Location Based VR Market : Research Reveals Enhanced Growth During The Forecast

Posted by Mayuri on December 11th, 2020

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 2021, 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.

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. 

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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.