LONDON--(BUSINESS WIRE)--The global location-based virtual reality (VR) market is expected to post a CAGR of almost 36% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Location-based VR enables consumers to experience VR at affordable prices. In addition, the increasing adoption of VR technology is expected to reduce the price of VR hardware components such as VR headsets and joysticks during the forecast period. Therefore, the growing demand coupled with the decreasing cost of displays is resulting in a decline in the average selling price (ASP) of VR headsets. These factors are expected to drive the growth of the global location-based virtual reality (VR) market during the forecast period.
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As per Technavio, the growing popularity of 360-degree content will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Location-Based Virtual Reality (VR) Market: Growing Popularity of 360-Degree Content
Advances in VR technology coupled with the development of 3D, 4D, and 5D technologies have led to the emergence of 360-degree videos. These videos enable viewers to watch a single scene from all angles. Several game publishers are focusing on integrating 360-degree content with VR games to provide an immersive gaming experience to users. With the rising demand for immersive environments in the gaming industry, the growth of the global location-based virtual reality (VR) market will gain momentum during the forecast period.
“Use of inside-out tracking in VR headsets and the increasing adoption of location-based VR in eSports will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Location-Based Virtual Reality (VR) Market: Segmentation Analysis
This market report segments the global location-based virtual reality (VR) market by application (VR arcades, VR cinemas, and VR theme parks) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the strong presence of local and global players that develop VR software and hardware in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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