Location Based Virtual Reality Market: Emerging Opportunities, Trends and Forecast Analysis (2022-2029)

Location Based Virtual Reality market was valued at US$ 6.61 Bn. in 2021 and expected to grow at a CAGR of 18.2% during the forecast period (2022-2029). Thanks to the growing trend of ammonia segment use has boosted demand for Global Location Based Virtual Reality Market.
Location Based Virtual Reality Market Overview:
An environment can be created by the use of technology, which appears to be real and can touch objects but cannot be able to feel it. Three primary categories of virtual reality are non-immersive, semi-immersive, and fully-immersive simulations. The equipment used to create virtual reality is head-mounted displays (HDMs), immersive rooms, datagloves, and wands. They help in improving knowledge retention, improve attentiveness and reduce training time, increase reaction time and decision-making skills, and develop soft skills. These are the features creating the huge demand for location-based virtual reality market. As a result, the global location-based virtual reality market is expected to reach US$ 26.65 Bn during the forecast period.To know about the Research Methodology :- Request Free Sample Report
Location Based Virtual Reality Market Dynamics:
Increasing demand for virtual reality hardware, raising gaming and entertainment industry, and advancement in 3-D and cutting edge technology is creating a huge demand for the location-based virtual reality market. Commercialization through gaming and demand for e-learning are adding an advantage to the growth of the market.

Raising competition for VR cinema, increasing e-commerce and sports sectors are driving the market growth. In 2021 world largest theater chain firm AMC launched a streaming service and the world’s largest mall called “New south china mall” introduced the location-based virtual reality. These recent developments created a huge demand for the virtual reality market.

Recent technological development like duel-OLED displays by HTC Vivo pro, 4K OLED displays with M1 chipset developed by apple, and in December 2021, “ARPARA” a leading VR brand had launched 5K dual micro-OLED VR headset to increase the visual experience are creating the growth of virtual reality market. An innovative head “Carzso” agreed with the View360degrees to offer VR-based technology in the automobile industry to improve the user experience is adding an advantage to the market growth.

Virtual reality deteriorates the human connection for example-education is dependent on human communication and interpersonal connection, the presence of complex technology, high cost, and creating obsession among the people which is leading to violence and illegal activities. These are some factors slowing the growth of the global location-based virtual reality market.
Location Based Virtual Reality Market Segmentation:
Based on Type Segment, The Location-Based Virtual Reality market is sub-segmented into software and hardware. The software segment dominates the global market and it held a share of 58 % in 2021. This VR technology helps consumers in virtually testing a product, expanding e-learning, and creating a 3D model so that users can interact with any objects at any angle. On the other hand, location-based VR technology is boosting the gaming industry and architectures and engineers are benefitting from this VR-based 3D technology in their building designs. As a result of this feature, the software segment is expected to dominate the market during the forecast period.

Based on Application Segment, the Location-Based Virtual Reality market is sub-segmented into VR arcades, VR theme parks, and VR cinemas. The VR arcade segment dominates the global market and was valued at US$ 4.1 Bn in 2021. VR arcades are helping in burning calories because most of the games played in VR arcade are depends on body movement. And it creates a new experience for the users in a safe environment and enhances the expressiveness of the children. Because of these features, the VR arcade segment is dominating the market.
Location Based Virtual Reality Market regional insights:
Asia-Pacific is the dominating region in the Location-Based Virtual Reality market. The existence of large and emerging economies, as well as the growing acceptance of virtual reality devices in the region and increasing investments in the technology and gaming industries, are driving the market growth in this region. Deployment of a 5G network system is likely to accelerate VR development and create demand in fields such as education and training. In 2021, Daimler India Commercial Vehicles (DICV) worked on virtual reality-based 3D goggles and navigational joysticks at its Chennai office. In November 2021, china people are eagerly subscribed to an online metaverse program based on VR technology, which is generated a revenue of US$ 251283. These recent developments add an advantage to the market growth.

North America is the second dominating region in the Location-Based Virtual Reality market. Increasing investment in healthcare and Defence technology, use of technology in education, and attraction of youths towards VR gaming, etc are the factors attracting the growth of the market in this region. In December 2021, facebook’s parent company Meta launched “Horizon Worlds”, it is a virtual reality platform, which helps to interact face-to-face with people and builds their world. These developments attract more investments in this region, as a result, boosting the market.

The objective of the report is to present a comprehensive analysis of the global Location Based Virtual Reality market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Location Based Virtual Reality market dynamics, structure by analyzing the market segments and projecting the Location Based Virtual Reality market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Location Based Virtual Reality make the report investor’s guide.
Location Based Virtual Reality Market Scope: Inquiry Before Buying



Location Based Virtual Reality Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 6.61 Bn.


Forecast Period 2022 to 2029 CAGR:
18.2%
Market Size in 2029:
US $ 25.22 Bn.


 Segments Covered:
by Type
• Software
• Hardware


by Application
• VR arcades
• VR theme parks
• VR cinemas



Location Based Virtual Reality Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Location Based Virtual Reality Market, Key Players are:
• BidOn Games Studio
• Exit Realty Corporation
• Tyffon Inc.
• Cortex
• Space VR
• NEXT NOW, INC.
• Huawei Technologies Co., Ltd.
• Google, LLC
• Science Soft USA Corporation.
• The Void, LLC
• Survios, Inc.
• Neurogaming
• HQ Software
• Hologate
• HTC Corporation
• MOFABLES
• Intel Corporation
• Craftars
• Oculus VR
• Zero Latency PTY LTD
• Appentus Technologies

Frequently Asked Questions:

1. Which region has the largest share in Global Location Based Virtual Reality Market?
Ans: Asia Pacific region held the highest share in 2021.

2. What is the growth rate of Global Location Based Virtual Reality Market?
Ans: The Global Location Based Virtual Reality Market is growing at a CAGR of 18.2% during forecasting period 2022-2029.

3. What is scope of the Global Location Based Virtual Reality Market report?
Ans: Global Location Based Virtual Reality Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Location Based Virtual Reality Market?
Ans: The important key players in the Global Location Based Virtual Reality Market are – BidOn Games Studio, Exit Realty Corporation, Tyffon Inc., Cortex, Space VR, NEXT NOW, INC., Huawei Technologies Co., Ltd., Google, LLC, Science Soft USA Corporation., The Void, LLC, Survios, Inc., Neurogaming, HQ Software, Hologate, HTC Corporation, MOFABLES, Intel Corporation, Craftars, Oculus VR, Zero Latency PTY LTD, and Appentus Technologies

5. What is the study period of this Market?
Ans: The Global Location Based Virtual Reality Market is studied from 2021 to 2029.