NEW YORK, United States, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Location-Based Entertainment Market Size - By Component (Hardware And Software), By Technology (2-Dimensional, 3-Dimensional, And Cloud Merged Reality), By End-Use (Amusement Parks, Arcade Studios, And 4D Films), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global location-based entertainment market size was valued at around USD 3.5 billion in 2022. The market is expected to grow above a CAGR of 26% and is anticipated to reach over USD 22.2 billion by 2030.”
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Location-Based Entertainment Market Overview:
LBE refers to any form of entertainment associated with a specific location outside the household. Immersive theatre, theme parks, virtual reality cafés, and pop-up shops are just some of the licensed and brand-owned physical experiences available on the LBE market. LBE is also known as "out-of-home entertainment" and "interactive multiplayer entertainment centres." LBE refers to any entertainment associated with a specific location outside the household. Using the involvement axis and the technology axis, immersive LBE experiences can be further subdivided into these two groups. These numerous axes constitute a spectrum as opposed to a collection of distinct categories.
The spectrum of experiences ranges from intensely enjoyable to profoundly reflective. In addition, they may incorporate technology to varying degrees, ranging from exclusively analogue to nearly entirely digital. For example, a large entertainment complex or theme park may offer activities that fall on various spectrums. Customers desire experiences that motivate them to leave their homes, teach them something new, or simply amaze them. Owners and managers of immersive LBEs must have a firm understanding of their target markets and customers in order to be successful. Ambitious service providers should look beyond their area of expertise and incorporate ideas from all successful immersive LBEs.
Key Insights from Primary Research
- The location-based entertainment market share is expected to expand above 26% between 2023 and 2030, according to the report. It was valued USD 3.5 billion in 2022 and is expected to reach USD 22.2 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The growing urbanization and rise in disposable income of the population are expected to drive the location-based entertainment industry expansion over the forecast period.
- Based on the component, the hardware segment is expected to capture the largest market share during the forecast period.
- Based on the technology, the 3-dimensional segment accounted for the largest market share in 2022.
- Based on the end-use, the amusement parks segment is expected to dominate the market during the projected period.
- Based on region, North America is expected to grow at the highest CAGR during the forecast period.
Competitive Players:
The report contains qualitative and quantitative research on the global Location-Based Entertainment market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Location-Based Entertainment market include;
- KidZania Operations S.A.R.L.
- Huawei Technologies Co. Ltd.
- Microsoft Corporation
- Niantic Inc.
- Magic Leap Inc.
- Regal Entertainment Group
- Samsung Electronics Co. Ltd.
- Overseas Chinese Town Enterprise Co. (OCT) Parks
- Six Flag Entertainment Corporation
- 4Experience
- HTC Corporation
- HQ Software
- Google LLC
- E-Learning Studios
- Cinepolis
- Disney Parks
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Location-based Entertainment Market: Growth Drivers
- Growing popularity of 360-degree VR games promotes market growth
Significant global markets have been served by the development of virtual reality (VR) activities, which have tremendous potential. As virtual reality technology has advanced, devices such as the Samsung Gear VR, Oculus VR, and HTC Vive have become increasingly popular. Due to virtual reality technology that includes tracking, sensory, and manual controls, games are engaging and interactive. To meet demand, additional VR gaming companies have emerged. In VR games, the environment can be perceived by the player. Immersive images and 360-degree video content raise adrenaline. Using virtual reality devices, players can modify the parameters of the game. VR enhanced shooters, simulations, and excursions. This encourages the expansion of the location-based entertainment industry.
Location-based Entertainment Market: Restraints
- Extensive use of VR headsets poses health risks
Virtual reality devices may emit electromagnetic frequency radiation. These devices connect to your smartphone or computer via Bluetooth or Wi-Fi and feature sophisticated sensors that immerse you in virtual reality. Smartphone-powered VR devices emit radiation. Radiation from cell phones may influence the reproductive system, mood, and sleep patterns. Virtual reality (VR) headgear may interact with smartphones and connect wirelessly to Wi-Fi, emitting radiation and posing long-term health risks. This is expected to restrain the development of the global location-based entertainment market.
Location-Based Entertainment Market: Segmentation
The global location-based entertainment industry is segmented based on component, technology, end-use, and region.
