Global Location Based Virtual Reality (VR) Market, By Component (Hardware, Head Mounted Display, Head up Display, Glasses, Sensor/ Input, Camera, Software), Technology Type (2 Dimensional (3D), 3 Dimensional (2D), Cloud Merged Reality (CMR)), Application (Entertainment, Media, Training/ Simulation, Navigation, Sales, Medical), End User (Amusement Park, Themed Attraction, 4D Films, Automotive, Retail & Transport, Healthcare) – Industry Trends and Forecast to 2029
Location Based Virtual Reality (VR)Market Analysis and Size
The virtual reality market is rapidly expanding and significantly impacts today's society. Virtual reality has had and continues to have a significant impact on the gaming industry and other applications such as automotive and retail. Virtual reality with a focus on a specific location holds a lot of promise. Users can physically interact with the environment in ways that would not be possible otherwise with location-based virtual reality.
Data Bridge Market Research analyses that the location based virtual reality (VR) market which was growing at a value of 3.53 billion in 2021 and is expected to reach the value of USD 24.34 billion by 2029, at a CAGR of 27.3% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware, Head Mounted Display, Head up Display, Glasses, Sensor/ Input, Camera, Software), Technology Type (2 Dimensional (3D), 3 Dimensional (2D), Cloud Merged Reality (CMR)), Application (Entertainment, Media, Training/Simulation, Navigation, Sales, Medical), End User (Amusement Park, Themed Attraction, 4D Films, Automotive, Retail & Transport, Healthcare)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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IBM (U.S.), Blippar (U.K.), 360 Labs (U.S.), Matterport Inc., (U.S.) Koncept VR LLC (U.S.), SubVRsive (U.S.), Panedia Pty Ltd., WeMakeVR (Netherlands), VIAR (U.S.), Scapic Innovations Private Limited (India), Dell Inc, (U.S.), Intel Corporation (U.S.), McAfee, LLC (U.S.), Trend Micro Incorporated (Japan), VMware (U.S.), Juniper Networks Inc., (U.S.), Fortinet, Inc (U.S.), Sophos Ltd., (U.K) and Cisco Systems Inc. (U.S.)
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Opportunities
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Market Definition
A location-based virtual reality system 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 hardware and software required to create and interact with a virtual environment for a real or fictional subject.
Global Location Based Virtual Reality (VR) Market Dynamics
Drivers
- The thriving gaming industry is augmenting market growth to new heights
The gaming and entertainment industries have made extensive use of location-based VR. With the introduction of VR and 3D technology, the game industry has undergone a technological transformation. Consumers have benefited from an immersive experience due to location-based VR, which has elevated the gaming experience to new heights. HMDs are preferred by video game players for a more immersive and entertaining experience. HMDs enhance the user experience by displaying digital visuals in three dimensions. As a result of the thriving gaming industry, the market for Location-Based VR will grow.
- High adoption of VR technologies in medical sector for training and education purpose
Medical professionals are increasingly using VR for education and training. VR-based learning modules provide a more comprehensive learning experience for medical professionals because they include anatomical imagery and simulation. These learning modules are also used to educate patients and assist them in understanding the therapy process and care management. During difficult procedures, VR-based image viewing aids surgeons by improving accuracy and precision.
Opportunity
Another factor expected to drive market revenue growth during the forecast period is the growing use of wearable technologies in healthcare. The increased use of wearables in healthcare due to their benefits is a recent market trend. Wearable technology has become a highly practical way to track patients' health in the healthcare market. Body sensors are also becoming a popular type of wearable device. By being implanted within or on the body, they can help track various ailments such as blood pressure, heart function, stomach stimulation, and others.
Restraints
The high cost of developing VR content is acting as a market restraint for location-based virtual reality (VR) during the forecasted period.
This location based virtual reality (VR) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the location based virtual reality (VR) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Location Based Virtual Reality (VR) Market
Most VR tech companies were impacted by the COVID-19 crisis. Several VR gaming centres were forced to close during the first months of the pandemic due to stay-at-home orders. Supply-chain disruptions, store closures, and delayed enterprise implementations cast a pall over the fiscal year 2021 outlook. However, the demand for enabling VR technologies is expected to rise as a result of remote working requirements, augmented meeting places, contactless business processes, and virtual social togetherness.
Recent Development
- June 2022 - Sony Pictures Virtual Reality (SPVR) announced Ghostbusters VR Academy, a new, fully immersive training simulator divided into two different games set in the world of Ghostbusters, in collaboration with Ghost Corps. Ghostbusters VR Academy, published by SPVR and developed by HOLOGATE, one of the leaders in compact location-based virtual reality entertainment, will be available globally in 400 locations for HOLOGATE's ARENA and BLITZ platforms by the end of 2022.
- At Mobile World Congress 2022, HTC VIVE unveils VIVERSE, improvements in 5G and location-based entertainment, and the Holoride in-car VR. HTC VIVE demonstrated innovations to provide consumers with a likely understanding as they investigated the Viverse. Viverse offers seamless reviews that are accessible from any device, at any time. This is made possible by HTC's long-term investments in virtual reality, augmented reality, high connectivity speed, artificial intelligence, and blockchain technology.
Global Location Based Virtual Reality (VR) Market Scope
The location based virtual reality (VR) market is segmented on the basis of component, technology, application and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Hardware
- Head Mounted Display
- Head up Display
- Glasses
- Sensor/Input
- Camera
- Software
Technology
- 2 Dimensional (3D)
- 3 Dimensional (2D)
- Cloud Merged Reality (CMR)
Application
- Entertainment
- Media
- Training/ Simulation
- Navigation
- Sales
- Medical
End user
- Amusement Park
- Themed Attraction
- 4D Films
- Automotive
- Retail & Transport
- Healthcare
Location Based Virtual Reality (VR) Market Regional Analysis/Insights
The location based virtual reality (VR) market is analysed and market size insights and trends are provided by country, component, technology, application and end user as referenced above.
The countries covered in the location based virtual reality (VR) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America controls a sizable portion of the global location-based VR market because of the region's widespread use of location-based VR and rising customer awareness of technology and technological breakthroughs, Furthermore, as the use of location-based VR expands across applications such as gaming, media, and entertainment, the market is expected to grow over the forecast period., the
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Location Based Virtual Reality (VR) Market Share Analysis
The location based virtual reality (VR) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to location based virtual reality (VR) market.
Some of the major players operating in the location based virtual reality (VR) market are:
- IBM (U.S.)
- Blippar (U.K)
- 360 Labs (U.S.)
- Matterport Inc., (U.S.)
- Koncept VR LLC (U.S.)
- SubVRsive (U.S.)
- Panedia Pty Ltd.
- WeMakeVR (Netherlands)
- VIAR (U.S.)
- Scapic Innovations Private Limited (India)
- Dell Inc, (U.S.)
- Intel Corporation (U.S)
- McAfee, LLC (U.S.)
- Trend Micro Incorporated (Japan)
- VMware (U.S.)
- Juniper Networks Inc., (U.S.)
- Fortinet, Inc (U.S.)
- Sophos Ltd., (U.K)
- Cisco Systems Inc. (U.S.)
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