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Location-based Virtual Reality Market: By Component By Technology By Application End Users and Geography
Location-based Virtual Reality Market: By Component By Technology By Application End Users and Geography
Location-based virtual reality market is expected to be valued at US$ 1500 million in 2023 and is poised to grow at a significant CAGR of 15.4% from 2024-2030. Facilitating location-based VR adoption in the automotive industry, increasing implementation of VR technology with the intense of R&D activity act as the drivers for global location-based virtual reality market. At the same time there are few restrains which hamper the growth such as high cost and popularity among common people. Impact in the gaming industry and personal tracking is augmented to provide numerous opportunities towards global market. Global market report gives comprehensive outlook on market across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. This report studies global location-based virtual reality dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market.
In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global market
Study Period
2024-2030Base Year
2023CAGR
15.4%Largest Market
North AmericaFastest Growing Market
Europe
It is noticed that the global location-based virtual reality market has a significant market growth rate on the perspective of technologies driving the 5G evolution. As they become usable, the telecoms industry has always grown to take advantage of modern, improved technology, beginning with 1 G and progressing into 4 G, and now 5G. In fact, with 5 G, the pace of technology adoption will speed up. All main components in enabling use cases and business models are technologies such as virtualization, cloud-native, cloud computing, edge computing, artificial intelligence, machine learning, network slicing, automation, management and orchestration with simultaneously boosting the global market.
North America contributed major revenue followed by Europe and Asia Pacific. In 2019, North America region accounted huge growth rate and is anticipated to grow with a forecast year. Growing recognition among consumers of technology and technical advancements are the key factors boosting the market. America accounts for 31 percent of the global share of the supply of industry, financial and information services, followed by the European Union at 21 percent. Due to the presence of a large number of automotive industries in the area, the easier adoption of location-based VR in the automotive industry in Europe. Asia Pacific represent the growing market forecast.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 1500 million |
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Market CAGR |
15.4% |
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By Component |
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By Technology |
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By Application |
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By End User |
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By Region |
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The global location based virtual reality market size was valued at US$ 1500 million in 2023 and is poised to grow at a CAGR of 15.4% from 2024 to 2030.
The Location-based Virtual Reality Market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
The Location-based Virtual Reality Market key players are Appentus Technologies, BidOn Games Studio, Cortex, Craftars, Google, LLC, HQSoftware, HTC Corporation, Huawei Technologies Co.Ltd., Intel Corporation.
Key Market Players
Author
Sravani is a proficient Business Analyst with an MBA and a background in Computer Science, with seven years of experience in the field of market research. Sravani is adept at creating competitive evaluations, precise market estimations, and market projections, emphasizing the food and beverage and information and communication technology (ICT) industries. Her areas of competence are identifying important players, projecting market trends, and assessing the potential for industry growth. She applies a strong analytical approach to provide precise market estimates and thorough industry analysis, empowering organizations to make data-driven decisions. Sravani's estimating and forecasting abilities are essential for businesses to take advantage of new opportunities and effectively manage dynamic market environments.