Global Location-Based Virtual Reality Market Size, Innovations Driving Market Evolution 2024-2032

Location-Based Virtual Reality Market Size And Forecast

Location-Based Virtual Reality Market size was valued at USD 6.785 Billion in 2024 and is projected to reach USD 71.42 Billion by 2031, growing at a CAGR of 34.21% during the forecast period 2024-2031.

With the possibilities for innovation expanding, the potential for location-based virtual reality in industries like education, business, and entertainment is vast. Offering enhanced visual technology can increase the amount of engagement, thereby leading to increasing demand for Location-Based Virtual Reality Market. The Global Location-Based Virtual Reality Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Location-Based Virtual Reality Market Definition

The virtual reality market is developing rapidly and is making a large impact in today’s society. Virtual reality has and is continuing to have a large impact on the gaming industry, and is also branching out to other applications such as automotive and retail. Location-based virtual reality shows a lot of promise. Location-based virtual reality allows users to physically interact with the environment in a way that would not be possible otherwise.

Location-based virtual reality provides a truly immersive, social, and engaging experience. Location-based VR gaming arenas combine the immersive experience of VR headsets with the physical space and personal tracking needed to put players onto the augmented field of play. location-based experiences are gaining traction, with more and more products being sold over the world.

Global Location-Based Virtual Reality Market Overview

With the possibilities for innovation expanding, the potential for location-based virtual reality in industries like education, business, and entertainment is vast. Offering enhanced visual technology can increase the amount of engagement, thereby leading to increasing demand for technology. Current applications of location-based virtual reality include their use in theme parks, arcades, entertainment centers, consumer business, and education.

Location-based virtual reality is likely to become one of the biggest sales boosters as it offers a far more immersive experience than usual. This tech trend is therefore expected to shift towards the business side in the future. However. most virtual reality technology today is relatively expensive and costs too much for the average consumer, which is anticipated to be one of the major restraints for the growth of the market during the forecast period.

The Global Location-Based Virtual Reality Market is studied on the basis of key geographies Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas accounted for the largest market share followed by the Asia Pacific which was the second-largest market in 2018. Americas is one of the diverse and dynamic markets in LBVR technology across the globe. The region is anticipated to show tremendous growth during the forecast period owing to the factors, such as the increase in awareness of the technology, and it is expected that there would be a huge increase in technological development in the region due to the rising number of key players.

Global Location-Based Virtual Reality Market: Segmentation Analysis

The Global Location-Based Virtual Reality Market is segmented on the basis of Type, Application, and Geography.

Location-Based Virtual Reality Market, By Type

• Hardware
• Software

Based on Type, the market is segmented into Hardware and Software. The Global Location-Based Virtual Reality Market for Hardware is anticipated to have the largest market share owing to the fact that the hardware component of the location-based VR systems is very crucial as it mostly creates the environment that is needed to distinguish a contemporary VR experience from that of the location-based.

The hardware of a VR produces stimuli that override the sense of the user based on human emotions. This is accomplished by using sensors, which, track motions of the user such as button presses, controller movements, eye, and other body part movements. However, the market for Software is expected to have the fastest CAGR followed during the forecast period.

Location-Based Virtual Reality Market, By Application

• VR Arcades
• VR Theme Parks
• VR Cinemas

Based on the application, the market is bifurcated into VR Arcades, VR Theme Parks, VR Cinemas. VR Arcades accounted for the largest market share in 2020 and is projected to grow at a CAGR of 34.80% during the forecast period. VR Theme Parks was the second-largest market in 2020, The market for VR arcades is expected to grow at the highest CAGR during the forecast period as providing customers to learn about and experience the benefits of virtual reality games, as well as a variety of educational opportunities. There is a variety of equipment available on the market that is then installed in the Arcade by its owner for customers to play the various virtual reality games.

Location-Based Virtual Reality Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Location-Based Virtual Reality Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America accounted for the largest market share in 2020 and is projected to grow at the CAGR of 34.43% during the forecast period. The presence of the key/leading companies in the North American region is boosting the growth of the location-based virtual reality market worldwide. As a strategy to flourish in the industry, the leading players in the location-based virtual reality market are focusing on new product development while putting more emphasis on research efforts. Recently, Synthesis VR Inc. has released the Synthesis VR Software engine, which powers current VR arcade and family entertainment centres and is a key component of numerous places across the world. Synthesis VR is the only platform that allows Room-Scale, Free Roam, and Android-based tetherless Virtual Reality entertainment, making it the gold standard for VR arcades. Synthesis VR works with almost 300 entertainment centre clients in North America, Europe, India, Southeast Asia, and Latin America. Moreover, in February 2022, Synthesis VR, a wholly-owned subsidiary of XR Immersive Tech, will deliver full support for Android-based virtual reality head-mounted displays and XR devices. SynthesisVR, the location-based virtual reality content distribution and facility management platform, has completed a year-long R&D phase aimed towards standalone/mobile head-mounted displays. During the initial phase, SynthesisVR launched three high-quality standalone LBVR games: Cops versus Robbers by Reality on Demand Studios, MissionX by Holomia, and Oddball by Beyond Studio. The three games drew a lot of attention, which prompted SynthesisVR to expand its suite of services to standalone HMDs. Certain developments are rapidly accelerating the market growth in this region.

Key Players

The Global Location-Based Virtual Reality Market is highly fragmented with the presence of a large number of players globally. Some of the major companies include Survios, Inc., Oculus VR, The VOID, LLC., HOLOGATE, VRstudios, HTC VIVE (HTC Corporation), Zero Latency VR, Exit Reality, Positron.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In Sep 2019, Hologate introduced a Holgate Blitz, movement test system stage to give to improve the virtual reality experience to extend impressions across the globe. Hologate Blitz was planned as a multiplayer flying and dashing stage, permitting 2-8 players.
• According to Arena Space, by the start of 2020, a greater number than 13,000 virtual reality parks had effectively been opened universally. Generally, the pattern rose to 15,000 toward the finish of 2020. This demonstrates ways for the high rate of interest for ARena Space and a few other market players, like VR Zone from Bandai Namco, Two Bit Circus, VR World NYC, and Mazaria.
• Customer brands, for example, Emirates and Etihad give 360 virtual reality encounters. Jumeirah VR application permits visitors to partake in an AR/VR visit through its offices utilizing Google Cardboard goggles and cell phones.
• February 2021 – Vertigo Games, the multi-stage virtual reality distributer, gained SpringboardVR, an unmistakable VR setting the executive’s programming supplier. SpringboardVR’s image and programming stage will keep on existing under the current name, yet with the help and assets of the Vertigo Games group.
• In July 2021, XRSpace revealed another computer-generated simulation stage to work with social commitment and the world’s first 5G VR versatile headset. It’s made to be utilized with hand following as the essential control strategy, and it accompanies 5G, 4G, or Wi-Fi network, just as a sensor tracker and a solid optical framework on the front.
• Daimler India Commercial Vehicles (DICV) set up its first Virtual Reality Center (VRC) at its Chennai office in June 2021. Administrators will actually want to truly execute functionality and availability checks utilizing a computerized model got to through 3D goggles and navigational joysticks at the augmented simulation place.

Report Scope

Research Methodology of Market Research: