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.
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). According to the analysis, adoption of 3D and CMR technology is expected to increase considerably, owing to consistent developments in the market, while the data stored in cloud is easier to fetch independent of location and time. Therefore, adoption of CMR is increasing across all regions. Moreover, adoption of location based VR in the automotive industry is increasing in Europe due to the presence of a large number of automotive industries in the region. Application of location based VR is also increasing in the healthcare industry, as patients are advised to play VR games in order to reduce anxiety.
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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. Demand for location based VR is rising in Europe and Asia Pacific, owing to the increase in number of 4D films, amusement parks, and themed attractions due to the rising young population in these regions. In Europe, companies are implementing advanced customer support solutions, such as chatbots and social media platforms, for continuous interaction and reviews. Furthermore, expansion of manufacturing industries in Asia Pacific is boosting the application of location based VR in the automotive industry in this region.