Surge In Gaming and Entertainment Sectors Fueling The Growth Of The Market Due To Rising Demand For Immersive Experiences: A Key Catalyst Accelerating Global Location-Based Virtual Reality (VR) Market Growth in 2025

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What Is the Expected CAGR for the Location-Based Virtual Reality (VR) Market Through 2025?
The size of the location-focused virtual reality (VR) market has expanded rapidly in recent years. It is expected to surge from $6.77 billion in 2024 to $8.97 billion in 2025, reflecting a compound annual growth rate (CAGR) of 32.5%. This substantial growth during the historical period can be credited to several factors including increased investment in VR arcades and theme parks, the upsurge in the prominence of multiplayer VR games, mounting adoption of VR in the education and entertainment sectors, more accessibility to VR content, and amplified awareness of VR thanks to marketing efforts and event showcases.

What's the Projected Size of the Global Location-Based Virtual Reality (VR) Market by 2029?
The anticipated expansion of the location-based virtual reality (VR) market is set to be significant in the coming years, with projections reaching $27.6 billion in 2029, indicating a compound annual growth rate (CAGR) of 32.4%. This expected surge during the projected period may be attributed to factors such as the increasing adoption of VR in corporate team-building exercises, the rise in governmental support for digital innovation, enhanced affordability of VR hardware, the surge in 5G deployment which facilitates low-latency experiences, and growing collaborations between tech companies and entertainment venues. The forecast period will also witness essential trends including developments in wireless and 5G connectivity, enhancements in motion tracking technologies, innovative immersive storytelling, incorporation of cloud computing for effortless updates, and integration of AI for customised VR experiences.

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Top Growth Drivers in the Location-Based Virtual Reality (VR) Industry: What's Accelerating the Market?
The expansion of industries related to gaming and entertainment is projected to fuel the advancement of the location-based virtual reality (VR) market in the foreseeable future. These sectors encompass a range of businesses focused on interactive gaming, digital content, and various forms of leisure activities. The progression of these sectors is powered by continuous technological innovations, improving user experience and generating more engaging games that captivate a wider audience. The gaming and entertainment industries contribute to the development of location-based VR by crafting captivating, interactive experiences that draw a larger crowd. They are integrating sophisticated location-based VR technology into their offerings to create immersive platforms that add to the social and entertainment experience beyond traditional home settings. For instance, the Interactive Games and Entertainment Association (IGEA), a not-for-profit member organization based in Australia, reported in June 2024 that Australians had spent $2.82 billion (AUD 4.4 billion) on video games and related hardware in 2023, a 5% jump from 2022. This surge was instigated by an 11% increase in digital game sales. Consequently, the continuing expansion of the gaming and entertainment sectors is contributing to the growth of the location-based virtual reality (VR) market.

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What Trends Will Shape the Location-Based Virtual Reality (VR) Market Through 2029 and Beyond?
Leading companies in the location-based virtual reality market are prioritizing the development of strategic partnerships in order to provide highly engaging and interactive VR experiences. A strategic partnership is essentially a cooperative effort between two or more self-governing businesses that aim to pool their resources and expertise to meet their common objectives, generating shared value through broadening market access, cutting costs, and boosting competitive edge. For example, in September 2022, Majid Al Futtaim Group, a shopping mall enterprise based in the UAE, formed an alliance with Dreamscape, an immersive VR entertainment firm based in Saudi Arabia, to inaugurate an immersive VR venue in Saudi Arabia. This VR engagement incorporates four unrestricted-roaming and unrestricted-flying adventures that employ full-body tracking technology, and is integrated with Majid Al Futtaim's entertainment offerings like VOX Cinemas, Yalla! Bowling and Magic Planet, culminating in the creation of a family-oriented entertainment zone.

What Are the Main Segments in the Location-Based Virtual Reality (VR) Market?
The location-based virtual reality (vr)market covered in this report is segmented -

1) By Type: Head-Mounted Displays, Handheld Devices, Smart Glasses, Controllers
2) By Technology: Two-Dimensional (2D), Three-Dimensional (3D)
3) By Content: 360-Degree Videos, 360-Degree Images, Augmented Reality, Mixed Reality
4) By Application: Virtual Reality (VR) Arcades, Virtual Reality (VR) Theme Parks, Virtual Reality (VR) Cinemas
5) By End-Use: Gaming, Entertainment, Travel, Education, Healthcare

Subsegments:
1) By Head-Mounted Displays (HMD): Wired Head-Mounted Displays (HMD), Wireless Head-Mounted Displays (HMD), Standalone Head-Mounted Displays (HMD), Tethered Head-Mounted Displays (HMD)
2) By Handheld Devices: Smartphones, Virtual Reality (VR) Gloves, Tracking Controllers
3) By Smart Glasses: Augmented Reality Glasses, Mixed Reality Glasses, Virtual Reality Glasses
4) By Controllers: Motion Controllers, Gamepad Controllers, Gesture-Based Controllers, Handheld Virtual Reality (VR) Controllers

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Which Top Companies are Driving Growth in the Location-Based Virtual Reality (VR) Market?
Major companies operating in the location-based virtual reality (VR) market are Meta Platforms Inc., IMAX Corporation, HTC Corporation, Matterport Inc., Varjo Technologies Oy, EON Reality Inc., Survios Inc., Magnopus LLC, The VOID LLC, HOLOGATE GmbH, Pure Imagination Studios Inc., Virtuix Inc., Dreamscape Immersive Inc., Sandbox VR Inc., Immotion Group PLC, Arcadia Earth LLC, 360 Labs LLC, Holoride GmbH, Tyffon Inc., HQSoftware Industrial Ltd., Positron Inc., EXIT VR

Which Regions Will Dominate the Location-Based Virtual Reality (VR) Market Through 2029?
North America was the largest region in the location-based virtual reality (VR) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the location-based virtual reality (VR) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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