Why 2019 is a perfect time to tap into the full body location based VR market?
Full-body LBE VR experience takes many shapes and forms for different people, so naturally, their responses cannot be the same. Research demonstrates that demographic factors including age and gender, cognition, imagination, and personality affect individual reactions to full-body VR.
Donning the VR body trackers allows players to pull off complete body moves, which gives people the things they would never experience another way. A recent movie, Ready Player One, gives a glimpse of the full-body technology that is just around the corner.
In our previous article, we highlighted that full-body location-based VR stands out among other forms of VR entertainment due to its all-encompassing nature. This is attributed to the ability of full-body VR to provide an exceptional immersive experience due to the use of headsets and body trackers.
Full-body LBE clothing optimizes VR experience for wearers. The trackers, backpacks, and haptic vests have the potential to integrate the wearer’s attributes into the simulator allowing the computer program to reconfigure based on the received data.
The option to customize the simulation to suit the player’s physical and emotional abilities is among the reasons for the growth of LBE market. This VR segment is projected to generate eleven percent of all VR revenue globally in the next five years.
Many stakeholders in entertainment are developing a keen interest in trends in the LBE market. It is important to shed light into some of the factors that make this industry segment attractive - and viable for present-day investment.
What differs Full-Body Location-Based VR from Other Types of VR Entertainment?
Several factors contribute to the improved performance of full-body VR compared to other VR types. Some of the most notable include:
Non-traditional User Experiences
People who use VR LBE are not only entertained but also educated and inspired into action.
Due to its educational features, LBE venues can form important training and development grounds for employees in the corporate world. Today more and more enterprises train their employees using full-body VR equipment which saves the companies a lot of money. LBE services providers can exploit this prospect to grow their customer base and increase revenue.
The Social Aspect
LBE refers to out-of-home entertainment venues. Most people love the adrenaline rush of being a part of a team where they get entertained and socialize. LBE venues enhance these experiences.
Users may install VR on their home computers or gaming consoles, and then invite their friends for a game. However, if they need a full-scale rush of adrenaline, a believable participation effect, and a better synergy between the players - a VR location is the place to go. Here players book a session and bring their friends along to test their prowess against them in gaming contests.
LBE provides the immersive experience of VR, but also integrates the crucial elements of the real world, yielding greater satisfaction for customers. It’s similar to playing MMO games, but having all the senses your character has in the game.
Players can not only share jollies with their friends but also know them better, seeing the friends’ spontaneous reaction in the situations that all of them feel like critical ones. So, their friendship becomes more solid while they receive unique experience which they will remember for a long time.
The Use of Motion Trackers
Full-body LBE is heralded to be the real deal. While the advanced and forward-looking technology such as haptic bodysuits is yet to be adopted on a large scale, using motion trackers attached to arms and legs allow a player to experience unprecedented immersion.
The adoption of LBE segment for application in different sectors outside of the entertainment industry demonstrates the expansive potential it holds compared to other VR segments. The seemingly limitless applications are largely due to the full-body elements of LBE. First of all, it gives players a more realistic experience compared to usual VR. On the other hand, full-body equipment allows them to avoid motion sickness issues, and their impressive playing experience won’t end up by vertigo and nausea.
Imagine walking into a wall of foam or diving into tunnels while in the comfort of a safe room. Such is what LBE seeks to maximize through is smart wearables. To satisfy our sensory deprivation and provide visual overstimulation haptics are used that make our experiences more realistic, yet unusual because they depart from the norm of traditional VR platforms.
Prospects of Location-based VR
Revenue and Market Prospects
In 2018, the LBE was projected to become a $12 billion industry by 2023, which equates to approximately 11% of the VR industry. The supposed exponential growth can be attributed to the continued adoption of the technology, which now encompasses full-body LBE.
Full-body LBE is blurring the traditional distinctions that existed between different types of entertainment. The technology remains a major contributor to growth in global digital revenue in the past decade.
Pricewaterhouse data shows that global digital revenue is expected to reach the 60% growth mark from 36.5% in 2013. The growth rate has remained steady despite the industry is under constant transformation. This shows the extent to which the industry is stable, which makes it an attractive investment option.
The increase in sales of VR units VR implies a growing demand by LBE venue operators. This also reflects an increase in consumers’ preference of the latter. Investing in LBVR technology is a viable option considering these positive trends.
Cost Reduction Curtailed Collapse
Initially, the high cost of VR headsets ensured that the technology remained the preserve of the businesses with financial power. However, recent decline in prices, coupled with the diversification of immersive experience through full-body wearables, presents immense opportunities for smaller-scale businesses.
Location-based VR is affordable to many customers because it is a service. The sector has a ready market of clients who find it costly to install the technology in their homes and prefer LBVR venues instead.
When you look around, a number of LBVR venues have emerged in the last few years. These places are constantly filled with clients and the session booking list is quite long - let alone the fact that such venues have not spread to many developed countries yet. Today, the competitive landscape is quite low, whilst the experience is massively called for. The trends signify a ready market with high demand for LBE services. So, it is logical to tap into the market by investing in the technology with promising prospects.
The Attractiveness of LBE
Eager consumers and VR enthusiasts revel in the attractiveness of entering virtual worlds at their local entertainment joints. For many among the youth generation, LBE VR experience is the ultimate form of situational escapism - a tendency that is intrinsic to the gaming industry in particular, and digital adopters in general.
Among the millennials, the concept of fun has long since become marginalized with digital technology, and a large portion of leisure activities and communication have migrated into the digital realm. Making the familiar virtual experience more palpable enhances its attractiveness manifold. Thus, the opportunity is lucrative for any potential investors and existing operators of LBE venues.
The growth in the market is projected to inspire 15,000 LBE venues worldwide into offering VR experiences by 2019. Such venues have the potential to fill the gap in demand for VR experiences by individuals with financial constraints.
Ease of Implementation
For many businesses, integrating LBVR into their existing venues appears to be a monumental challenge. However, the problem can be solved by partnering with companies that provide turnkey franchise solutions, solving VR-related hardware, software, and site setup issues. This way, you can get a ready-to-go and equipped LBE VR location - and a tested-out financial model with proven revenue.
In conclusion, LBE has the potential to offer businesses new opportunities by saving costs, improving performance, and adding new value. The growth in the market segment calls for strategic efforts to exploit these opportunities.
Businesses that choose not to keep up with the trends in the industry segment risk losing a portion of the audience because LBVR holds the key to the future of VR entertainment.