Global Location-based Virtual Reality (VR) Market 2019-2023 | Growing Demand from APAC to Boost the Market | Technavio
LONDON--(BUSINESS WIRE)--May 16, 2019--
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 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:
Some of the key topics covered in the global location-based virtual reality (VR) market include:
Five Forces Analysis
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SOURCE: Technavio Research
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