DUBLIN--(BUSINESS WIRE)--The "Global Location-based Virtual Reality (VR) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Location-Based virtual reality market was valued at USD 355.75 million in 2020, and it is expected to reach USD 1,575.63 million by 2026, registering a CAGR of 32.6% over the forecasted period.
- EXIT VR
- Springboard VR (Vertigo Games)
- SpaceVR Inc.
- Survios Inc.
- Hologate GmbH
- Zero Latency PTY Ltd.
- Oculus VR LLC (Facebook Inc.)
- HTC Vine (HTC Corporation)
- Tyffon Inc.
- Neurogaming Ltd
Key Market Trends
Growing Popularity of 360-Degree Content
- The Market for virtual reality is expanding at a rapid pace, and the location-based VR market is quickly following suit. With the development of new technologies like 3D, 4D, 5D and advanced VR content, 360-degree videos have been introduced in VR and have become one of the notable trends in the global gaming content market. These camera systems are known to record the entire 360-degree view of a scene simultaneously.
- The entertainment sector has witnessed prominent advances with the help of advanced technologies. Various digital arenas and mainstream platforms of gaming are poised to grow with the rising demand for immersive environments. With the help of advanced camera systems, the popularity and acceptance of location-based VR is expected to grow and witness the massive potential for the VR market, over the forecast period.
- Furthermore, Consumer brands such as Emirates and Etihad provide 360 VR experiences. Jumeirah VR app allows guests to enjoy an AR/VR tour of its facilities using Google Cardboard goggles and smartphones.
- Although it is a relatively niche market innovation, 360-degree videos have gained commercial and public popularity in the recent past. Considering their novelty, there is a relative dearth of studies on the effectiveness, improved immersion, presence, and video evaluation from using 360-degree videos. Additionally, consumers that tend to view the videos on virtual reality headsets usually demonstrate increased attention to the curated content. With the growing demand for 360-degree content, the market studied is anticipated to grow at an exponential rate over the forecast period.
- Also, in July 2021, XRSpace unveiled a new virtual reality platform to facilitate social engagement and the world's first 5G VR mobile headset. It's made to be used with hand tracking as the primary control method, and it comes with 5G, 4G, or Wi-Fi connectivity, as well as a sensor tracker and a strong optical system on the front. Developments such as these are anticipated to fuel the market's growth.
Asia-Pacific Region expected to Witness Significant Growth
- Asia-Pacific is expected to hold the major share, owing to the presence of large and several emerging economies, along with the rising acceptance of virtual reality devices in the region. This is, in turn, expected to encourage industry players to invest in the region.
- China is expected to account for a prominent share in the region, owing to the rising adoption of VR technology in the country. Many startups pertaining to virtual reality are on the rise in the country. Further, the expected wide-scale adoption of ultra-fast 5G networks in China is anticipated to boost VR development further and foster growth in areas such as education and training.
- Furthermore, In 2020, with an installation in Seoul's Incheon International Airport, AmazeVR, a virtual reality entertainment distribution company based in Los Angeles, expanded into location-based virtual reality experiences. In addition, the company received a USD 2.5 million commitment, bringing its total capital to roughly USD 9 million.
- Daimler India Commercial Vehicles (DICV) established its first Virtual Reality Centre (VRC) at its Chennai facility in June 2021. Operators will be able to realistically execute serviceability and accessibility checks using a digital model accessed via 3D goggles and navigational joysticks at the virtual reality center.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID -19 on the Market
4.4 MARKET DYNAMICS
4.5 Market Drivers
4.5.1 Increasing Implementation for Arcade-based VR Solutions
4.5.2 Increasing Popularity of 360-Degree Content
4.6 Market Restraints
4.6.1 High Cost of VR Content Development
5 MARKET SEGMENTATION
5.1 By Type
5.2 By Application
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/vbslnm