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.
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.
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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.
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.
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