Press release

Global Location-based Virtual Reality (VR) Market 2019-2023 | Growing Demand from APAC to Boost the Market | Technavio

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New market research study by Technavio on the global
location-based virtual reality (VR) market
projects the
market to grow at a CAGR of close to 36% during the period 2019-2023.
This research report provides an in-depth analysis of the market in
terms of revenue, top drivers and emerging market trends. It also
includes detailed insights and forecasts for all the market segments
across different geographies.

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Technavio has published a new market research report on the global location based virtual reality ma ...

Technavio has published a new market research report on the global location based virtual reality market from 2019-2023. (Graphic: Business Wire)

Increasing adoption of VR in gaming

Another major factor that is expected to drive the growth of the global
location-based VR market is the significant increase in the
implementation of VR technology by means of VR headsets and other VR
devices such as motion controllers for gaming applications. For
instance, vendors such as Facebook are increasingly focusing on the
production of VR head-mounted displays (HMDs) such as Oculus Rift and
Oculus Go. These headsets completely work in tandem with various gaming
consoles such as Sony PlayStation VR, and they track the head movement
of the garners to provide 3D imagery on the stereo screens. Therefore,
such technological innovations are expected to fuel the adoption of VR
in gaming, which will support the growth of the global location-based VR
market during the forecast period.

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Growing popularity of 360-degree content

The advances in VR content, with the development of 3D, 4D, and 5D
technologies, have led to the introduction of 360-degree videos in VR.
In line with the popularity and acceptance of location-based VR, the
rising popularity of 360-degree videos is one of the notable trends in
the global gaming content market. 360-degree videos are created using
advanced camera systems that record the entire 360-degree view of a
scene simultaneously. With the help of these technologies, VR has made
prominent advances in the entertainment sector and is making its way to
various digital arenas as well as mainstream platforms of gaming. Thus,
the global VR gaming market is likely to grow with the rising demand for
immersive environments, during the forecast period.

According to a senior analyst at Technavio for technology hardware,
storage, and peripherals, “Apart from the growing popularity of
360-degree content, eSports gaining traction in location-based VR is one
other factor that is driving the growth of the market. The increasing
popularity of eSports tournaments is influenced by the game’s appeal to
mass audiences, regardless of age or region, and its intuitive game
designs. Thus, the incremental acceptance of eSports and competitive VR
gaming will support the growth of the global location-based VR market
during the forecast period.”

Inadequate VR content offerings

Currently, content developers are facing immense pressure to make the
immersive medium remain a mainstay for mass consumption. However, this
will depend mainly on the quality of the VR content offered. Poorly
created content (lack of high-quality VR content) is one of the major
issues faced by the VR industry. Since VR is a relatively new
technology, it is important to keep the expectations of consumers and
developers in check. The addition of more players can introduce a delay
between the input and visualization, which can adversely affect the
immersive experience of the players. Hence, the absence of adequate
content is expected to hamper the growth of the global location-based VR
market during the forecast period.

Top players in the global location-based virtual reality (VR) market:

  • Exit Reality
  • HTC Corp.
  • IMAX Corp.
  • The VOID LLC
  • VR studios Inc.

Some of the key topics covered in the global
location-based virtual reality (VR) market

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

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actionable insights to help them identify market opportunities and
design effective strategies to optimize their market position.

With over 500 specialized analysts, Technavio boasts of an extensive
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companies to assess their competitive position within changing market

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