LOCATION BASED VR MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Location-Based Virtual Reality Market Analysis:

The Location-based VR Market is anticipated to experience substantial growth, with a projected increase from USD 2.11 billion in 2023 to USD 8.73 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 32.80% during the forecast period (2023–2028).

The high cost of VR hardware has created a gap between gaming cafes in the past, but this has been bridged with the increased adoption of gaming consoles at home. The LBVR market is enabling companies to build their businesses, as consumers are eager to have different experiences with physical surroundings using virtual reality. Retail arcades are the highest growing consumers, as companies invest extensively in arcade franchises. Seekers VR, based in the eastern city of Wenzhou, owns a franchised chain of 200 arcades in more than 70 cities across China. With the significant growth in the global market, companies are strongly focusing on creating influential high-definition 360-degree content and reducing the price per minute for the customers, as many people are required to manage single events with fewer audiences at a time.

The LBVR market is still in its early stages, and making the VR experience more realistic is critical for market adoption and penetration. Increasing the implementation of VR technology, increasing investments in VR technology, and the growing popularity of 360-degree content are other significant factors influencing the growth of the LBVR market. High-quality content plays a crucial role in this industry. The market is expected to grow as more compelling, high-quality content that appeals to a wide demographic makes its way into the market.

In February 2021, Vertigo Games, the multi-platform VR publisher and developer best known for the platinum-selling VR shooter “Arizona Sunshine,” announced that it had completed the acquisition of SpringboardVR, a leading provider of VR venue management software and the most extensive content marketplace for location-based entertainment (LBE), for an undisclosed amount.

The COVID-19 crisis has impacted most VR tech companies. Several VR gaming centers were closed due to stay-at-home orders during the initial months of the pandemic. Supply-chain disruptions, store closures, and delayed enterprise implementations cast shadows on the short-term outlook in FY 2021. However, remote working requirements, augmented meeting places, contactless business processes, and virtual social togetherness are expected to increase the demand for enabling VR technologies during and after the pandemic.

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