The location-based virtual reality (VR) market will register a CAGR of almost 36% by 2023
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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