According to a new market report published by Transparency Market Research , the location based VR market is expected to reach a value of US$ 12,324.7 Mn by 2027 owing to the high rate of adoption of customer experience enhancement solutions across the world. The market is projected to expand at a CAGR of 15.25% during the forecast period. The market in Asia Pacific is anticipated to expand at a rapid pace, followed by Europe and North America, during the forecast period. In terms of end-user, the retail and automotive industry segments are anticipated to expand at a significant rate due to higher involvement of direct customers in these industry verticals across the globe.
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High investment from venture capitalist and innovation in technology is driving the adoption of location based VR
The location based VR market is expected to see commercial value generation from year 2022. The market has witnessed the entry of several startups providing location-based AR or VR based hardware and software components for specific end-use applications in the last 4 to 5 years. In 2017, high investment was witnessed in the location based virtual reality segment, while, 2018 witnessed higher investments in augmented reality. Some investments were made by technology giants such as QUALCOMM Ventures, Samsung Venture, Oculus, and Google Ventures. These technology giants are trying to create a monopoly in the market through investments and partnerships with new emerging startups. The market is expected to witness similar investment from private venture capitalists and technology during the forecast period.