Location-Based VR Market Size Projection (2024 – 2030)
The Location-Based VR Market, valued at USD 5.06 Billion in 2023, is anticipated to witness substantial growth, reaching a market size of USD 35.33 Billion by 2030. Over the forecast period spanning from 2024 to 2030, the market is expected to exhibit a robust CAGR of 32%.
Overview of the Location-Based VR Market:
The Location-Based VR Market encompasses a range of hardware and software components that enable users to engage with virtual environments in real-time. This technology is finding increasing applications across diverse industries such as healthcare, education, gaming, and media and entertainment, driving global demand.
Virtual reality technology has become integral to various sectors, revolutionizing experiences in gaming, automotive, and retail among others. Location-based VR, in particular, offers unique immersive experiences, allowing users to interact physically within virtual environments, thus expanding its appeal and potential applications.
Impact of COVID-19 on the Location-Based VR Market:
The COVID-19 pandemic has necessitated significant enhancements in healthcare infrastructure globally, leading to increased demand for modern medical technologies. While the pandemic has induced a global economic downturn, resulting in operational challenges for businesses worldwide, the Location-Based VR market is poised for growth, especially in healthcare applications.
Market Drivers:
Post-COVID-19, the gaming and entertainment sectors have witnessed increased adoption of Location-Based VR, enhancing market growth.
The gaming industry has embraced Location-Based VR technology to offer consumers immersive experiences, leveraging VR head-mounted displays (HMDs) to elevate gaming experiences. Major players in the market, like Sony, are exploring new entertainment distribution models, including virtual reality concerts, thereby expanding the market's dimensions.
The healthcare sector's adoption of VR technology has further fueled the growth of the Location-Based VR Market.
VR technology is increasingly used in healthcare for education, training, and therapy purposes, offering comprehensive learning experiences for medical professionals and aiding in patient education and therapy comprehension.
Market Restraints:
Latency and energy consumption issues in VR devices pose challenges to the Location-Based VR Market's growth.
Display latency, affecting the responsiveness of VR devices, and energy consumption concerns impact the overall performance and user experience of VR technology. Maintaining low latency is crucial for preserving the virtual environment's integrity and ensuring user satisfaction, highlighting the need for continuous advancements in VR technology.
Market Segments:
The global Location-Based VR Market research report has categorized the market based on type, technology type, application, end-user, and regions.
Global Location-Based VR Market- By Type
The market is bifurcated into hardware and software types. The Hardware segment is expected to dominate the market share owing to its crucial role in establishing the immersive ambiance characteristic of location-based VR experiences. Hardware components generate sensory feedback overriding user perception, facilitated by sensors tracking various bodily movements. However, the software market is anticipated to witness the fastest growth during the forecast period.
Global Location-Based VR Market- By Technology Type
The market is segmented into 2D, 3D, and Cloud Merged Reality (CMR) technology types. Adoption of 3D and CMR technologies is expected to be significant due to regular innovations and the accessibility of cloud-stored data, irrespective of time or location, thereby fostering CMR adoption globally.
Global Location-Based VR Market- By Application
The market is categorized into Entertainment & Media, Training/Simulation, Navigation, Sales, and Medical applications. Entertainment & Media is forecasted to hold the largest market share, especially in virtual reality theme parks. Premium experiences like location-based VR find limited feasibility within households due to spatial constraints, thus bolstering market share within this segment. Medical applications are poised for rapid growth during the projected period.
Global Location-Based VR Market- By End-User
The use of location-based VR in the automotive sector is expanding, particularly in Europe due to a high concentration of automotive companies. Additionally, the healthcare industry is witnessing increased adoption of location-based VR, with patients being recommended VR games to alleviate anxiety.
Global Location-Based VR Market- By Region
North America holds a significant portion of the global location-based VR market share owing to widespread adoption and increasing consumer awareness of technological advancements. The market is expected to grow further, driven by expanding applications in gaming, media, and entertainment. Europe and Asia-Pacific regions are experiencing increased demand for location-based VR due to growing populations, particularly the younger demographic, and the rise of industries like manufacturing, enhancing automotive applications.
Major Key Players in the Market
Market Insights and Developments
Chapter 1.GLOBAL LOCATION-BASED VR MARKET-– Scope & Methodology
1.1. Market Segmentation
1.2. Assumptions
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2.GLOBAL LOCATION-BASED VR MARKET-– Executive Summary
2.1. Market Size & Forecast – (2024 – 2030) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2024 - 2030
2.3.2. Impact on Supply – Demand
Chapter 3.GLOBAL LOCATION-BASED VR MARKET-– Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4.GLOBAL LOCATION-BASED VR MARKET- - Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porter's Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. GLOBAL LOCATION-BASED VR MARKET-- Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6.GLOBAL LOCATION-BASED VR MARKET-– By Type
6.1. Hardware
6.2. Head Mount Display
6.3. Sensors
6.4. Head up Display
6.5. Camera
6.6. Others
6.7. Software
Chapter 7.GLOBAL LOCATION-BASED VR MARKET-– By Technology Type
7.1. Dimensional (2d)
7.2. Dimensional (3d)
7.3. Cloud Merged Reality (CMR)
Chapter 8.GLOBAL LOCATION-BASED VR MARKET-– By Application
8.1. Entertainment & Media
8.2. Training/simulation
8.3. Navigation
8.4. Sales
8.5. Medical
Chapter 9.GLOBAL LOCATION-BASED VR MARKET-– By End-User
9.1. Amusement Park
9.2. Themed Attraction
9.3. Automotive
9.4. Retail & Transport
9.5. Healthcare
Chapter 10.GLOBAL LOCATION-BASED VR MARKET-– By Region
10.1. North America
10.2. Europe
10.3. The Asia Pacific
10.4. Latin America
10.5. The Middle East
10.6. Africa
Chapter 11.GLOBAL LOCATION-BASED VR MARKET-– Company Profiles – (Overview, Product Portfolio, Financials, Developments)
11.1. EXIT VR
11.2. SpaceVR Inc.
11.3. Survios Inc.
11.4. Hologate GmbH
11.5. Zero Latency PTY Ltd.
11.6. Oculus VR LLC (Facebook Inc.)
11.7. HTC Vine (HTC Corporation)
11.8. Tyffon Inc.
11.9. Neurogaming Ltd
11.10. Springboard VR (Vertigo Games)
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