Richmond, Dec. 20, 2023 (GLOBE NEWSWIRE) -- According to a research report "Location Based Entertainment (LBE) Market”, by Component (Hardware, Software), Technology (Augmented Reality, Virtual Reality, Projection-Mapping, Other Technologies) End-User (Amusement Park, Arcade Studios, 4D Films), and Region - Global Forecast to 2030".
Global Location Based Entertainment (LBE) Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 3.4 Billion |
| Market size value in 2030 | USD 19.1 Billion |
| CAGR (2023-2030) | 28% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Technology, Component, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Location Based Entertainment (LBE) Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Location-Based Entertainment (LBE) market refers to the burgeoning industry that leverages physical locations to deliver immersive entertainment experiences. This includes virtual reality (VR) arcades, theme parks, and interactive exhibits. With the integration of advanced technologies, LBE offers consumers unique and engaging entertainment, creating a promising market for innovation and growth. The Location-Based Entertainment (LBE) market is a dynamic and rapidly evolving sector that capitalizes on physical venues to provide immersive and interactive entertainment experiences. Primarily driven by advancements in virtual reality (VR), augmented reality (AR), and mixed reality (MR), LBE offerings encompass a wide range of experiences, including VR arcades, theme parks, escape rooms, and interactive exhibits. The market has gained substantial momentum due to the increasing demand for novel and engaging forms of entertainment that transcend traditional mediums.
One key driver of the LBE market is the growing interest in experiential entertainment, where consumers seek immersive, real-world interactions powered by cutting-edge technologies. Theme parks and entertainment complexes are incorporating VR and AR elements to enhance rides and attractions, creating a seamless blend of physical and virtual realms. The accessibility and affordability of VR technologies have further propelled the adoption of LBE experiences, making them more accessible to a broader audience.
Major vendors in the global Location Based Entertainment (LBE) Market:
- Meta
- Microsoft
- Nvidia
- Unity Technologies
- Sony Interactive Entertainment
- Samsung
- Barco Electronic Systems
- Panasonic
- Huawei Technologies
- Springboard VR
- IMAX Corporation
- Exit VR
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Advancement in VR and AR Technologies
The rapid advancement of Virtual Reality (VR) and Augmented Reality (AR) technologies stands as a pivotal driver propelling the Location-Based Entertainment (LBE) market into a realm of unparalleled possibilities. As VR and AR technologies continue to evolve, they redefine the very essence of immersive experiences within physical spaces, offering unprecedented levels of realism and engagement. The deployment of high-quality headsets, motion-sensing controllers, and spatial tracking systems ensures that users can interact seamlessly with virtual environments, blurring the lines between the physical and digital realms. These technological advancements contribute to the creation of captivating and visually stunning content, enhancing the overall quality of LBE experiences. From hyper-realistic simulations to interactive storytelling, the capabilities of VR and AR technologies empower LBE operators to craft diverse and compelling entertainment options that captivate audiences of all ages. Furthermore, the increasing affordability and accessibility of these technologies play a pivotal role in democratizing immersive experiences, allowing a broader demographic to participate in LBE activities.
Market Dynamics
Drivers:
- Advancement in VR and AR Technologies
- Increasing Consumer Spending on Games and Video Content
Opportunities:
- Consumer Demand for Novel Experiences
- Integration with 5G Technology
Consumer Demand for Novel Experiences
The Location-Based Entertainment (LBE) market thrives on the burgeoning consumer demand for novel and unparalleled experiences, positioning itself as a key player in the evolving landscape of entertainment consumption. Modern consumers, characterized by a desire for experiences over possessions, actively seek out unique and memorable encounters that transcend the ordinary. LBE caters to this demand by offering immersive, interactive, and often technology-driven experiences that captivate the senses and ignite the imagination. Whether through Virtual Reality (VR) arcades, augmented reality (AR) exhibits, or themed entertainment venues, LBE has the potential to fulfill the innate human craving for new and exciting adventures. This consumer-driven appetite for novelty creates a significant opportunity for LBE operators to innovate and differentiate themselves in the market. From cutting-edge gaming experiences to interactive simulations, LBE venues become hubs of exploration and discovery, providing a break from the routine of everyday life. As consumers increasingly prioritize spending on experiences rather than possessions, LBE stands at the forefront, ready to fulfill this demand by offering a diverse array of immersive encounters that leave a lasting impact. The continuous evolution of LBE to meet and exceed these expectations not only satisfies the current consumer demand but also positions the industry as a dynamic and integral component of the future of entertainment.
The market for Location Based Entertainment (LBE) is dominated by North America.
North America stands as the dominating region in the Location-Based Entertainment (LBE) market, showcasing a robust and thriving ecosystem fueled by a combination of technological innovation, consumer demand, and a mature entertainment industry. The region's dominance is evident in the widespread adoption of immersive technologies, such as Virtual Reality (VR) and Augmented Reality (AR), across various entertainment and leisure venues. Major cities in North America boast a significant concentration of LBE establishments, ranging from VR arcades and theme parks to interactive exhibits, contributing to the region's leadership in shaping the global LBE landscape.
The economic affluence of North American consumers plays a pivotal role in driving the demand for novel and cutting-edge entertainment experiences. With a population that embraces technological advancements and values experiential entertainment, LBE operators in North America are well-positioned to capitalize on this consumer mindset. Furthermore, the region's diverse entertainment industry, including Hollywood and the gaming sector, fosters a fertile ground for collaborations, content creation, and the integration of LBE elements into mainstream entertainment.
The Amusement Park Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on end-user, the market is segmented into Amusement Park, Arcade Studios and 4D Films. The amusement park segment emerges as a dominating force within the Location-Based Entertainment (LBE) market, wielding its influence through a combination of technological integration, diversified attractions, and a long-established reputation as a go-to destination for entertainment enthusiasts. Amusement parks have seamlessly incorporated cutting-edge technologies, including Virtual Reality (VR), Augmented Reality (AR), and interactive installations, to elevate visitor experiences to new heights. These technological advancements have redefined traditional rides and attractions, offering immersive storytelling, augmented reality overlays, and virtual simulations that captivate visitors of all ages.
Amusement parks benefit from their ability to cater to a wide demographic, providing a comprehensive range of experiences that appeal to families, thrill-seekers, and those seeking interactive and immersive entertainment. This versatility positions them as robust contributors to the overall LBE market. The integration of digital elements into roller coasters, live shows enhanced by AR, and themed experiences powered by VR contribute to the allure of amusement parks as modern hubs of technologically enriched entertainment.
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