According to a new market report published by Transparency Market Research , the location based VR market is expected to reach a value of US$ 12,324.7 Mn by 2027 owing to the high rate of adoption of customer experience enhancement solutions across the world. The market is projected to expand at a CAGR of 15.25% during the forecast period. The market in Asia Pacific is anticipated to expand at a rapid pace, followed by Europe and North America, during the forecast period. In terms of end-user, the retail and automotive industry segments are anticipated to expand at a significant rate due to higher involvement of direct customers in these industry verticals across the globe.
High investment from venture capitalist and innovation in technology is driving the adoption of location based VR
The location based VR market is expected to see commercial value generation from year 2022. The market has witnessed the entry of several startups providing location-based AR or VR based hardware and software components for specific end-use applications in the last 4 to 5 years. In 2017, high investment was witnessed in the location based virtual reality segment, while, 2018 witnessed higher investments in augmented reality. Some investments were made by technology giants such as QUALCOMM Ventures, Samsung Venture, Oculus, and Google Ventures. These technology giants are trying to create a monopoly in the market through investments and partnerships with new emerging startups. The market is expected to witness similar investment from private venture capitalists and technology during the forecast period.
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Adoption of technological advancements is higher in sectors such as gaming, media, and entertainment, as compared to that by other industry verticals. Current advancements in technology in location based VR are estimated to boost the expectation of end-users in order to experience virtual surrounding in different applications, irrespective of any location or time. Hardware developers have been introducing or updating location based VR enhancement in the last few years in order to improve user experience.
Location based VR: Scope of the report
The global location based VR market has been segmented based on component end-use, application, technology type, and region. Based on component, the market has been divided into hardware and software. The hardware segment has been further sub-segmented into head mounted display, head up display, glasses, sensor/input, and camera. Based on end-use, the market has been divided into amusement park, themed attraction, 4D films, automotive, retail & transport, and healthcare. Based on application, the market has been split into entertainment, media, training/ simulation, navigation, sales, and medical. In terms of technology type, the market has been segregated into 2 Dimensional (2D), 3 Dimensional (3D), and cloud merged reality (CMR).
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In terms of revenue, North America holds a prominent share of the global location based VR market, due to significant adoption of location based VR owing to increasing awareness about the technology and technological developments among consumers in the region. Additionally, increasing use of location based VR across various applications including gaming, media, and entertainment, is projected to boost the market during the forecast period.
Global Location based VR market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global location based VR market. Key players profiled include Appentus Technologies, BidOn Games Studio, Cortex, Craftars, Google, LLC, HQSoftware, HTC Corporation, Huawei Technologies Co., Ltd., Intel Corporation, MOFABLES, NEXT NOW, INC., Oculus VR, and ScienceSoft USA Corporation.