Location Based VR Market – Snapshot
Location based virtual reality is a suite of hardware and software components that enable end-users to visualize and experience virtual environment in real-time. Virtual reality includes hardware and software that is required to provide a virtual environment of real or imaginary subject and further interact with it. Demand for location based virtual reality is expected to rise globally, largely due to rising applications in end-use sectors such as healthcare, education, gaming, and media and entertainment.
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The location based VR market are expected to expand substantially from 2017 onwards and expand at a moderate pace till 2024, owing to increasing possibilities of application in various end-use sectors such as retail, automotive, gaming etc.. Furthermore, the market is expected to expand toward the latter half of the forecast period (2022–2025), due to extensive adoption of hardware components, such as headsets and glasses, and increasing application of software and services among end-users. The location based VR market is expected to see value generation in commercial sector from year 2019.
The global location based VR market is anticipated to observe growth over the timeframe of analysis. Growth of the market is mainly ascribed to technological progress in the field of virtual reality. There has been a rise in the utilization of VR technology together with the augmented investment in the technology of virtual reality (VR). This factor is estimated to support development of the global location based VR market in the years to come.
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There has been an augmented popularity of 360-degree content along with increased deployment of this technology indicates toward widespread acceptance of VR technology. As the popularity grows, it is expected the price of various virtual reality hardware components, such as VR headsets and joysticks will decrease. These factors are likely to work in favor of the growth of the global location based VR market in the near future.
In various sectors, such as entertainment, media, and gaming, the demand for virtual reality technology is rising exponentially. Such high demands for this technology from across industries are estimated to open up new growth opportunities for the global location based VR market in the near future.
Technological progress made in the field of virtual reality technology is triggered by the development in 5D, 4D, and 3D technologies, which has led to considerable advancements in the entertainment industry. Viewers are now able to witness 360-degree content in an all-around view of a scene. VR games support much improved gaming experience as it supports 360-degree content. The popularity of 360-degree is expected to rise as location based VR technology is coming up as one of much sought after mainstream gaming platforms. These factors are estimated to support development of the global location based VR market in the years to come.
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The prevalence of Coronavirus has resulted in unprecedented global recession and several companies across the globe have been forced to take strict measures, such as salary deductions, laying off employees, and so on. Several small businesses have shut their operations and manufacturing activities have been brought to a halt. Given such grim situation worldwide, the global location based VR market is likely to witness setback in the next few months to come.
Some of the high investments in the developments of technology were made by technological giants such as QUALCOMM Ventures, Samsung Venture, Oculus, and Google Ventures. These technology giants are trying to create a monopoly in the market through investments and partnering with new emerging startups. The market is estimated to witness similar investment scenario from private venture capitalists and technology giants during the forecast period. Adoption of technology is higher in the gaming, media and entertainment sector, as compared to other sectors in the industry. Current advancements in technology in location based VR are boosting the expectation of end-users to experience virtual surrounding in different applications, irrespective of any location or time. Hardware developers have been introducing or updating location based VR enhancements in the last few years in order to improve user experience.
The global location based VR market has been segmented based on component, end-use, application, technology type, and region. Based on component, the market has been divided into hardware and software. The hardware segment has been further split into head mounted display, head up display, glasses, sensor/input, and camera. Based on end-use, the market has been segregated into amusement park, themed attraction, 4D films, automotive, retail & transport, and healthcare. In terms of application, the location based VR market has been split into entertainment, media, training/ simulation, navigation, sales, and medical. Based on technology type, the market has been classified into 2 Dimensional (2D), 3 Dimensional (3D), and cloud merged reality (CMR). According to the analysis, adoption of 3D and cloud merged reality technologies is expected to be considerably high, as constant developments are being introduced in the market, while the data stored in cloud is easier to fetch, independent of location and time. Therefore, adoption of CMR technology is increasing across all regions. Moreover, adoption of location based VR in the automotive industry is increasing in Europe owing to the presence of a large number of automotive industries in the region. Applications of location based VR is also increasing in the healthcare industry, as patients are advised to play VR games in order to reduce anxiety.
In terms of revenue, North America holds a prominent share of the global location based VR market due to considerable adoption of location based VR in the region, awareness about the technology and technological developments among customers is increasing across the region. Additionally, increasing usage of location based VR across applications such as gaming, media and entertainment is projected to boost the market during the forecast period. Demand for location based VR is rising in Europe and Asia Pacific, due to the increasing number of 4D films, amusement parks, and themed attractions in these regions owing to the rise in young population in these regions. In Europe, companies are implementing advanced customer support solutions, such as chatbots and social media platforms, for continuous interaction and reviews. Furthermore, expansion of manufacturing industries in Asia Pacific is boosting the application of location based VR in the automotive industry in the region.
The research study includes profiles of leading companies operating in the global location based VR market. Key players profiled include Appentus Technologies, BidOn Games Studio, Cortex, Craftars, Google, LLC, HQSoftware, HTC Corporation, Huawei Technologies Co., Ltd., Intel Corporation, MOFABLES, NEXT NOW, INC., Oculus VR, and ScienceSoft USA Corporation.
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