Most people will readily agree virtual reality is still in the early stages of mainstream adoption. Despite being off to a slow start, experts predict a bright future for this industry. Especially where location-based VR is concerned, things will evolve pretty quickly in the coming years. It is expected this particular industry will grow to 800m and more by 2022.
The Future Looks Bright for Location-based VR
There are many subgenres in the virtual reality industry worth taking note of. Location-based VR is a booming business as of right now, mainly due to the influx of VR arcades. These arcades, combined with location-based VR entertainment venues, are generating a lot of revenue as we speak.
This method provides convenient access to VR for consumers. There is no need to buy an expensive computer or headset to benefit from such offerings. Instead, consumers pay a small fee to enjoy virtual reality at their leisure. A tried and tested concept which seems to work surprisingly well at this stage.
Futuresource explains its findings as follows:
“Multiplayer location-based VR allows players to roam free, untethered and with others in a VR environment. This category is expected to have the highest CAGR rate across the forecast period, despite a lower number of installations. This is due to consumer desire to pay for sociable experiences with friends, especially in more developed markets.”
Throughout 2018, location-based VR will generate an estimated $299m worldwide. That figure will increase to just over $800m by 2022. This nearly fourfold increase will mainly be driven by multiplayer VR experiences. Arcades will still have their role to play as well as VR is far from mainstream at this point.
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