Market Trends of Location-Based VR Industry
Growing Popularity of 360-degree Content
- The virtual reality market is experiencing rapid expansion, with location-based VR following suit. Advanced technologies like 3D0, 4D,5D, and immersive VR content, particularly 360-degree videos, are becoming significant trends in global gaming content. These camera systems record complete 360-degree views, providing users with an immersive experience.
- According to a survey conducted by the University of Toronto Oise in the previous year, 360-degree experiences are utilized in VR, allowing users to view content within a VR headset. At the same time, sensors track head movements to create a convincing alternative reality. However, users must be fully immersed, only looking around but not moving forward.
- The entertainment sector has made notable advancements with these technologies and is set to grow as demand for immersive environments increases. Advanced camera systems will likely boost the popularity and acceptance of location-based VR, presenting significant potential for VR in the forecast period.
- Major consumer brands, including Emirates and Etihad, have embraced the 360 VR experience; for instance, the Jumeirah VR app enables guests to take an AR/VR tour of facilities using Google Cardboard goggles and smartphones.
- Although 360-degree videos are gaining commercial and public popularity, there need to be more comprehensive studies on their effectiveness, improved immersion, presence, and video evaluation. However, consumers who view videos on virtual reality headsets tend to pay more attention to the curated content. The growing demand for 360-degree content suggests that the market will experience exponential growth over time.
- Furthermore, the expansion of virtual reality, particularly with the rise of 360-degree content and advanced VR technologies, presents opportunities for businesses to capitalize on the growing demand for immersive experiences and entertainment solutions.
Understand The Key Trends Shaping This Market
Download Sample
Asia-Pacific Region Expected to Witness Significant Growth
- Asia-Pacific is expected to hold a significant share, owing to the presence of large and several emerging economies and the rising acceptance of virtual reality devices in the region. This is, in turn, expected to encourage industry players to invest in the region.
- China is expected to account for a significant share in the region, owing to the rising adoption of VR technology. Many startups in virtual reality are on the rise in the country. The expected wide-scale adoption of ultra-fast 5G networks in China is anticipated to boost VR development further and foster growth in areas such as education and training.
- Further, South Korea is one of the first countries to implement virtual reality, augmented reality, and artificial intelligence technologies in this industry. Moreover, South Korea's ICT Ministry announced plans to invest USD 181.8 million in virtual reality (VR) technology and devices in the previous year to help the country's digital content industry flourish.
- Rapid advancements in retail technology are transforming consumer behaviors and transactions in key global markets. Virtual Reality (VR) films created in Taiwan have become frequent at international film festivals. Also, a Taiwanese virtual reality (VR) film won an award at an extended reality (XR) art festival in Paris last year. According to industry proponents, this development confirms Taiwan's status as a leading player in comprehensive reality (XR) content, including Virtual Reality (VR) and other types of computer-altered reality.
- In the previous year, Daimler India Commercial Vehicles (DICV), a subsidiary of the German Daimler Truck AG., established its Virtual Reality Centre (VRC) at its Chennai, India facility. Operators can realistically execute accessibility and serviceability checks using a digital model accessed via navigational joysticks and 3D goggles at the virtual reality center.
- Last year, XRSpace, a company pioneering the next generation of social reality through XR in the metaverse, introduced a new virtual reality platform that promotes social engagement and features the first VR mobile headset. This development, with hand tracking as the primary control method and advanced connectivity and optical systems, is expected to drive further growth in the market.
Get Analysis on Important Geographic Markets
Download Sample
