The Location-based VR Market is projected to reach USD 2082 million by 2027, at a CAGR of 32.2% during the forecast period (2020-2027).
The major factors supporting the growth of the Location-based Virtual Reality (VR) Market includes growing use of location based virtual reality solutions across theme parks, arcades and entertainment centers, commercialization of 5G technology, rapid expansion of the gaming industry along with the improvements in the living standards. For instance, the market size of gaming industry in India was calculated around USD 2 billion during financial year 2021, growing at a CAGR of 30%, and is expected to reach USD 7 billion by the end of 2026, which is expected to accelerate the Location-Based Virtual Reality Market size in the approaching years. Moreover, technological advancements in 3D, 4D, and 5D, growing adoption of Virtual Reality technology in the medical sector for training and education related purposes, rise in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic mergers and collaboration between enterprises and growing disposable incomes, are further contributing towards the market growth.
However, growth of the Location-based Virtual Reality (VR) Market is hindered due to high content development costs.
The major players operating in the market are Dreamscape Immersive, Zero Latency Pty. Ltd., SpaceVR, Survious, Inc., SpringboardVR, The VOID LLC, VRstudios, Inc., IMAX Corporation, Hologate, Sandbox VR, Inc., and Exit Reality Corporation among other.
Based on Product, the Hardware segment is predicted to capture the largest market share during the forecast period
Growing demand for virtual reality-based headsets and speakers, which can deliver audio and video, is pushing growth of the segment.
Based on Application, the VR Arcade segment is projected to grow at a significant CAGR over the forecast period
Growing adoption of Virtual reality-based technology in arcade games, is propelling growth of the segment.
Based on Region, the Asia-Pacific region is expected to expand at a remarkable CAGR during the forecast period
Rapid growth in the gaming industry, increasing number of theme parks and entertainment centers across India and China, growing adoption of advanced technologies, rapid urbanization, increasing per capita incomes and increasing population size, are driving the market growth in the Asia-Pacific region.
Key Development
- In Sep 2019, Hologate introduced a Holgate Blitz, motion simulator platform to enhance VR experience to expand footprints across the globe. Its designed as a multiplayer flying and racing platform, allowing 2-8 players.
Market Segmentation
Segmentation by Product
- Hardware
- Head-Mounted Display
- Head-up Displays
- Glasses
- Sensor
- Camera
- Software
Segmentation by Application
- VR Arcades
- VR Theme Parks
- VR Cinemas
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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