market. The pandemic caused by Coronavirus (COVID-19) has affected every aspect of life globally, including the business sector. This has brought along several changes in Location-based virtual reality market conditions.
Increasing demand for gaming, healthcare, entertainment, and retail sectors with the rapid innovation and investment in the virtual reality industry are some important factor driving the growth of Location-based virtual reality market.
Location-based virtual reality has the ability to interact with the environment without involvement of real assets. The location based virtual reality has increased its demand in providing the 360 degree content. The virtual reality can be seen by the advanced technological tools like custom-designed space, VR headset, a VR backpack PC, VR goggles designed to enable the user to walk freely within VR environment. The VR technology has helped many paralyzed and phobia patients to imagine the real world through augmented glasses. In healthcare location based virtual reality has helped Simulators for surgery. However location based virtual reality has highest demand in the entertainment and gaming sector.
The key factor for growth of global location-based virtual reality market is increasing demand for gaming, healthcare, entertainment, and retail sectors with the rapid innovation and investment in the virtual reality industry. As per the UK Interactive Entertainment Association (Ukie) in 2018, the global gaming audience was in between 2.2 to 2.6 billion people with utilization of full spectrum of gaming technologies. Thus the gaming audience’s uses the platforms like from PC, mobile, and console, along with the advanced technologies like location-based VR / AR, artificial intelligence and esports.
Moreover rising focus on technological advancement using 3D, 4D and 5D technologies for 360 degree content reviewing in constructions, entertainment and gaming industry have created huge opportunity to fuel the global Location-based virtual reality market.
Furthermore, increasing investments through mergers, collaborations, acquisitions and new service launching by various prominent players may create huge opportunity for the location-based virtual reality market during the study period. For instance on 21st October 2019, Sandbox VR, a location-based virtual reality startup has received around USD 68 million in Series A funding. Further, many new investors has funded around USD 11 million for this start-up. In addition, on March 9 2020, VRstudios has launched hoops madness a location based entertainment platform for basketball experience. Conversely, one of the major factors that restrict the Location-based virtual reality market is high cost of VR content development which is hard to afford for the average consumer. However, rising the demand for the entertainment products with surge in the manufacturing of glasses, VR headsets, joysticks, LEDs, and VR goggles can reduce the cost of location based VR market during the study period.
Global Location-based virtual reality market reports cover prominent players like,
VR Studios Inc.
The Void LLC
The global location-based virtual reality is segmented on the basis of type, application, region and country level. Depending on the type, the global location based virtual reality market is divided into software and hardware. Among this, software segment has highest market share owing to rise in the usage of mobile based gaming software platforms using VR devices. As per the UK Interactive Entertainment Association (Ukie) in 2018, the global software market was valued around USD 137.9 billion and is projected to reach to about USD 180.1 billion by 2021.
In terms of application, the global location-based virtual reality market has been segmented into VR cinemas, VR theme parks and VR arcades. Among which VR cinemas segment has highest market share owing to presence of VR studios in every country which propels the demand for Location-based virtual reality market.
The regions covered in global Location-based virtual reality market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global Location-based virtual reality market sub divided in U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Location-based virtual reality Market Regional Analysis –
North America is expected to dominate the growth location-based virtual reality market with the potential rate due to presence of world’s leading research and development platforms like Google, Apple, Facebook etc. Thus the content production starts from the United States for big gaming studios in the entertainment industry. Thus the entertainment industry utilizes location based VR using the animation techniques which further impels the growth of location based virtual reality market.
Europe is the second largest leading region for the development for location based VR market. This is primarily due to presence of leading key players of VR industry and growing start-ups and EU public funding for production. As per European Institutions organization, the virtual reality and augmented reality production in the Europe region was valued Euro 15 billion in 2015 and is has been raised up to Euro 34 billion by 2020.
The Asia Pacific is the largest still the world's strongest growth market for the growth of location-based virtual reality due to rapidly increasing technological advancement with surge in location based gaming software users.
Key Benefits for Location-based virtual reality Market Reports –
Global Location-based virtual reality market report covers in depth historical and forecast analysis.
Global Location-based virtual reality Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Location-based virtual reality market report helps to identify opportunities in market place.
Global Location-based virtual reality market report covers extensive analysis of emerging trends and competitive landscape.
by Type: Software, Hardware
by Application: VR cinemas, VR theme parks, VR arcades
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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