The location-based virtual reality (VR) market will register a CAGR of almost 36% by 2023
May 20 2019 - 6:16PM
PR Newswire (US)
NEW YORK, May 20, 2019 /PRNewswire/ --
About this market
A 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.
Furthermore. products such as 0culusTouch controllers conform to
the gamers hands, enabling finger recognition and
gesture-controlled gaming, thus enhancing the gaming experience.
These 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. Analysts have
predicted that the location-based virtual reality (VR) market will
register a CAGR of almost 36% by 2023.
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Market Overview
Growing investment in VR technology
With the growing investments in VR technology and the growing
adoption of VR, the global location-based VR market will grow
significantly during the forecast period. As a result of its
growing popularity, investors are coming forward to invest in VR
technology. For instance, more than 25 venture firms and corporates
have started the VR Venture Capital Alliance to encourage the
growth of VR technology.
High VR content development cost
A VR project is a combination of several different components.
Hence, there are several cost factors to be considered while
developing VR content. They include the costs incurred during the
creation and distribution of VR content and the cost of hardware
and software. The high pricing of content development will hinder
the growth of the global location-based VR market as the high
content prices can lead to high ticket prices for consumers
availing location-based VR services.
For the detailed list of factors that will drive and challenge the
growth of the location-based virtual reality (VR) market during the
2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of
several companies including The VOID LLC and VRstudios the
competitive environment is quite intense. Factors such as the
increase in the implementation of VR technology and growing
investments in VR technology, will provide considerable growth
opportunities to location-based virtual reality (VR) manufactures.
Exit Reality, HTC Corp., IMAX Corp., The VOID LLC, and VRstudios
Inc are some of the major companies covered in this report.
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