Industry Background:
Location based virtual reality (LBVR) technology geared toward individual use or a social interactive experience. By giving consumers greater knowledge and personalized experiences, it has helped spur wider adoption of virtual reality. The location based VR technology offers ways to educate in museums, aquariums, and schools, as well as helping further the preservation of cultural and historical interests through rich information. An immersive environment that supports a person's learning preferences which includes audio, visual, and kinesthetic interactions makes it easier to retain information and provides more absorbing experiences.
According to AMA Research, the market for Location Based VR is expected to register a CAGR of 28.2% during the forecast period to 2030. This growth is primarily driven by Increasing Adoption of CMR Technology across the World
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Internet Software & Services sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as BidOn Games Studio (Ukraine), Craftars (Romania), Google, LLC (United States), HQSoftware (Estonia), HTC Corporation (Taiwan), Huawei Technologies Co., Ltd. (China), Intel Corporation (United States), Next Now, Inc. (United States), Oculus VR (United States) and The Void, LLC. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On January 04, 2019 - HTC DeepQ collaborates with Taipei Municipal Wan Fang Hospital to build the first VR patient education room using VIVE Focus with the VR human patient education application.
In October 2023, Amazon introduced a new line of Echo devices with advanced location-based features.Leading players are focusing on strategic partnerships to improve their products and services. Companies are focusing on increasing their client base to strengthen market position and to improve product & service offerings.
Influencing Trend:
Increasing Popularity of 360-Degree Content and E-sports Gaining Traction in Location Based Virtual Reality
Market Growth Drivers:
Increasing Adoption of CMR Technology across the World and High Demand for Location Based VR Technology from Automotive Industry
Challenges:
Lack of Awareness in Developing Region
Restraints:
High Cost of VR Content Development
Opportunities:
Rising Investment in VR Technology and Usage of Inside-Out Tracking Technology in VR Headsets
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Location Based VR Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Location Based VR Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Location Based VR players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Location Based VR Study Sheds Light on
The Location Based VR Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Location Based VR industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Location Based VR industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.