New Greenlight Insights Quarterly Report Features Revised Market Outlook
San Francisco, March 6, 2020 — Spending on virtual reality games, entertainment and other experiences at dedicated location-based entertainment facilities reached $1.5 billion in 2019, according to Greenlight Insights’ latest report. The recently released Location-Based Virtual Reality: 2020 Q1 Update includes global forecasts and analysis of the current and future use of virtual reality at out-of-home venues based on proprietary data from Greenlight Insights’ Location-Based xR Channel Tracker, which tracks activity at 1,200 venues around the world.
The use of virtual reality systems in location-based entertainment has continued to grow with increasing deployments from global operators. For the first time since Greenlight Insights began publishing reports on this market in 2017, the report will feature a five-year hardware forecast that details the VR hardware systems that are deployed in location-based VR venues.
"The location-based virtual reality market has seen a dynamic change in the past three years, and this will continue in 2020 as new virtual reality systems are becoming more affordable and easy to implement into existing venues,” said Alexis Macklin, Research Manager at Greenlight Insights, “We expect the most robust growth to come from multi-purpose venues, venues that are deploying VR systems as an additional attraction to their existing facility."
Although Greenlight Insights expects double-digit growth over the next five years, the location-based virtual reality industry faces significant challenges in the form of Coronavirus. The global health crisis is already affecting out-of-home venues with many closing due to concerns. Greenlight Insights has since adjusted its global outlook on the market.
“This will affect the attractions industry as global travel will see a decline, resulting in a decline in tourism-related revenue,” Macklin said. “COVID-19 is expected to have the greatest effect on Asia-Pacific, especially China, Korea, and Japan, but all markets are expected to experience slower than previously forecasted growth."
MARKET VALUE: The global location-based virtual reality industry is expected to reach a market value of $4.6 billion in 2020. This includes spending on consumer experiences, hardware, and services.
VENUE PENETRATION: The number of venues offering virtual reality is expected to increase to more than 14,700 locations worldwide in 2020.
Greenlights Insights is seeing rapid growth in most areas of the industry and expects this growth to continue for several years. This report provides detailed revenue forecasts, key revenue metrics, competitive dynamics, and industry analysis for executives operating in the out-of-home entertainment marketplace.
Greenlight Insights’ Location-Based Virtual Reality: 2020 Q1 Update is available now. For more information, and to become a subscriber to email email@example.com, visit greenlightinsights.com, or call 415-854-3282.
For more information about the Location-Based Virtual Reality: 2020 Q1 Update visit, https://greenlightinsigh.com/reports/location-based-virtual-reality-2020-q1/.
About Greenlight Insights
Greenlight Insights provides market intelligence on smart, virtual reality, and augmented reality display technologies through proprietary data, insights, and analysis. Greenlight Insights delivers critical strategic insights to the world's leading technology companies, publishers, service providers, institutional investors, and government entities.
Based in San Francisco, with offices in Los Angeles, Boston, and Denver, Greenlight Insights comprises a diverse team of highly skilled industry professionals who offer deep expertise about next-generation displays.