DUBLIN, September 29, 2021– (COMMERCIAL THREAD)–The “Global Location Based Virtual Reality (VR) Market – Growth, Trends, COVID-19 Impact, and Forecast (2021-2026)” report was added to ResearchAndMarkets.com offer.
The global location-based virtual reality market was valued at USD 355.75 million in 2020 and is expected to reach USD 1,575.63 million by 2026, registering a CAGR of 32.6% over the forecast period.
Springboard VR (Vertigo Games)
Zero Latency PTY Ltd.
Oculus VR LLC (Facebook Inc.)
HTC Vine (HTC Corporation)
Key market trends
Growing popularity of 360-degree content
The virtual reality market is growing at a rapid pace and the location-based virtual reality market is rapidly following suit. With the development of new technologies such as 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 simultaneously record the entire 360 degree view of a scene.
The entertainment industry has seen significant advances thanks to advanced technologies. Various digital arenas and mainstream gaming platforms are poised to grow with the increasing demand for immersive environments. With the help of advanced camera systems, the popularity and acceptance of location-based virtual reality is expected to grow as a testament to the huge potential of the virtual reality market, during the forecast period.
Additionally, mainstream brands such as Emirates and Etihad offer 360 VR experiences. The Jumeirah VR app allows customers to enjoy an AR / VR tour of its facilities using Google Cardboard glasses and smartphones.
Although it is a relatively niche market innovation, 360-degree videos have recently gained commercial and public popularity. Given their novelty, there is a relative dearth of studies on the effectiveness, enhancement of immersion, presence, and video evaluation of using 360-degree videos. Additionally, consumers who tend to watch the videos on VR headsets typically show increased attention to curated content. With the increasing demand for 360 degree content, the studied market is expected to grow at an exponential rate during the forecast period.
Additionally, 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 designed for use with manual tracking as the primary control method, and it comes with 5G, 4G, or Wi-Fi connectivity, along with a tracking sensor and a powerful optical system on the front. Such developments are expected to fuel the growth of the market.
Asia-Pacific region expected to experience significant growth
Asia-Pacific is expected to hold the largest share, due to the presence of large emerging economies and several emerging economies, as well as the growing acceptance of virtual reality devices in the region. This, in turn, should encourage industry players to invest in the region.
China is expected to be a significant share in the region, due to the growing adoption of VR technology in the country. Many virtual reality-related startups are booming in the country. In addition, the expected large-scale adoption of ultra-fast 5G networks in China is expected to further boost the development of virtual reality and foster growth in areas such as education and training.
Additionally, in 2020, with a facility at Incheon International Airport in Seoul, AmazeVR, a Los Angeles-based VR entertainment distribution company, expanded to geo-tagged VR experiences. In addition, the company received a commitment of $ 2.5 million, bringing its total capital to approximately $ 9 million.
Daimler India Commercial Vehicles (DICV) established its first Virtual Reality Center (VRC) at its Chennai facility in June 2021. Operators will be able to realistically perform maintenance and accessibility checks using of a digital model accessible via 3D glasses and navigation joysticks in virtual reality. center.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Market overview
4.2 Industry Attractiveness – Porter’s Five Forces 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 Increased implementation of arcade-based virtual reality solutions
4.5.2 Growing Popularity of 360 Degree Content
4.6 Market restrictions
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 on this report, visit https://www.researchandmarkets.com/r/vbslnm
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210929005606/en/
Laura Wood, Senior Press Director
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