Based on the component, the global market is bifurcated into hardware and software. The hardware segment is expected to dominate the market during the forecast period. The expansion is due to ongoing technological advancements in VR/AR-based devices like headsets, haptic suits, and other simulation tools. Based on end-use, the market is divided into amusement parks, arcade studios, and 4D films.
Based on the technology, the global location-based entertainment industry is segmented into 2-dimensional, 3-dimensional, and cloud-merged reality. The 3-dimensional segment accounted for the largest market share in 2022 and is expected to continue the same pattern during the forecast period. The growth in the segment is attributed to increasing adoption in the entertainment industry.
Regional Analysis:
- North America is anticipated to lead the market
North America is anticipated to dominate the global location-based entertainment market during the forecast period. The region's expansion is attributable to the growing interest in cutting-edge technology and the rapid adoption of location-based virtual reality. Moreover, North America is home to numerous prominent industry actors. The successful implementation of location-based virtual reality in a variety of media, amusement, and gaming applications also promotes the growth of the local market.
On the other hand, the Asia-Pacific region is anticipated to develop at the fastest rate over the forecast period due to the region's population's rapid urbanization and rising disposable income. In addition, the growth of virtual reality (VR) games in countries such as Japan, China, South Korea, and India contributes to the expansion of the APAC market. Numerous governments also support the use of LBE technology in popular tourist destinations in order to boost regional prosperity. This fosters market expansion in the Asia-Pacific region.
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 3.5 Billion |
| Market Forecast in 2030 | USD 22.2 Billion |
| Growth Rate | CAGR of 26% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | {company123} |
| Segments Covered | By Component, By Technology, By End-Use, And By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Recent Industry Developments:
- In July 2022, BRON Studios, a top global media, technology, and award-winning production company, and Falcon's Beyond, a leading fully integrated global entertainment development company specializing in intellectual property (IP) creation and expansion, have announced a strategic partnership to co-develop and co-produce numerous worldwide entertainment properties into feature films, episodic series, video games, Web3 activations, consumer products, and location-based entertainment experiences. Through the partnership, BRON will help Falcon's Beyond produce episodic series and feature films based on Falcon's IPs, including the well-known Katmandu brand, by utilizing its sizable production pipeline using Epic Games' Unreal Engine and its network of award-winning talent.
- In March 2022, the global strategy, experience design, and production firm Thinkwell Group has agreed to be acquired by TAIT, the group of creative engineers, fabricators, producers, and technologists for live entertainment environments. Thinkwell Group specializes in the master planning, design, and production of "world-class" guest experiences for theme parks, museums, and brands. Thinkwell will join the TAIT Group, which is made up of an impressive group of innovators, to raise the bar for live and location-based entertainment while establishing TAIT as the most thorough end-to-end provider of amusement and experiences.
The global Location-Based Entertainment market is segmented as follows:
By Component
- Hardware
- Software
By Technology
- 2-Dimensional
- 3-Dimensional
- Cloud Merged Reality
By End-Use
- Amusement Parks
- Arcade Studios
- 4D Films
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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FREQUENTLY ASKED QUESTIONS:
What is location-based entertainment?
A broad range of entertainment locations, including movie theaters, casinos, water parks, swimming pools, bowling alleys, massive arcades, theme parks, and many more, are referred to as location-based entertainment (LBE). LBE is comparable to getting individuals together in person to exchange experiences. LBE has gained prominence and is regarded as the direction of virtual reality.
Which key factors will influence the location-based entertainment market growth over 2023-2030?
The market for location-based entertainment is expanding quickly on a worldwide scale. The growth of the global market is mainly driven by important factors like the expanding use of VR and the rise in demand for video games and other forms of entertainment. Video gaming is expanding quickly and entering the masses. It is dominating the entertainment industry and has surpassed both music and cinema theatres in size.
What will be the value of the location-based entertainment market during 2023-2030?
According to the report, the global market size was worth around USD 3.5 billion in 2022 and is predicted to grow to around USD 22.2 billion by 2030.
Which region will contribute notably towards the location-based entertainment market value?
The global location-based entertainment market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market owing to the growing popularity of LBE among the millennials, the presence of advanced technologies, and the heavy investment of the key players in location-based virtual reality.
What Report Provides:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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