LONDON (BUSINESS WIRE) –lt; a href = "https://twitter.com/hashtag/IT?src=hash" target = "_ blank" gt; #ITlt; / agt; –New market research study by Technavio on the global location-based virtual reality (VR) market the market to grow at 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 the market segments across different geographies.
Increasing adoption of VR in gaming
Another major factor that is the growth of the global location-based VR 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, the head of the VR head-mounted display (HMDs) such as the Oculus Rift and the Oculus Go. These headsets completely work in tandem with various gaming consoles such as Sony PlayStation VR, and they track the head 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 video 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 scenes. With the help of these technologies, VR has made prominent advances in the entertainment industry 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 hardware, storage, and peripherals technology, "Apart from the growing popularity of 360-degree content, location-based eSports gaining traction VR is one other factor that is driving the growth of the market. The increasing popularity of sports tournaments is influenced by the game's appeal to mass audiences, regardless of age and region, and its intuitive game designs. Thus, the incremental acceptance of sports 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 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 new technology, it is important to keep the expectations of consumers and developers in check. The addition of more players can introduces a delay between input and visualization, which can adversely affect the immersive experience of the players. Hence, the absence of adequate content is expected to develop 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 include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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